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).
Read next: Total cryptocurrency market capitalization has increased, so has BTC market share| FXMAG.COM
Recent Research Reports
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| Research Roundup Newsletter [February 2023]: In our latest issue, we feature trending market insights and our analyses of the current state of decentralised derivatives market. | 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. | Alpha Navigator: Quest for Alpha [February 2023]: Asset classes took a breather in February and sold off, although crypto bucked the trend. BTC and ETH options implied volatilities remain at subdued levels. |
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