Crypto Market Pulse (15/05/2023)

US inflation indicator CPI rose 4.9% YoY in April. Microsoft, Goldman Sachs, and more are developing a blockchain called Canton. A new survey found that 26% of family offices are invested in crypto.

Chart of the Week

BRC-20 transactions have been surging since March. The BRC-20 token standard is an experimental fungible token standard for the Bitcoin blockchain. It enables developers to create and transfer fungible tokens using the Ordinals protocol. As of writing, 18,250 tokens have been minted using the BRC-20 standard – like ORDI, the first BRC-20 token.

Learn more in What is the BRC-20 token standard for Bitcoin?Also, check out our new report Bitcoin’s Expanding Ecosystem: Layer-2, DeFi, NFT.

Weekly Market Index

Last week’s crypto market prices were down -5.74%. Volume and volatility also dropped by -4.46% and -13.83%, respectively.

Weekly Performance

Bitcoin (BTC) and Ethereum (ETH) fell -4.3% and -2.3%, respectively, in the past seven days. Other selected top-cap tokens also decreased in price.

Selected key categories also fell in the past seven days.

News Highlights

• The US consumer price index (CPI) rose 4.9% YoY in April, slightly below market expectations and at the lowest pace since April 2021.
• A new survey from Goldman Sachs shows that around 26% of family offices are invested in crypto, up from 16% in 2021.
• A new blockchain called Canton Network is being developed by a group of participants in the finance and tech space, including Microsoft, Goldman Sachs, Cboe Global Markets, Deloitte, and BNP Paribas. The network will be used by financial institutions and testing begins in July.

Monthly Research Roundup (April 2023)	Alpha Navigator: Quest for Alpha [April 2023]	Bitcoin’s Expanding Ecosystem: Layer-2, DeFi, NFT

• Research Roundup Newsletter [April 2023]: In this issue we feature trending market insights, and our latest research reports take a closer look into Bitcoin’s expanding ecosystem specifically Layer 2s, DeFi, and NFTs. 
• Bitcoin’s Expanding Ecosystem: Layer-2, DeFi, NFT: The landscape of the latest projects building on top of Bitcoin is expanding beyond payments and includes Layer-2 scaling solutions and key application categories like DeFi and NFT.
• Liquid Staking Derivatives: Money Legos in DeFi: Liquid staking is now the second largest sector in crypto after DEXes, replacing DeFi lending. Today the liquid staking narrative remains strong in anticipation of Ethereum’s Shanghai upgrade, and this report explores its current landscape.
• Alpha Navigator: Quest for Alpha [April 2023]: Asset classes were generally flat in April, with crypto outperforming. US Federal Reserve could be on the cusp of ending rate hike cycle.
• Crypto.com Visa Card Consumer Spending Insights 2022: A full break-down of what our community across the globe likes to spend on in 2022.
• Overview of Decentralised Derivatives: Crypto derivatives dominate the market today, representing about 70% of the entire crypto market. In this report, we shed light on derivatives in DeFi, their market overview, and some innovations in the space.

Catalyst Calendar

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Author

Research and Insights Team

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