Crypto Market Pulse (24/04/2023)

EU lawmakers approve MiCA. Societe Generale introduces Euro-pegged stablecoin EUR CV. TransUnion to provide credit scoring to blockchain Dapps

Weekly Market Index

Last week’s crypto market prices were down -9.78%. Volume and volatility increased by +4.79% and +22.25%, respectively.

Weekly Performance

Bitcoin (BTC) and Ethereum (ETH) were down -8.4% and -11.7% in the past seven days, respectively. Other selected top-cap tokens also mostly dropped.

Key categories were also down in the past seven days.

News Highlights

• European Parliament lawmakers approve the Markets in Crypto Act (MiCA), the world’s first comprehensive framework for crypto regulation. The vote clears the way for the MiCA regulation to take effect in 2024.
• Societe Generale’s crypto division, SG Forge, has introduced a stablecoin, EUR Coinvertible (EURCV) pegged to the Euro on Ethereum, said to be the first such asset deployed on a public blockchain. 
• TransUnion, a major US consumer credit reporting agency, will offer credit scoring on public blockchains. The service will provide individuals’ credit scores to blockchain Dapps when they apply for DeFi loans.

Recent Research Reports

Monthly Research Roundup (March 2023)	Liquid Staking Derivatives: Money Legos in DeFi	Alpha Navigator [March 2023]

• Monthly Research Roundup (March 2023): In this issue, we feature trending market insights, our latest Crypto.com Visa Card Consumer Spending Insights for 2022, and our research reports on liquid staking derivatives.
• Liquid Staking Derivatives: Money Legos in DeFi: Liquid staking is now the second largest sector in crypto after DEXes, replacing DeFi lending. Today the liquid staking narrative remains strong in anticipation of Ethereum’s Shanghai upgrade, and this report explores its current landscape.
• Alpha Navigator: Quest for Alpha [March 2023]: Bitcoin shines amid banking sector turmoil. Market expects a pause in rate hikes, potentially setting up new tailwind for risk assets.
• Crypto.com Visa Card Consumer Spending Insights 2022: A full break-down of what our community across the globe likes to spend on in 2022.
• Overview of Decentralised Derivatives: Crypto derivatives dominate the market today, representing about 70% of the entire crypto market. In this report, we shed light on derivatives in DeFi, their market overview, and some innovations in the space.

Catalyst Calendar

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Author

Research and Insights Team

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