Daily Market Brief 2024/08/19 12:00 UTC+8
Analyst Views
“According to Bitcoin Magazine Pro data, nearly 75% of circulating Bitcoin has not moved in more than six months, with long-term investors increasingly holding onto Bitcoin, likely anticipating future price increases . This holding trend is important because it indicates a decreasing supply of Bitcoin available for transactions, which could lead to steady price increases or even potential price appreciation as demand grows.” - ZeroHedge
"The market trend is still weak, but the risk of a sharp drop has been eliminated, market confidence has recovered, and the IV of major maturities continues to fall. At present, IV is relatively at a medium level, and there is still downward pressure this week. After the annual meeting of the central bank this week, no matter what the result is, the medium- and short-term IV will most likely drop a level. The cryptocurrency market still maintains the wide range of fluctuations formed since March , among which ETH is still sluggish." - Greeks.live
“Pursuant to the service agreement signed between USMS and Coinbase in June, USMS has been sending Bitcoin to the escrow address required by the agreement. Given that the agreement requires USMS’ assets to remain completely segregated, once the transfer ultimately reaches Coinbase Prime (or other mixing transaction addresses), it can be determined that USMS has sold or is about to sell these Bitcoins .” - Scott Johnsson, financial lawyer
Market Hotspots
Bitcoin spot ETFs saw net inflows of $32.58 million last week .
Ethereum spot ETF had a net outflow of $ 14.16 million last week
94% of the total Bitcoin supply has been officially issued.
The total market value of stablecoins exceeds US$ 168 billion , and the market value of USDT is nearly US$117 billion.
Nasdaq withdraws application to list Bitcoin and Ethereum spot ETF options.
Investment and Financing Information
In July, 162 crypto projects raised a total of US$878 million, focusing on infrastructure, blockchain services and DeFi.
Last week (August 12-18), there were 20 blockchain investment and financing events around the world, with a total funding of over $225 million.
Regulatory developments
Turkish regulators revealed that companies such as Coinbase have applied for licenses under the new regulatory framework.
Nigeria’s tax regulator, the Federal Inland Revenue Service (FIRS), plans to seek the support of the National Assembly for a comprehensive new law to regulate cryptocurrencies in the country.
