The instrumental-variable method in Aldasoro and Ahmed's BIS working paper did not predict changes in non-stablecoin cryptocurrency market capitalizations, ruling out a broad cryptocurrency market cycle

From the articleUSDC faces bank-rate pressure – Can Visa’s payments push offset it? - AMBCryptoAlso in Stablecoin Growth Cooled as Deposit Rates Rose, With USDC Most Exposed, Working Paper Says - Unchained, A 1-basis-point deposit rate rise cuts stablecoin growth from 15% to 12%, BIS paper finds, BIS: Bank rate hikes cut stablecoin growth by 3 points