Digital Assets

Hubbis Partners with Independent Reserve to Bring You Weekly Crypto News and Market Trends - Singapore's Confidence in Crypto Climbs

Independent Reserve Singapore published the 4th edition of the Independent Reserve Cryptocurrency Index (IRCI) 2024 (Singapore). Surveying 1,500 Singapore residents on their attitudes towards cryptocurrency, Singapore scored 56 on the IRCI this year, up 1 point from 2023.

The index revealed a maturing crypto market in Singapore, with a positive shift in perception and an increase in confidence and trust in crypto. Download the full report.

After the Easter holiday, cryptocurrency prices remained in a holding pattern, coinciding with the impending halving on April 19. Currently, cryptocurrencies are staying within their recent price range, and there is ongoing volatility in meme coins. However, there are signs that inflation is picking up again in the US, which could have implications for the broader economy and financial markets.

Last week's economic focus centred on US PCE inflation, the preferred measure for the Federal Open Market Committee (FOMC). Despite a seemingly modest increase in February, underlying details revealed a core PCE run rate close to 3.5%, diverging from market expectations. With the next FOMC meeting 29 days away, attention shifts to the June meeting, where inflation forecasts will be updated amidst expectations of a potential interest rate reduction. The interest rate market currently sees the June meeting as pivotal, with a near 50/50 chance of a 25bp interest rate cut, marking a shift from previous expectations.

On the OTC desk, trading volume has slowed down during the Easter period, with uncertainty as to whether it was due to the holiday or a lack of price movement. However, interest in USDT remains strong, especially from our Singapore office. While we've seen substantial switching into smaller market cap tokens in the past few weeks, this activity has taken a pause. However, activity is expected to pick up closer to the halving.

Read this week's full market update here.