Market Pulse by the Crypto.com Research & Insights Team (Week 11, 07/03/2023 – 13/03/2023)
US Federal Reserve announces US$25B fund to support liquidity-troubled banks. South Korea launches Metaverse Fund. SWIFT saw positive results in pilot test of linking different CBDCs.
Weekly Market Index
Last week’s crypto market prices were down -7.46%. Volume and volatility increased by +28.20% and +62.80%, respectively.
Weekly Performance
Bitcoin (BTC) was flat at -0.3% while Ethereum (ETH) rose slightly by +2.5% in the past seven days. Other selected top-cap tokens mostly fell.
News Highlights
After depegging during the weekend, stablecoin USDC bounced back amid news of the US Federal Reserve’s US$25B funding program to support liquidity-troubled banks such as Silicon Valley Bank. Circle, issuer of USDC, also said it will “cover any shortfall” in the assets backing USDC in the event it does not receive the entirety of the US$3.3B reserves it was holding at Silicon Valley Bank.
South Korea’s Ministry of Science and ICT announced investments in a US$30.2M fund dedicated to driving metaverse initiatives in the country. With the help of this Metaverse Fund, South Korea will support the mergers and acquisitions of various firms in the metaverse ecosystem.
Bank messaging platform Society for Worldwide Interbank Financial Telecommunications (SWIFT) said that it witnessed positive results related to its pilot test of linking different central bank digital currencies (CBDCs).
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.
Thank you for reading! We hope you find Market Pulse, our new weekly market insights newsletter enlightening!
Hungry for more? Visit our Research Hub and University to access other insightful crypto research!
Share with a friend if you like our email!
Thanks for reading Weekly Crypto News about DeFi, NFT, and crypto market! Subscribe for free to receive new posts and support my work.