Hotcoin Research | Market Insights: August 19–23, 2024
Cryptocurrency Market Performance
Currently, the total market capitalization of cryptocurrencies is $2.26 trillion, with BTC accounting for 56.05%, which is $1.27 trillion. The market capitalization of stablecoins is $169.5 billion.
This week, BTC's price showed a fluctuating upward trend, quickly breaking through $64,000 during Fed Chairman's speech on Friday, while ETH surpassed $2,700. Apart from the interest rate cut expectations for September, the market focused on the meme sector, with SUNDOG rising 392.33% over the past week, POPCAT up 67.76%, and SUN increasing by 263.35%. A rebound was observed among the top 200 projects on CoinMarketCap.
On August 24, the "Fear & Greed Index" was at 56, with the sentiment this week being: 6 days of fear and 1 day of neutrality.
Understanding the Present
Review of Major Events This Week
On August 19, according to DefiLlama data, the total market capitalization of stablecoins increased by 1.62% over the past week, now reported at $168.121 billion, with USDT's market cap growing by 1.25% and USDC's by 1.2%.
On August 19, the probability of Trump and Kamala winning the election on Polymarket has equalized;
The stablecoin protocol UXD Protocol will gradually shut down and return unused funds to investors;
On August 20, Azuki released the latest animated short film featuring female characters and Beanz;
On August 20, the SEC had previously discussed the securities attributes of SOL with ETF issuers;
CryptoQuant analysts indicated that two on-chain metrics suggest Ethereum may be in the late stages of a correction;
On-chain activity on the Aave protocol surged, doubling compared to three months ago;
Binance and its founder CZ are facing a new class-action lawsuit in a Seattle court;
On August 22, CME data showed a 67% probability of the Fed cutting rates by 25 basis points in September;
On August 22, ZKsync Era network's daily revenue was less than $7,000;
The three major U.S. stock indices continued to decline, with the market being overly optimistic about rate cuts;
Fractal Bitcoin announced the restart of its testnet and adjusted its engraving service policy;
BNB Chain adapted to Erigon 3 and integrated the Parlia consensus protocol;
CZ may have left prison but remains in custody.
Macroeconomics
On August 20, The Block reported that sources revealed the SEC rejected two Solana spot ETF 19b-4 applications submitted by Cboe BZX, and these applications have been withdrawn from the Cboe website;
On August 20, Bloomberg reported that Emomotimi Agama, the Director-General of the Nigerian Securities and Exchange Commission (SEC), stated that the regulator plans to issue the first digital services and tokenized asset licenses this month;
On August 19, Hong Kong-listed company New Fire Technology announced it would spend $30.4621 million (approximately HKD 238 million) to acquire all issued share capital of Avenir Asset Holding;
On August 23, The Wall Street Journal reported that Fed Chairman Powell sent the strongest signal yet for a rate cut, stating intentions to act to prevent further weakening of the U.S. labor market.
ETF
Statistics show that from August 19 to August 23, the U.S. Bitcoin spot ETF had a net inflow of $506.4 million; as of August 23, GBTC (Grayscale) had a total outflow of $19.732 billion, currently holding $14.541 billion, while IBIT (BlackRock) currently holds $22.412 billion. The total market capitalization of U.S. Bitcoin spot ETFs is $60.187 billion.
The U.S. Ethereum spot ETF had a net outflow of $44.5 million.
Looking Ahead
Upcoming Events
WebX Asia 2024, hosted by Japanese Web3 media CoinPost, will take place in Tokyo, Japan, from August 28 to 29, 2024. The conference gathers professionals related to crypto assets, blockchain, and other Web3 technologies, providing attendees with direct interaction with companies, experts, entrepreneurs, investors, government officials, and media from Japan and other countries;
Korea Blockchain Week (KBW) 2024 will be held in Seoul, South Korea, from September 1 to 7. This annual global blockchain and Web3 event is founded and hosted by FACTBLOCK, co-hosted by Hashed, and aims to attract blockchain enthusiasts, investors, organizations, and industry leaders who wish to delve into the cryptocurrency, blockchain, and Web3 sectors;
TOKEN2049 Singapore 2024 will take place on September 18 to 19, aiming to define the next steps in the Web3 space.
Project Progress
The mainnet of the L1 blockchain lightweight node protocol Over Protocol will launch on August 27;
The release of Starknet v0.13.2 full node has been postponed to August 28 due to RPC upgrades;
The "Nakamoto" upgrade of the Bitcoin L2 network Stacks is expected to activate on August 28;
Arweave AO will launch the temporary data storage solution ArFleet on August 29 at 23:00. ArFleet has opened testnet registration, and users who complete registration will receive 3 exclusive ArFleet Genesis Passes, granting access to the testnet after its launch;
The founder of UniSat stated that Fractal plans to activate on the mainnet on September 1;
Tether will no longer accept USDT or EURT exchanges on Omni, Kusama, SLP, EOS, and Algorand starting September 1.
Important Events
Bosera Global Exchange-Traded Fund Open-Ended Fund Company will waive the management fees for its sub-funds Bosera HashKey Bitcoin ETF and Bosera HashKey Ethereum ETF from April 30, 2024, to August 31, 2024;
Futu Hong Kong will issue deposit rewards to users who open new brokerage accounts and hold assets for a certain period before August 31, including deposit rewards for Bitcoin or stocks like Alibaba and Nvidia;
The Russian Duma passed a law on cryptocurrency cross-border payments, allowing cryptocurrency cross-border settlements and exchange transactions within the experimental legal framework (EPR) starting September 1, 2024. Compared to the initial version, the Central Bank of Russia will be able to conduct not just one but three experiments: using cryptocurrency for foreign trade settlements, trading in cryptocurrency, and creating a cryptocurrency trading platform based on the National Payment System (NPS);
Russia will implement strict restrictions on the circulation of crypto assets starting September 1, but miners and central bank projects will be exempt;
The draft law on Bitcoin mining and international trade cryptocurrency payments in Russia may take effect on September 1, pending final approval from the alliance. This bill marks a shift in Russia's attitude towards digital assets and currencies, establishing a regulatory framework to oversee cryptocurrency mining activities, ensure compliance with tax regulations, and prevent illegal operations. It aims to strengthen Russia's trade relations and challenge global regulatory norms.
Token Unlocking
Yield Guild Games token YGG will unlock 14.08 million tokens on August 27, valued at approximately $5.54 million, accounting for 3.71% of the circulating supply;
SingularityNET token AGIX will unlock 8.32 million tokens on August 28, valued at approximately $3.14 million, accounting for 1.57% of the circulating supply;
Portal token PRTTAL will unlock 870,000 tokens on August 29, valued at approximately $1.73 million, accounting for 3.61% of the circulating supply.
About Us
Hotcoin Research, as the core investment research department of Hotcoin, is dedicated to providing detailed and professional analysis for the cryptocurrency market. Our goal is to offer clear market insights and practical operational guidelines for investors at different levels. Our professional content includes the "Play and Earn Web3" tutorial series, in-depth analysis of trends in the cryptocurrency industry, detailed breakdowns of potential projects, and real-time market observations. Whether you are a newcomer exploring the crypto space or a seasoned investor seeking deeper insights, Hotcoin will be your reliable partner in understanding and seizing market opportunities.
Risk Warning
The cryptocurrency market is highly volatile, and investing carries risks. We strongly advise investors to invest only after fully understanding these risks and within a strict risk management framework to ensure the safety of their funds.
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