[24-31 May 2024] DigitalX Weekly Crypto Update: Market Trends and Analysis

Weekly Price Action

*All figures below are in USD unless otherwise specified.

This week in crypto...

• Mastercard launches P2P crypto network, vanity address system
• PayPal expands PYUSD to Solana, targets payment use cases
• Gnosis Pay and Visa to launch crypto-linked debit card in Europe
• 21Shares launches crypto-asset exchange traded notes on London Stock Exchange
• BlackRock's IBIT overtakes GBTC as the world's largest Bitcoin ETF
• Gemini customers get back over $2 billion in crypto from Genesis bankruptcy
• Crypto Bridge LayerZero Connects to Solana Blockchain
• Israel launches digital shekel CBDC experiment for payments

1?? Closing the Gap

This week in markets the spread between the performance of the S&P 500 and Bitcoin, or what we refer to as closing the gap, has widened to 19%, from 7% last week.

2?? The Big Shift

The big shift this week in the broader markets transition to Web3 emerged from the US-based spot Bitcoin ETFs, with BlackRock’s spot Bitcoin ETF reportedly surpassing the Grayscale Bitcoin Trust (GBTC) as the world’s largest spot Bitcoin ETF. Globally, spot Bitcoin ETFs now hold over one million Bitcoin, valued at over US$68 billion, which accounts for nearly 5.10% of the total circulating supply.

3?? Cross-border payments > Financial integration > Digital currency adoption Mastercard announced that they would be launching a peer-to-peer network for sending and receiving digital assets across borders for users in Europe and Latin America. This P2P platform rollout is part of the company's initiatives to leverage digital assets for cross-border payments.