Crypto Market Pulse (17/04/2023)

US inflation pace decelerating. London Stock Exchange Group unit to clear BTC futures and options. Ethereum completes Shanghai upgrade.

Weekly Market Index

Last week’s crypto market prices were up +10.10%. Volume and volatility also increased by +20.76% and +72.69%, respectively. 

Weekly Performance

Bitcoin (BTC) and Ethereum (ETH) were up +5.6% and +12.5% in the past seven days, respectively. Other selected top-cap tokens also mostly rose.

News Highlights

• Ethereum successfully completed its Shanghai upgrade, which introduces an important new feature that allows validators who previously staked ETH to withdraw those tokens for the first time.
• The US consumer price index rose 5% YoY in March, below market expectations. The data showed that while inflation is still well above the Federal Reserve’s policy target of 2%, it is showing continuing signs of decelerating.
• LCH, the clearinghouse arm of the London Stock Exchange Group, will offer clearing services for cash-settled Bitcoin index futures and options. 
• Hong Kong’s biggest virtual bank, ZA Bank (ZA), will offer crypto-to-fiat currency conversions over licensed exchanges. ZA will act as a settlement bank for clients to allow withdrawals in Hong Kong, China and US currencies after they deposit crypto tokens with exchanges.
• The US House Financial Services Committee published a draft version of a potential landmark stablecoin bill, with proposals including a moratorium on stablecoins backed by other cryptocurrencies and a request to study a central bank digital currency (CBDC).

Recent Research Reports

Catalyst Calendar

Disclaimer:

The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.

The brands and the logos appearing in this report are registered trademarks of their respective owners.

Author

Research and Insights Team

Get fresh market updates delivered straight to your inbox:

Be the first to hear about new insights: