Crypto Market Pulse (04/09/2023)

SEC delays decision on BTC spot ETFs; must review Grayscale’s application. Swift and Chainlink tokenisation experiment succeeds. X obtains licences to process payments in multiple US states.

Weekly Market Index

Last week’s crypto market prices fell by -1.31%. Volume and volatility increased by +23.75% and +285.34%, respectively.

Chart of the Week

Ethereum (ETH) recently flashed a death cross on its price chart. A death cross is a popular technical analysis trading indicator based on moving averages (MA). It occurs when the 50-day moving average crosses below the 200-day moving average and is typically interpreted by traders as a bearish signal.

Learn more about crosses in The Golden Cross and Death Cross in Crypto Trading.

Weekly Performance

Bitcoin (BTC) and Ethereum (ETH) prices decreased slightly at -0.5% and -1.1%, respectively, in the past seven days. Prices for other selected top-cap tokens also mostly fell.

Selected key categories were also down slightly on market cap change in the past seven days, with the exception of Artificial Intelligence.

News Highlights

• The US Securities and Exchange Commission (SEC) has delayed until October making a decision on all of the spot bitcoin exchange-traded fund (ETF) applications filed by applicants including BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise, and Valkyrie Digital Assets earlier this year.
• A federal court ruled that the SEC must review its rejection of Grayscale Investments’ attempt to convert the Grayscale Bitcoin Trust (GBTC) into an ETF. This could potentially have significant implications for a spot bitcoin ETF in the US.
• Interbank messaging system Swift and Chainlink (LINK) have successfully facilitated transfer of tokenised value across multiple private and public blockchains in recent experiments. BNP Paribas, BNY Mellon, The Depository Trust & Clearing Corporation, and Lloyds Banking Group and others collaborated with Swift on the experiments.
• Indian multinational conglomerate Reliance Industries Ltd. is entering the world of blockchain and central bank digital currencies (CBDCs) through its subsidiary Jio Financial Services (JFS).
• Elon Musk’s social media platform, X, formerly Twitter, has obtained money or currency transmitter licences in seven US states including Maryland, New Hampshire, and Rhode Island. This led to some speculation that it opens the way for offering crypto payments.

Recent Research Reports

• Research Roundup Newsletter [July 2023]: We present to you our latest issue of Research Roundup, featuring trending market insights in July, charts of the month, and our latest research exploring real-world assets.
• Crypto Market Sizing Report H1 2023: Global crypto owners reached 516 million by the first half of 2023.
• Real-World Assets: Bridging Real-World Value to DeFi: Real World Assets is a promising application for blockchain technology that is gaining traction. We explore notable projects like Centrifuge, Ondo, Tangible, and Toucan.
• Alpha Navigator: Quest for Alpha [July 2023]: Risk assets continued their positive price action in July, although BTC dipped slightly. Macro calendar is quiet up until mid-August when we have the US CPI and release of FOMC minutes.

Recent University Articles

• Crypto Remittance Scams: What They Are and How to Avoid Them: Sending crypto to receive crypto? That doesn’t sound right! In this article, learn about remittance scams and how to recognise them.
• What Are Get-Rich-Quick Scams?: If it sounds too good to be true, it probably is. Learn how get-rich-quick crypto scams work, how to spot them, and how to avoid them.
• Top NFT Tokens to Know in 2023: Discover top NFT tokens making waves in 2023 and learn how to use them for blockchain gaming and actively participating in shaping NFT platforms.

Catalyst Calendar

Author

Research and Insights Team

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