Crypto Market Pulse (14/08/2023)

Crypto.com and Xsolla partner to integrate payment solutions. PayPal launches Ethereum-based stablecoin PYUSD. Brazil to launch CBDC dubbed “DREX” in 2024.

Weekly Market Index

Last week’s crypto market prices were up slightly at +1.31%. Volume dropped by -7.45% while volatility increased by +47.48%.

Chart of the Week

In our latest feature report Real-World Assets: Bringing Real-World Value to DeFi, we explore the Real World Assets (RWA) landscape. RWA tokens are essentially representations of assets (such as stocks, bonds, money markets, real estate, and commodities) that are not inherently native to the blockchain. The chart below shows the growth in the number of RWA token holders on the Ethereum blockchain.

Weekly Performance

Bitcoin (BTC) and Ethereum (ETH) prices were flat +0.5% and +0.1%, respectively, in the past seven days. Price action for other selected top-cap tokens was mixed, with ApeCoin (APE) posting a double-digit percentage gain.

Selected key categories were mostly up on market cap change in the past seven days, with Artificial Intelligence the best performer.

News Highlights

• Xsolla, a global video game commerce company, and Crypto.com have announced a partnership for the integration of Crypto.com’s checkout solution into Xsolla’s Pay Station platform.
• PayPal launched a new Ethereum-based stablecoin called PayPal USD (PYUSD). The US. dollar-pegged stablecoin will be issued by Paxos Trust Co. and fully backed by US dollar deposits, short-term Treasuries and similar cash equivalents. 
• Visa has been working on an experimental solution that allows for the payment of on-chain gas fees with a Visa card. The proposed solution leverages Ethereum’s ERC-4337 account abstraction standard and a feature known as the “paymaster” smart contract, which facilitates off-chain gas fee payments.
• The Central Bank of Brazil has unveiled its upcoming digital currency, ‘DREX.’ It will be a digital representation of the Brazilian real, with the capacity to interact with other digital assets, and is projected to launch in 2024.

Recent Research Reports

Alpha Navigator: Quest for Alpha [July 2023]	Real-World Assets: Bridging Real-World Value to DeFi	Crypto Market Sizing Report H1 2023

• Crypto Market Sizing Report H1 2023: Global crypto owners reached 516 million by the first half of 2023.
• Real-World Assets: Bridging Real-World Value to DeFi: Real World Assets is a promising application for blockchain technology that is gaining traction. We explore notable projects like Centrifuge, Ondo, Tangible, and Toucan.
• Alpha Navigator: Quest for Alpha [July 2023]: Risk assets continued their positive price action in July, although BTC dipped slightly. Macro calendar is quiet up until mid-August when we have the US CPI and release of FOMC minutes.

Recent University Articles

Crypto Funding Rates 2023: Understanding Their Impact on Trading and Why They Matter	Stop-Loss and Take-Profit Levels in Crypto Trading	Top Governance Tokens to Know in 2023

• Crypto Funding Rates 2023: Understanding Their Impact on Trading and Why They Matter: Understand the intricacies of crypto funding rates and how they can affect trading strategies in 2023 — plus new rates for the Crypto.com Exchange.
• Stop-Loss and Take-Profit Levels in Crypto Trading: Learn how stop-loss and take-profit levels are used to manage crypto trading risks.
• Top Governance Tokens to Know in 2023: Discover the top crypto governance tokens making waves in the decentralised finance and blockchain sectors.

Catalyst Calendar

Author

Research and Insights Team

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