Crypto Market Pulse (18/12/2023)

Crypto.com partners with top Singapore charities for Web3 payments. Cronos Labs launches zkEVM testnet. US Fed holds interest rates steady.

Dec 18, 2023
Crypto Market Pulse

Weekly Market Index

Last week’s crypto market prices dropped by -4.51%. Volume decreased by -9.67%and volatility increased by +77.13%.

Crypto.com Weekly Market Index

Chart of the Week

Despite a challenging macro and industry environment, the total cryptocurrency market cap rose +98.61% during 2023 to reach US$1.6 trillion (as of 18 Dec 2023). Explore more top crypto events and trends of 2023, followed by our outlook for 2024 in our new report: 2023 Year Review & 2024 Year Ahead.

Crypto.com Cryptocurrency Market Cap

Weekly Performance

Bitcoin (BTC) and Ethereum (ETH) dropped by -5.8% and -6.9%, respectively, in the past seven days. Price action for other selected top-cap tokens was also mostly negative, although Internet Computer (ICP) was up +84.3%.

Screenshot 2023 12 18 At 2.15.18 pm

Selected key categories were mixed in terms of market cap change in the past seven days, led by Gaming.

Screenshot 2023 12 18 At 2.16.23 pm

News Highlights

  • Crypto.com partners with six major charities in Singapore to enable Web3 payments and innovation. The partnerships will facilitate digital asset-to-fiat donations and collaborative Web3 social impact projects.
  • Cronos Labs launched Cronos zkEVM Chain testnet, a zero-knowledge (ZK) rollup blockchain network. The testnet is a hyperchain using ZK Stack, launched in a partnership between Cronos Labs, Matter Labs, the team behind zkSync, and engineering teams from Crypto.com, VVS Finance, Fulcrom Finance, and Veno Finance.
  • The US Federal Reserve last week held its key interest rate steady at the target range of 5.25%-5.5% and also signaled potential rate cuts in 2024.
  • The Financial Accounting Standards Board (FASB), a US entity that details how companies should report assets on their balance sheet, published a standards update last week that will let corporations recognise “fair value” changes in crypto holdings. The new rules will take effect after 15 December 2024.
  • Credit rating agency S&P released a new stablecoin ranking system. It rates stablecoins on a 1 to 5 scale, aiming to “evaluate a stablecoin’s ability to maintain a stable value relative to a fiat currency,”. A score of 1 means “very strong,” while 5 means “weak.” USDC got a score of 2, the best rating amongst all stablecoins ranked.
  • Deutsche Bank’s asset management arm, DWS, is forming a new venture with Galaxy Digital and Flow Traders to jointly issue a euro-denominated stablecoin.
  • The US Securities and Exchange Commission (SEC) Chair Gary Gensler said last week that the agency’s “new look” at applications for a spot Bitcoin ETF had been taking recent court rulings into consideration. For example, three judges in the US Court of Appeals for the D.C. Circuit ruled in August that the SEC has to re-review Grayscale’s bid for a spot Bitcoin ETF.
  • China’s Ministry of Public Security and the national-level Blockchain-based Service Network are jointly spearheading an initiative, called RealDID. It will use blockchain technology to offer a spectrum of services, including verification of personal real names, protection of personal data through encryption, secure private logins, business identity checks, and personal identification certificate services.

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Screenshot 2023 12 18 At 2.21.09 pm
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Author

Research and Insights Team

Disclaimer:

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