Cryptocurrency Market Performance
Currently, the total market value of cryptocurrencies is 1.32 trillion, with BTC accounting for 54.41%.
This week, the market showed a fluctuating upward trend. BTC had a big rise from May 15 to 16, and the weekend was a volatile market. The current price of BTC is $67,125.
The main reasons for the increase: the US CPI in April was 3.4%, lower than the 3.5% in the previous month, in line with market expectations, and the substantial net inflow of US Bitcoin spot ETFs. This week, the US Bitcoin spot ETF had a net inflow of US$947 million, the Hong Kong Bitcoin spot ETF had a net outflow of US$35.2096 million, and the total net inflow of Bitcoin spot ETFs was US$911 million.
This week, the growth of copycat projects was not large, but TRUMP and MAGA VP (MVP) in the PolitiFi sector (memes related to U.S. election figures) performed well, mainly due to the approaching U.S. election.
The "Fear & Greed Index" is 72, with 1 day showing neutrality and 6 days showing greed this week.
Understand now
Review of the week's major events
1. Less than a month after the issuance of USDT on TON, the circulation volume reached 200 million US dollars, setting a new record for the fastest growth in USDT issuance;
2. Vitalik proposed EIP-7706, which plans to add a new type of gas for transaction calldata;
3. LayerZero CEO: As many as 100,000 addresses have been recognized as witches;
4. Worldcoin inflation rate may soar to 4% per day in the next 70 days, and insiders are trying to cash out at high prices;
5. BounceBit Chain announced the introduction of a dual-token PoS mechanism, where users can now stake BB and BBTC and earn an annual interest rate of approximately 15%;
6. BlockTower Capital's main hedge fund was hacked and some funds were drained;
7. On May 16, U.S. stocks opened higher, with the Dow Jones, S&P 500 and Nasdaq hitting new intraday record highs;
8. On May 16, Binance announced that it has launched a liquidity matching program, and projects that hope to enhance liquidity and build a healthy ecosystem can contact qualified liquidity providers;
9. Floki DAO voted to pass the proposal to "destroy 15.246 billion FLOKI tokens";
10. FTX Digital: The deadline for customers to submit claims will be extended to the end of July or early August;
11. Ondo Finance: With a TVL of over $420 million, it has become the largest U.S. Treasury tokenization provider;
12. ZK blockchain gaming ecosystem Tevaera announced its L0 token distribution, allocating 90% to the community;
13. Mode, Scroll, and Immutable X saw their TVL increase by more than 5% week-over-week.
Macroeconomics
1. A U.S. court ruled that Coinbase cannot force the U.S. SEC to formulate new rules for cryptocurrencies;
2. Ripple filed a motion to seal and redact some SEC litigation documents;
3. On May 15, the US April unadjusted CPI annual rate was 3.4%, lower than the previous month's 3.5%, in line with market expectations. The April core CPI monthly rate fell to 0.3% as expected, the lowest since December last year;
4. On May 15, the decline in US CPI in April boosted expectations of interest rate cuts. The three major US stock indexes opened higher, with the Dow Jones Industrial Average up 156 points, the S&P 500 up 0.4%, and the Nasdaq up 0.5%. The rise of WSB concept stocks cooled down, with GameStop (GME.N) falling 15.9% and AMC Cinemas (AMC.N) falling 10.5%;
5. On May 16, according to CME's "Fed Watch" data, the probability that the Federal Reserve will keep interest rates unchanged in June is 91.5%, and the probability of a 25 basis point rate cut is 8.5%.
ETF
According to statistics, from May 13 to May 17, the net inflow of US Bitcoin spot ETFs was: US$947 million;
As of May 17, GBTC had a total outflow of US$17.621 billion, and the US Bitcoin spot ETF held a total of US$12.633 billion.
As of May 17, the Hong Kong Bitcoin Spot ETF had a net outflow of US$35.2096 million and a total holding of US$227 million.
