Weekly Market Index
Last week’s crypto market prices were down -2.60%. Volume rose by +9.10% while volatility decreased by -39.16%.
Chart of the Week
Real World Assets (RWA) is a promising application for blockchain technology that is gaining traction. RWA typically refers to the utilisation of distributed ledger technology like blockchain to track physical and intangible assets, with performance and valuation derived from sources outside the blockchain. Unique address interactions with RWA tokens on the Ethereum blockchain have been rising, as shown in the chart below.
Check out our report on RWA: Real-World Assets: Bringing Real-World Value to DeFi.
Bitcoin (BTC) and Ethereum (ETH) prices dipped at -1.0% and -2.0%, respectively, in the past seven days. Price action for other selected top-cap tokens was mostly down as well, although Shiba Inu (SHIB) posted a double-digit percentage gain.
Selected key categories were mostly down on market cap change in the past seven days.
- Following the recent filings of Bitcoin ETF applications in the US, there has been a rise in Ethereum futures ETF applications, with eleven filings submitted in less than a week. Firms include ProShares, Van Eck, and Grayscale.
- Staking rewards should be counted as income in the year the investor gets control of those tokens, according to a ruling issued last week by the US Internal Revenue Service (IRS).
Recent Research Reports
- 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
- Top Governance Tokens to Know in 2023: Discover the top crypto governance tokens making waves in the decentralised finance and blockchain sectors.
- The Future of Ethereum: What to Expect in the Coming Years: Exploring the upcoming upgrades and developments that will shape the Ethereum network’s future.
- Top Gaming Tokens to Know in 2023: Get to know some of the top crypto gaming tokens of 2023 — their unique features and potential for growth in the ever-evolving world of crypto.
Research and Insights Team
The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.
This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.
The brands and the logos appearing in this report are registered trademarks of their respective owners.