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Crypto Market Pulse (16/01/2023)

El Salvador passes bill to sell bonds backed by BTC. Societe Generale taps MakerDAO for US$7M DAI loan. Polygon blockchain to undergo a hard fork.

Jan 16, 2023
Crypto Market Pulse

Weekly Market Index

Last week’s crypto market prices rose significantly by +23.12%. Volume and volatility also increased by +99.69% and +238.74%, respectively.

Weekly Market Index 2

Weekly Performance

Cryptocurrencies continue to gain momentum across the board. Bitcoin (BTC) and Ethereum (ETH) were up +23.6% and +22.0% in the past seven days, respectively.

Selected Top Cap Tokens Price Change 2

News Highlights

  • El Salvador has passed a bill that will allow the country to sell bonds backed by Bitcoin. US$500 million of proceeds from those bonds will be put toward a proposed plan to build a “Bitcoin City”. 
  • U.K.’s Economic Secretary to the Treasury said that a digital pound currency is being considered and a public consultation on the attributes of a digital pound would be launched in the coming weeks.
  • French investment bank Societe Generale took out a loan of US$7 million in the stablecoin DAI from MakerDAO, in what is seen as a significant direct transaction between a TradFi firm and a DeFi project. The bank used home loan bonds as collateral.
  • Polygon (MATIC) announced a proposed hard fork to its blockchain. If approved, the upgrade is set to occur on 17 Jan. It will address gas fee spikes and chain reorganisation.

Recent Research Reports

2022 Year Review & 2023 Year Ahead: 2022 has been a ride for the crypto industry. In this report, we curate the top ten crypto events and trends of 2022, followed by our outlook for 2023.Alpha Navigator (December 2022): The new year sees crypto outperforming equities and gold. BTC options implied volatilities are subdued while perpetual futures funding rates are positive.Social Graph and Digital Identity in Web3: Relationships and identities are key elements that make up social networks. In this report, we put a spotlight on the roles that decentralised social graphs and digital identity play in Web3 social.
2022 Year Review & 2023 Year Ahead: 2022 has been a ride for the crypto industry. In this report, we curate the top ten crypto events and trends of 2022, followed by our outlook for 2023.
Alpha Navigator (December 2022): The new year sees crypto outperforming equities and gold. BTC options implied volatilities are subdued while perpetual futures funding rates are positive.
Social Graph and Digital Identity in Web3: Relationships and identities are key elements that make up social networks. In this report, we put a spotlight on the roles that decentralised social graphs and digital identity play in Web3 social.

Catalyst Calendar

Blockchain Launch And Upgrades 2
Crypto Related Conferences 2
Macroeconomic Events 2

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Research and Insights Team


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