Predicting the future
Upcoming Events
1. The 2024 ETH Beijing Hackathon will be held from May 17th to 19th;
2. PIONEX and WIF will hold an offline event "WIF PIONEX COMMUNITY PARTY" at VIVA PARTY ROOM in Taipei at 19:00 on May 24. Lecturers include Gogo, Kuke Lab, Paul from Crypto, and Tsucccc from DA Trader Alliance;
3. Consensus 2024 will be held from May 29 to May 31. It is a Web3 event hosted by CoinDesk that aims to gather developers, investors, and founders to solve industry challenges;
4. Bitcoin Seoul 2024 takes place in Seoul, South Korea from May 29 to 31 and will bring together the brightest minds in policy, finance, human rights and technology, with a focus on Bitcoin.
Project Progress
1. Blockchain data indexer Subsquid plans to launch its native token SQD on Friday (May 18). The utility token is designed to support Subsquid's network of independent node operators, whose collective computing power can parse large amounts of on-chain data;
2. The application deadline for the a16z Speedrun accelerator is May 19. Each startup joining the Speedrun accelerator program will receive $750,000;
3. The Dragon8 hard fork of sports and entertainment blockchain solution Chiliz Chain is scheduled to be executed on May 21. This hard fork will introduce new developer tools and fully implement the previously announced Chiliz Chain Tokenomics 2.0. The annual inflation rate of CHZ will decrease from 8.8% year by year until it drops to 1.88% after 14 years and remains unchanged every year thereafter. At the same time, Chiliz Chain will implement EIP-1559, in which the vast majority of accrued Gas will be destroyed;
4. The Ultimate app will be shut down on May 22, 2024. Jupiter has acquired Ultimate Wallet and its mobile team;
5. The Neutron (NTRN) network will undergo a network upgrade at block height 10,525,000 (estimated at 22:30 on May 23). Binance plans to suspend the token deposit and withdrawal services of the Neutron (NTRN) network at 21:30 on May 23 (Beijing time) to support its network upgrade.
important events
1. PayPal’s new policy, which took effect on May 20, will cancel buyer and seller protection for NFTs, and NFT purchases will no longer be supported by the company’s buyer protection program. In addition, NFT sales worth more than $10,000 will not be protected from false claims and refunds;
2. Musk asked Helen Toner, a former member of the OpenAI board, to submit records related to the decision to remove Sam Altman and restore his position by May 21;
3. The US SEC, Terraform Labs and Do Kwon's lawyers will hold a court debate on the fraud compensation plan on May 22. The SEC requires Kwon and Terraform to pay approximately $4.7 billion in forfeiture and pre-judgment interest, as well as a total of $520 million in civil penalties; Terraform's legal team recommends a civil penalty of $1 million and no forfeiture;
4. The U.S. Securities and Exchange Commission (SEC) will decide on May 23 whether to approve the spot Ethereum ETF application submitted by VanEck;
5. The U.S. Securities and Exchange Commission (SEC) will decide on May 24 whether to approve the spot Ethereum ETF application submitted by ArkInvest/21 Shares.
Token Unlock
1. About 15.6 million ApeCoin (APE) will be unlocked at 8:00 on May 17, worth about 19 million US dollars, accounting for 2.48% of the circulation.
2. Immutable (IMX) will unlock approximately 25.53 million IMX at 8:00 on May 17, worth approximately US$57.95 million, accounting for 1.75% of the circulation.
3. Nym (NYM) will unlock approximately 3.02 million tokens at 8:00 am Beijing time on May 18, accounting for 0.39% of the circulation, worth approximately US$470,000.
4. Manta Network (MANTA) will unlock approximately 6.67 million tokens at 17:30 Beijing time on May 18, accounting for 2.66% of the circulation, worth approximately US$11 million.
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Hotcoin Research is the research department of Hotcoin. The team is committed to providing objective, independent and comprehensive analysis, aiming to become an authoritative insight platform in the field of cryptocurrency. Analysts regularly publish articles with insights: industry insights, in-depth analysis of potential projects in popular tracks, tutorials on playing and making money with WEB3, etc., striving to show users the most friendly and authentic WEB3.
