Last week’s crypto market prices were up +1.13%. Volume and volatility decreased by -18.30% and -44.17%, respectively. Notably, ETHhit the US$3K level for the first time since April 2022, amid market speculation on a spot Ether exchange-traded fund (ETF).
Chart of the Week
The recent launch of OpenAI’s Sora and NVIDIA’s impressive earnings result has further fueled optimism surrounding artificial intelligence (AI). This appears to have spilled into crypto as well, with AI-related tokens surging in the past seven days.
Weekly Performance
Bitcoin (BTC) fell by -1.3% while Ethereum (ETH) rose by +8.3%, in the past seven days. Price action for other selected top-cap tokens was mixed. Uniswap (UNI) was a notable outperfomer, up +43.5%. Recently, a proposal was submitted to reward UNI token holders who staked and delegated their tokens.
Selected key categories were mostly up (with the exception of Gaming) in terms of market cap change in the past seven days, led by Artificial Intelligence.
News Highlights
Grayscale’s spot Bitcoin exchange-traded fund (ETF), GBTC, posted its lowest daily outflow at US$44.2 million on 23 February since its launch.
The Chicago Mercantile Exchange (CME) plans to launch euro-denominated micro bitcoin and ether futures on 18 March, subject to regulatory approval.
Valkyrielaunched a new bitcoin futures leveraged ETF that aims to provide two-times the daily performance of a bitcoin futures index.
Layer-1 blockchain Avalancheresumed finalising blocks on Friday last week, four hours after an outage took the network offline due to a software bug.
Ethereum NFT project Pudgy Penguinsexpands its partnership with Walmart to bring its Pudgy Toys to an additional 1,100 Walmart stores across the US. The toys had generated US$10 million in sales in less than a year.
Redditsigns deal with Google for AI model training. Google gains access to the library of existing content on Reddit, while Reddit will, in turn, get access to Google’s Vertex AI for enhanced search and “other capabilities.”
Research Roundup Newsletter [January 2024]: We present to you our latest issue of Research Roundup, featuring trending market insights in January, charts of the month, and our deep dive into the world of crypto ETFs.
Crypto ETFs: This report explores what crypto ETFs are, providing an overview of the current crypto ETF market and looking into how they work as investment vehicles. Plus, we explore their features, significance, advantages, and drawbacks.
What Is CDCETH and How Does It Work?: CDCETH allows liquid staking for ETH with Crypto.com. Here’s why this can earn you more rewards than traditional staking.
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AI-related tokens are surging. Grayscale’s spot Bitcoin ETF records lowest daily outflow since launch. CME to launch euro-denominated micro Bitcoin and Ethereum futures.
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