Last week’s crypto market prices were down -7.57%. Volume and volatility also fell by -25.92% and -72.08%, respectively.
Chart of the Week
Moons (MOON), the native token of Reddit’s r/CryptoCurrency community of over 6.5 million users surged last week. The Bricks (BRICK) token, which is distributed as a reward for contributions in the r/Fortnite subreddit, also rallied. Markets speculated that the recent change in Reddit’s Terms of Service, which now explicitly allows for trading of Reddit’s tokenised Community Points, was likely the catalyst for the price increases.
Bitcoin (BTC) and Ethereum (ETH) were down slightly at -0.9% and -2.1%, respectively,in the past seven days. Price action for other selected top-cap tokens was mixed.
Market cap changes for key categories were mixed in the past seven days.
News Highlights
Bäumer Vendôme, the high jewellery Maison created 30 years ago by Lorenz Bäumer, has unveiled an innovative NFT collaboration that combines Web3 and jewellery design in one exclusive collection. For this one-of-a-kind NFT program, Bäumer Vendôme has chosen to offer their collection on the Crypto.com NFT Platform.
The US Securities and Exchange Commission (SEC) has launched its review of the latest Bitcoin exchange-traded-fund (ETF) applications. The regulator published documents seeking public consultations on the ETF applications, including BlackRock’s iShares Bitcoin Trust. Valkyrie’s Bitcoin ETF has also been accepted for review.
Societe Generale’s cryptocurrency division, SG Forge, has received a license to offer crypto services in France from the country’s financial regulator. SG Forge is licensed to provide buying and selling, exchange, and custody of digital assets.
The US Federal Reserve launched its new instant payments service, FedNow, significantly speeding up how long it takes to send money. The central bank said 35 banks and credit unions are participating, including early adopters JPMorgan Chase and Wells Fargo.
Research Roundup Newsletter [June 2023]: We present to you our latest issue of Research Roundup, featuring trending market insights in June, charts of the month, and our latest research exploring ZK rollups and Layer-0 protocols.
The Development of ZK Rollups: Zero-knowledge rollups (ZK rollups) are still in their nascent stage. However, as the technology evolves, various methods to achieve compatibility with the Ethereum Virtual Machine (EVM) have emerged.
Layer-0: Infrastructure for Customised Blockchains: Layer-0 protocols are the infrastructure that customised Layer-1 blockchains can be built on. We explore notable projects like Cosmos, Polkadot, Avalanche, LayerZero, and zkLink.
Alpha Navigator: Quest for Alpha [June 2023]: Asset classes finished the first half of 2023 strongly, with crypto in the lead. Decelerating US inflation readings could ease market concerns for the time being, while BTC options implied volatilities remain muted.
What Is XRP (Ripple)?: One of the largest cryptocurrencies by market cap, XRP is used by financial institutions, corporations, and end users across the globe for fast payments. Read on to learn more about this altcoin.
Catalyst Calendar
Author
Research and Insights Team
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