Crypto Market Pulse (30/10/2023)

BTC is on the verge of a golden cross. Digital assets investment products’ AUM rose to US$31.7B in October. Deutsche Bank and Standard Chartered test blockchain-based transactions.

Weekly Market Index

Last week’s crypto market prices rose by +13.97%. Volume and volatility also increased by +5.94% and +183.45%, respectively.

Chart of the Week

The Bitcoin price is on track to complete a golden cross, a sign commonly interpreted as strengthening bullish momentum in which the 50-day moving average (MA) overtakes the 200-day MA on an upward trajectory. A golden cross indicates that short-term price momentum is outperforming the long-term. Learn more about the golden cross in this University article: The Golden Cross and Death Cross in Crypto Trading.

Weekly Performance

Bitcoin (BTC) and Ethereum (ETH) rose by +14.7% and +7.4%, respectively, in the past seven days. Other selected top-cap tokens also mostly gained in price.

Selected key categories all rose in terms of market cap, in the past seven days.

News Highlights

• Existing Bitcoin institutional investment vehicles are seeing a major trading volume boost as excitement over possible US spot Bitcoin ETFs takes hold. For example, the ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to get the green light in the US in 2021, traded US$1.7b last week, its second biggest week since its launch week.
• In October, the total assets under management (AUM) for digital asset products rose by 6.74% to reach US$31.7 billion, marking the first increase since July 2023.
• Deutsche Bank and Standard Chartered are testing a system that will allow blockchain-based transactions, stablecoins, and central bank digital currencies (CBDCs) to talk to one another, taking an approach similar to the SWIFT messaging layer in legacy banking infrastructure.
• Telecom giant Vodafone conducted a proof of concept in collaboration with Chainlink Labs, Sumitomo Corporation, and others to alleviate issues pertaining to the global trade ecosystems. The collaborative effort saw the companies using IoT devices with Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to transfer crucial trade documents.
• The Arbitrum Foundation announced new networks created via the project’s “Orbit” program can now settle to the Arbitrum main network. Orbit is a program for developers to spin up their own blockchains atop Arbitrum.

Recent Research Reports

• Research Roundup Newsletter [September 2023]: We present to you our latest issue of Research Roundup, featuring trending market insights in September, charts of the month, and our insights on the Ethereum Dencun upgrade.
• Ethereum: Dencun Upgrade and Proto-Danksharding: Ethereum’s next major upgrade is Dencun, which introduces Proto-Danksharding. We explore what it is and its benefits.
• Alpha Navigator: Quest for Alpha [September 2023]: Risk assets end 3Q 2023 mostly down on a QoQ basis, but YTD paints a more positive picture. Inflation retreats. US avoids a government shutdown.

Recent University Articles

• How Do Social Dapps Work?: Social dapps leverage blockchain to create more transparent, secure, and user-centric online social interactions — here’s how they work and which platforms are popular in 2023.
• What Are Bitcoin and Ethereum ETFs and How Do They Work?: Bitcoin and Ethereum ETFs are investment vehicles that track the price of BTC and ETH — and could bring increased liquidity, stability, and mainstream adoption to the cryptocurrency market.
• How Does Bitcoin Mining Work?: Bitcoin can be mined for BTC rewards — here’s how the process works in detail.

Catalyst Calendar

Author

Research and Insights Team

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