Crypto Market Pulse (11/09/2023)

ETH spot ETF applications are rolling in. FASB recommends recording crypto at fair market value. JPMorgan explores blockchain-based digital payment system.

Sep 11, 2023 Market Pulse

Weekly Market Index

Last week’s crypto market prices fell slightly by -0.64%. Volume and volatility also decreased by -34.21% and -78.15%, respectively. Weekly Market Index 11 Sep

Chart of the Week

Developments continue in the stablecoin area, with recent highlights being the launch of PayPal’s own stablecoin, PYUSD, and Visa rolling out support for USDC payments on the Solana blockchain. In our latest monthly feature research reports, we explore the decentralised stablecoins landscape, how they compare to centralised stablecoins, and upcoming projects. Decentralised stablecoins have innovative stability mechanisms, typically making use of over-collateralised DeFi protocols and algorithms, however, centralised stablecoins currently dominate the market share.

Read the report: Decentralised Stablecoins. Stablecoins Share of Supply of Ethereum

Weekly Performance

Bitcoin (BTC) and Ethereum (ETH) prices were down slightly at -0.6% and -1.4%, respectively, in the past seven days. Price action for other selected top-cap tokens was also mostly negative. Selected Top-Cap Tokens 11 Sep

Selected key categories were also down slightly on market cap change in the past seven days, although Real World Assets bucked the trend. Selected Categories Market Cap Change

News Highlights

  • Global payment processor Visa has rolled out support for USD Coin (USDC) payments on the Solana blockchain to settle fiat-based payments. Previously, Visa conducted a successful pilot with – check out the Visa and USDC settlement case study here.
  • As the  US Securities and Exchange Commission (SEC) considers a swath of spot bitcoin ETFs and ether futures funds, Ark Invest and 21Shares aim to introduce their own spot ether offering to the market.
  • The Financial Accounting Standards Board (FASB) has recommended recording crypto at fair market value on corporate balance sheets, removing possibly significant impairments but adding to volatility. The FASB is the organisation that sets accounting and reporting standards for companies that follow US Generally Accepted Accounting Principles (GAAP).
  • JPMorgan Chase & Co. is reportedly exploring a blockchain-based digital payment and settlement system. JPMorgan developed much of the infrastructure for the project, which requires a digital deposit token, but can’t move ahead with system before getting the go-ahead from US regulators.

Recent Research Reports

  • Research Roundup Newsletter [August 2023]: We present to you our latest issue of Research Roundup, featuring trending market insights in August, charts of the month, and our latest research on decentralised stablecoins.
  • Alpha Navigator: Quest for Alpha [August 2023]: Asset classes dipped in August; BTC and ETH underperformed. No surprises from the central bankers summit at Jackson Hole. China intensifies economic stimulus.
  • Decentralised Stablecoins: Stablecoins are well positioned to facilitate broader adoption of cryptocurrencies. We explore the key decentralised stablecoin projects and their innovative mechanisms.

Recent University Articles

Catalyst Calendar Blockchain Launch and Upgrade Macroeconomic Events


Research and Insights Team


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