Cryptocurrency Market Performance
Currently, the total market value of cryptocurrencies is $2.37 trillion, of which BTC accounts for 54.44%, or $1.29 trillion. The market value of stablecoins is $163.9 billion.
This week, the price of BTC fluctuated between $64,000 and $68,000. Due to the net outflow of the US Ethereum spot ETF, the price of ETH fell from $3,500 to $3,100. The price fluctuations of the top 200 projects in CoinMarketCap's market value were within 20%, among which: MEW rose 92.51% in 7 days, and SATS rose 23.07% in 7 days.
The Fear & Greed Index on July 27 was 72 (market sentiment is similar to last week), and all seven days this week were Greedy. The market is showing signs of recovery.
It is worth mentioning that this year's Bitcoin 2024 conference has invited 10 American political guests including Trump, and US Vice President Harris will not deliver a speech at the conference.
Understand now
Review of the week's major events
1. The transaction volume of prediction market platform Polymarket on July 21 exceeded 24 million US dollars, setting a new record high;
2. OKX Web3 wallet launches Meme mode;
3. July 23, Willy Woo: Bullish indicators have suppressed bearish indicators. If BTC breaks through 73k, it will be squeezed to 77k;
4. On July 23, the US SEC issued notices on the effectiveness of multiple Ethereum spot ETF S-1 applications;
5. American politicians can accept cryptocurrency donations on the Base chain;
6. On July 23, according to Arkham data, Mt. Gox transferred a total of $2.85 billion in BTC to a new wallet today to distribute 5,110 bitcoins (worth $340.1 million) to four different Bitstamp addresses;
7. Grayscale Ethereum Spot ETF (ETHE) had a net outflow of US$484.9 million on the first day;
8. Pudgy Penguins' parent company completed over $11 million in financing, led by Founders Fund;
9. Crypto lobbying group Fairshake has raised over $200 million, becoming the largest super PAC in the U.S. presidential election cycle;
10. Former New York Fed President Dudley called on the Fed to cut interest rates immediately;
11. On July 25, according to statistics, the Ethereum spot ETF had a net outflow of US$19 million two days after its listing;
12. The Russian State Duma passed a bill to legalize Bitcoin mining and allow the use of cryptocurrencies for international trade;
13. If the price of Bitcoin falls below $60,000, it will trigger the liquidation of $385 million of long orders;
14. According to statistics, the average decline of celebrity MEME coins reached 94%, and the market performance was poor.
15. Trump's campaign team will not schedule a debate with Harris for the time being, saying the Democratic Party may nominate other presidential candidates;
16. The Arbitrum community proposed to open up the permission to deploy the Orbit chain on networks other than Ethereum, and Arbitrum will charge 10% of the profits on the chain;
17. The Sui mainnet will integrate the DAG-based consensus algorithm Mysticeti, which is expected to be upgraded in steps in the next few weeks.
Macroeconomics
1. On July 22, according to Bitcoin.com, seven U.S. states jointly challenged the SEC’s regulatory authority over cryptocurrencies;
2. On July 22, Bitcoin Magazine disclosed that after Biden withdraws from the election, Gray Gensler, the current chairman of the U.S. Securities and Exchange Commission, may resign in early 2025;
3. On July 24, in a court document filed on Tuesday, Coinbase filed a motion requesting a New York court to order the SEC and Chairman Gary Gensler to hand over what Coinbase called the core documents of its lawsuit against the agency;
4. On July 25, crypto asset management company Hashdex plans to launch an ETF that directly owns spot Bitcoin and Ethereum, thereby establishing the first index-based cryptocurrency ETF in the United States;
5. On July 26, according to CME's "Fed Watch": The probability that the Fed will keep interest rates unchanged in August is 93.3%, and the probability of a cumulative interest rate cut of 25 basis points in September is 88.6%.
ETF
According to statistics, during the period from July 22 to 26, the net inflow of US Bitcoin spot ETF was: 532.6 million US dollars; as of July 26, GBTC (Grayscale) had a total outflow of: 18.814 billion US dollars, currently holding 18.403 billion US dollars, and IBIT (BlackRock) currently holds 22.967 billion US dollars. The total market value of US Bitcoin spot ETF is: 64.506 billion US dollars.
The U.S. Ethereum spot ETF was officially launched on July 23. As of July 26, the net outflow was: US$341 million.
Predicting the future
Upcoming Events
1. EDCON 2024 will be held in Tokyo, Japan from July 26 to 30. EDCON is an annual Ethereum community development conference that invites influential industry leaders and projects from around the world to participate and share information. The event includes 5 days of seminars, gatherings, and speeches by industry leaders;
2. HackaTRON Season 7 hosted by TRON DAO will be open for submissions from July 25 to October 8, 2024, with a pre-selection period from October 9 to 23, a review and community voting period from October 24 to 31, and the winners will be announced on November 13;
3. Malaysia Blockchain Week 2024 will be held in Kuala Lumpur from July 29 to August 1;
4. Aptos will hold a hackathon Code Collision from August 1 to September 30, 2024, with a total prize pool of US$500,000. The hackathon will accept registration from July 2 to September 30, covering five tracks: DeFi/RWA, Gaming/NFTs, AI/DePIN, social and other innovations.
Project Progress
1. Liquidswap will launch tokens on July 30, 15% of which will be used for airdrops and staking rewards. 42 million LSD will be minted at the genesis and will be available for use within 3 years, of which 40% of the tokens will be allocated to the community (15% will be used for airdrops and staking rewards), and snapshots have been taken;
2. EOS Network announced that the Leap 6.0 upgrade will be carried out on July 31. The final version of Leap 6 is scheduled to be released on July 10. It is recommended that all EOS nodes upgrade between July 11 and 30 to ensure seamless transition and network synchronization;
3. Solana Ecosystem DePIN Protocol io.net temporarily removed Apple M chips from the list of supported devices. Support for M2 Ultra and M3 devices will continue until the end of this month;
4. RWA credit agreement Zivoe plans to launch its credit agreement on July 31 and simultaneously launch ITO (Initial Tranche Offering). Liquidity providers can deposit stablecoins into Zivoe's senior pool or secondary pool and receive tokens in return;
5. TrueUSD reminds all BEP2-TUSD holders to convert their tokens to TUSD tokens of other network standards before July 31, 2024, because BNB Beacon Chain will be gradually phased out;
6. The second phase of the Bitlayer First Mining Festival, a Bitcoin native second-layer network, will last until 18:00 on July 31. The event will provide participants with Bitlayer token (BTR) rewards worth US$1.2 million, as well as ecological project airdrops.
important events
1. A New York District Court judge sentenced Mango Markets attacker Avi Eisenberg on July 29, finding him guilty of fraud and market manipulation.
2. CME and cryptocurrency benchmark index provider CF Benchmarks plan to launch two new cryptocurrency reference rates and real-time indices, XRP and ICP, starting July 29.
Token Unlock
1. Optimism tokens OP will unlock 31.34 million on July 31, worth approximately US$58.92 million, accounting for 2.79% of the circulation;
2. 8.33 million DYDX tokens will be unlocked on August 1, worth approximately $10.83 million, accounting for 3.65% of the circulation;
3. 53.89 million ZetaChain tokens ZETA will be unlocked on August 1, worth approximately US$36.26 million, accounting for 18.92% of the circulation.
