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News & Insights/Market
Weekly Market Updates – 29 May 2023

By Amber Group 05/28/2023, 3 min read time

Crypto Market

  BTC ETH
Weekly High $28,208 $1,918
Weekly Low $25,921 $1,762


BTC and ETH Market Insight

The US debt ceiling negotiations are still facing differences on key issues between the parties involved. If the negotiations are delayed,  uncertainty surrounding the USD can be good for crypto assets. As the current interest rate hike cycle approaches its end, the NASDAQ 100 index (NAS100) in the US stock market has rebounded and surpassed its pre-hike level (March 17, 2022). Both $BTC and $ETH traded within a tight price range this week without much OI change. The $Multi FUD resulted in a 5x increase in daily bridging volume and its price slumped 56% this week. Ethereum Foundation researchers stated that the reasonable target date for the activation of the Cancun upgrade is October 2023. 


Options Market

The decoupling between equities and crypto persisted as we see the 30D correlation between BTC and S&P dived further into the negative zone. Unsurprisingly, crypto continued to dart in desultory fashion given there is still little sign of life in the volatility space. For both BTC and ETH,  IVs within three months all traded sub-45 handle whereas six-month and one-year IVs were slightly above 45. BTC 25-delta skew saw a modest rise toward puts affected by the call supply and the fact the spot failed to rally further. On the other hand, the skew for ETH manifested more stability observed in the past few weeks. 


Altcoins and Blockchain News

  • Hong Kong announced that retail investors can trade cryptocurrencies according to the new rulebook of the digital asset industry. It is expected that individual investors will start trading more tokens.
  • Base is working with Code4rena on an audit to ensure a safe transition to Mainnet.
  • The Arbitrum-ecosystem protocol Jimbos was hacked, losing about $7.5 million in Ethereum.
  • Recently, the on-chain data related to LBR and eUSD of the LSD protocol Lybra Finance has grown rapidly, the price of LBR has hit a new high, and the supply of eUSD has continued to grow.
  • Swell Network launched Voyage, a pledge and liquidity incentive program, providing "pearls" as rewards.
  • Blend launched the "Partial Repayment" function, and will add support for BAYC and Otherdeed.
  • Tools for Humanity, the development team behind Worldcoin, raised $115M in Series C funding led by Blockchain Capital, with participation from a16z, Bain Capital Crypto, and Distributed Global
  • The hardware wallet OneKey announced that it has received HK$500,000 in funding from Hong Kong Cyberport, and obtained office space provided by Cyberport.
  • The well-known action-adventure game series "Grand Theft Auto" (GTA) may introduce cryptocurrency rewards in its upcoming game upgrade "Grand Theft Auto 6" (GTA 6).


Macro


A tentative agreement to raise the debt ceiling has been reached by President Biden and House Speaker McCarthy over the weekend; a deal draft may be released as early as Sunday and the House will vote on Wednesday. With the real deadline now being June 5th, the Congress has some time to pass legislation. April inflation prints were above consensus: Core PCE price index rose 4.7% YoY and 0.4% MoM vs. forecasted 4.6% and 0.3% respectively; DXY added 1% over the week. 


 


 

 

 

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