Crypto Market Pulse (9/10/2023)

BTC’s “Uptober” intact so far this month. Hong Kong Stock Exchange uses smart contracts to help post-trade flows. Bank of Korea and Bank for International Settlements test Korean CBDC.

Oct 09, 2023 Crypto Market Pulse

Weekly Market Index

Last week’s crypto market prices rose slightly by +1.01%. Volume and volatility also increased by +16.35% and +24.01%, respectively. Weekly Market Index

Chart of the Week

Historically, the Bitcoin price has performed positively in October, with only two down instances in the past decade. This has prompted some in the crypto community to dub the month “Uptober”. The moniker appears to be living up to its name, as Bitcoin is up +3.2% so far this month. Uptober Monthly Price Change

Weekly Performance

Bitcoin (BTC) was flat at +0.3% while Ethereum (ETH) dropped -5.2%, in the past seven days. Price action for other selected top-cap tokens was mainly negative. Selected Top-Cap Tokens Price Change

Selected key categories were down in terms of market cap, with the exception of Artificial Intelligence, in the past seven days. Selected Categories Market Cap Change

News Highlights

  • Hong Kong Stock Exchange is launching a novel equities settlement acceleration platform. Dubbed “Synapse,” the platform will utilise smart contracts in the DAML programming language to streamline post-trade flows and enhance operational efficiencies.
  • The Bank of Korea and the Bank for International Settlements (BIS) announced a new pilot that will test the functionality of a Korean wholesale central bank digital currency (CBDC), which will serve as a tool for banks to settle interbank transactions and issue CBDC-backed digital currencies that can be fractionally backed depending on the case.
  • JPMorgan’s digital assets and blockchain platform, Onyx, is processing up to US$2 billion daily. Users are mainly utilising its platform for tokenisation purposes, with the likes of Goldman Sachs and BNP Paribas among the early adopters. The platform has already tokenised a variety of assets including US treasury bonds, mortgage-backed securities, and cash using the JPM coin.

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Research and Insights Team


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