Issue #65

Bitcoin breaks US$35k, CME open interest soars, JPM Coin handles $1b per day, BTC uncorrelated from equities & more...

Market Overview

As of the time of writing (Monday 5pm), the total market cap of the crypto asset market is $US1.31T, up (8.6%) from last week.

Below is the weekly performance of the top crypto assets. 

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News Headline Highlights

 Crypto Asset Project Updates

Regulation Station

  • The U.K. government published its final rules for crypto and stablecoins. The government plans on a phased introduction of crypto regulation, starting with fiat-backed stablecoins and then adding other crypto-related areas including algorithmic stablecoins.
  • Hong Kong's Securities and Futures Commission updated its regulatory framework with two additional investor protection measures aimed at intermediaries that are interested in providing virtual asset-related products to investors. Specifically, the new investor protection measures are for virtual assets categorised as complex products.
  • The U.S. Court of Appeals for the D.C. Circuit issued a much expected  formal mandate to assert its August ruling that the Securities and Exchange Commission needs to reconsider the bid from Grayscale Investments to convert its flagship GBTC fund into a spot bitcoin ETF.

The Weekly Deal Room

  • Shrapnel, a sci-fi shooter game with NFT assets, raised $20m in a Series A led by Polychain. 
  • smlXL, a company focused on building proprietary techniques to leverage blockchain’s determinism and transparency for rigorous analysis of EVM bytecode and contracts, raised $13.4m in a Seed Round co-led by a16z crypto and Greylock.
  • Rymedi, a Web3 healthcare data firm, raised $9m in a Series A co-led by RW3 Ventures and White Star Capital.
  • Aera, an autonomous on-chain treasury management system for DAOs, raised $8m in a Seed Round led by Bain Capital Crypto.
  • Nocturne, an Ethereum privacy protocol, raised $6m in a Seed Round co-led by Bain Capital Crypto and Polychain Capital.
  • Noble, an inter-blockchain communication system, raised $3.3m in a Seed Round led by Polychain.

Metric of the Week

Bitcoin uncorrelated from equities through October. As equities sold off on concerns of continued inflation, more interest rate hikes and recession fears, Bitcoin and crypto assets performed very strongly. Larry Fink described this behaviour as a "flight to quality".

Source: Trading View

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