Crypto Market Pulse (11/04/2023)

BTC moves past $30K level. Swiss financial institution PostFinance to offer crypto access. Chinese insurer CPIC launches crypto funds in Hong Kong.

Weekly Market Index

Last week’s crypto market prices were flat at +0.10%. Volume and volatility dropped by -12.65% and -61.64%, respectively. 

Weekly Performance

Bitcoin (BTC) and Ethereum (ETH) were up +7.6% and +5.9% in the past seven days, respectively. Price performances of other selected top-cap tokens were mixed.

News Highlights

• Bitcoin moved past the US$30,000 level for the first time since June 2022 as the market looks past March’s banking turbulence and investors become more optimistic about US central bank monetary policy.
• China Pacific Insurance Company, a leading Chinese insurer, launches two crypto investment funds in Hong Kong through its subsidiary in collaboration with Waterdrip Capital. The funds are a venture capital fund and a Proof-of-Stake token income enhancement fund.
• PostFinance, Switzerland’s fifth-largest financial services firm, will start offering its users access to cryptocurrency, through a partnership with digital asset services provider Sygnum Bank.
• The Bank of England is reportedly targeting to set up a team of 30 people to develop a central bank digital currency.

Recent Research Reports

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.

Catalyst Calendar

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Research and Insights Team

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