Cryptocurrency Market Performance
Currently, the total market value of cryptocurrencies is $2.26 trillion, of which BTC accounts for 56.05%, or $1.27 trillion. The market value of stablecoins is $169.5 billion.
This week, the price of BTC fluctuated upward. During the speech of the Fed Chairman on Friday, it quickly broke through $64,000, and ETH broke through $2,700. In addition to the expected interest rate cut in September, the market focused on the meme sector this week. SUNDOG rose 392.33% in 7 days, POPCAT rose 67.76% in 7 days, and SUN rose 263.35% in 7 days. All the top 200 projects on CoinMarketCap rebounded.
The "Fear & Greed Index" on August 24 was 56. This week's sentiment: 6 days of fear and 1 day of neutral.
Understand now
Review of the week's major events
1. On August 19, according to DefiLlama data, the total market value of stablecoins increased by 1.62% in the past week and is now reported at US$168.121 billion, of which the total market value of USDT increased by 1.25% and the total market value of USDC increased by 1.2%.
2. On August 19, Polymarket showed that Trump and Kamala had the same chance of winning the election;
3. UXD Protocol will be gradually closed and unused funds will be returned to investors;
4. On August 20, Azuki released a new animated short film, including female characters and Beanz;
5. On August 20, the US SEC discussed the securities attributes of SOL with ETF issuers;
6. CryptoQuant analyst: Two on-chain indicators suggest that Ethereum may be in the late stages of a pullback;
7. Aave protocol on-chain activity surged, doubling from 3 months ago;
8. Binance and its founder CZ face new class action lawsuit in Seattle court;
9. On August 22, CME data showed that the probability of the Federal Reserve cutting interest rates by 25 basis points in September was 67%;
10. On August 22, the daily revenue of the ZKsync Era network was less than $7,000;
11. The three major U.S. stock indices continued to fall, and the market was too optimistic about interest rate cuts;
12. Fractal Bitcoin announced the restart of the test network and adjusted the engraving service policy;
13. BNB Chain adapts to Erigon 3 and integrates the Parlia consensus protocol;
14. CZ may have left the prison but is still in custody.
Macroeconomics
1. On August 20, according to The Block, sources revealed that the US SEC rejected two Solana spot ETF 19b-4 applications submitted by Cboe BZX, so these applications have been withdrawn from the Cboe website;
2. On August 20, according to Bloomberg, Emomotimi Agama, Director General of the Nigerian Securities and Exchange Commission (SEC), said that the regulator plans to issue the first batch of digital service and tokenized asset licenses this month;
3. On August 19, Newfire Technology, a Hong Kong-listed company, issued a latest announcement stating that it spent US$30.4621 million (approximately HK$238 million) to acquire all issued shares of Avenir Asset Holding;
4. On August 23, according to the Wall Street Journal, Federal Reserve Chairman Powell sent the strongest signal of a rate cut to date, saying he intends to take action to avoid further weakening of the U.S. labor market.
ETF
According to statistics, from August 19 to August 23, the net inflow of US Bitcoin spot ETF was US$506.4 million; as of August 23, GBTC (Grayscale) had a total outflow of US$19.732 billion, currently holding US$14.541 billion, and IBIT (BlackRock) currently holds US$22.412 billion. The total market value of US Bitcoin spot ETF is US$60.187 billion.
US Ethereum spot ETF net outflow: US$44.5 million.
Predicting the future
Upcoming Events
1. WebX Asia 2024 is hosted by Japanese Web3 media CoinPost and will be held in Tokyo, Japan from August 28 to 29, 2024. The conference brings together professionals related to crypto assets, blockchain and other Web3 technologies, providing participants with direct interaction with companies, experts, entrepreneurs, investors, government officials and media from Japan and other countries;
2. Korea Blockchain Week (KBW) 2024 will be held in Seoul, South Korea from September 1 to 7. The conference is an annual global blockchain and Web3 event founded and hosted by FACTBLOCK and co-hosted by Hashed. It will bring together blockchain enthusiasts, investors, organizations, and industry leaders, aiming to attract people who want to delve into the cryptocurrency, blockchain, and Web3 industries.
3. TOKEN2049 Singapore 2024 will be held from September 18 to 19 and aims to define the next steps in the Web3 space.
Project Progress
1. The L1 blockchain lightweight node protocol Over Protocol mainnet will be launched on August 27;
2. The release of Starknet v0.13.2 full node has been postponed to August 28 due to RPC upgrade;
3. Bitcoin L2 Network Stacks’ “Nakamoto” upgrade is expected to be activated on August 28;
4. Arweave AO will launch ArFleet, a temporary data storage solution, at 23:00 on August 29. ArFleet has opened testnet registration. After completing the registration, users will receive 3 exclusive ArFleet Genesis Passes, which will give them the right to use the testnet after ArFleet is launched;
5. UniSat founder said Fractal plans to activate on the mainnet on September 1;
6. Tether will no longer accept USDT or EURT redemptions on Omni, Kusama, SLP, EOS, and Algorand starting September 1.
Important Events
1. Bosera Global Exchange Traded Fund Open-Ended Fund Company will waive the management fees payable by its sub-funds Bosera HashKey Bitcoin ETF and Bosera HashKey Ethereum ETF from April 30, 2024 to August 31, 2024;
2. Futu Hong Kong will issue deposit rewards to users who open new brokerage accounts and hold assets for a certain period of time before August 31, including deposit rewards such as Bitcoin or Alibaba and Nvidia stocks;
3. The Russian Duma passed the law on cross-border payments in cryptocurrencies, allowing cross-border settlement and exchange transactions of cryptocurrencies within the framework of the Experimental Legal Regime (EPR) from September 1, 2024. Compared with the initial version, the Central Bank of Russia will be able to conduct not one but three experiments from September 1 this year: using cryptocurrencies for foreign trade settlement, trading in cryptocurrencies, and creating a cryptocurrency trading platform based on the National Payment System (NPS);
4. Russia will impose strict restrictions on the circulation of crypto assets from September 1, but exempt miners and central bank projects;
5. Russia's draft bill on Bitcoin mining and international trade cryptocurrency payments may take effect on September 1, subject to final approval by the Union. The bill marks a shift in Russia's attitude toward 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 Unlock
1. Yield Guild Games token YGG will unlock 14.08 million on August 27, with a value of approximately US$5.54 million, accounting for 3.71% of the circulation;
2. SingularityNET token AGIX will unlock 8.32 million on August 28, worth approximately $3.14 million, accounting for 1.57% of the circulation;
3. 870,000 Portal tokens PRTTAL will be unlocked on August 29, with a value of approximately US$1.73 million, accounting for 3.61% of the circulation.
about Us
Hotcoin Research, as the core investment research department of Hotcoin, is committed to providing detailed and professional analysis of the cryptocurrency market. Our goal is to provide clear market insights and practical operation guides for investors of different levels. Our professional content includes the "Play and Earn Web3" series of tutorials, in-depth analysis of cryptocurrency industry trends, detailed analysis of potential projects, and real-time observation of the market. Whether you are a novice exploring the crypto field for the first time or an experienced investor seeking in-depth insights, Hotcoin will be your reliable partner to understand and seize market opportunities.
Risk Warning
The cryptocurrency market is highly volatile and investment carries risks. We strongly recommend that investors fully understand these risks and invest within a strict risk management framework to ensure the safety of their funds.
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