Crypto Market Pulse (03/04/2023)

China to improve its blockchain technology by 2025. Mitsubishi UFJ Financial Group teams with local players for stablecoin interoperability pilot. Wrigley plans its own metaverse called ‘Juicyverse’.

Weekly Market Index

Last week’s crypto market prices were up slightly at +1.74%. Volume dropped by -31.68% and volatility increased +7.98%.

Weekly Performance

Bitcoin (BTC) and Ethereum (ETH) were slightly down -1.3% and -0.1% in the past seven days, respectively. Other selected top-cap tokens were mixed.

News Highlights

• China’s Ministry of Industry and Information Technology, a regulator for the Chinese fintech industry, said it intends to improve standards for its blockchain technology development by 2025. 
• Germany’s second-largest stock exchange and one of the largest in Europe, Boerse Stuttgart, to provide both trading and custody solutions for their crypto asset offerings through its subsidiary Blocknox.
• Japanese bank Mitsubishi UFJ Financial Group and domestic blockchain players are teaming up to launch a stablecoin interoperability pilot.
• American multinational chewing gum company Wrigley plans to enter Web3 through NFTs and its own Metaverse called “Juicyverse”, according to a new patent filing with the United States Patent and Trademark Office (USPTO).

Recent Research Reports

Liquid Staking Derivatives: Money Legos in DeFi: Today the liquid staking narrative remains strong in anticipation of Ethereum’s Shanghai upgrade, and this report explores its current landscape.	Visa Card Consumer Spending Insights 2022: In this report, we took a deep dive on how our users spend their crypto, where, and on what. For 2022, the card saw more than 80% growth in total spending compared to the previous year.	Alpha Navigator: Quest for Alpha [February 2023]: Asset classes took a breather in February and sold off, although crypto bucked the trend. BTC and ETH options implied volatilities remain at subdued levels.

Catalyst Calendar

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Research and Insights Team

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