Cryptocurrency Market Performance
Currently, the total market value of cryptocurrencies is $2.08 trillion, of which BTC accounts for 56.2%, or $1.17 trillion. The market value of stablecoins is $170.1 billion.
This week, the price of BTC fluctuated downward, with BTC falling below $60,000 and ETH falling below $2,600. This week, the focus was on the arrest of the founder of TON, and the price of TON plummeted, currently maintaining at $5.4. The TON ecological project DOGS was launched, and its price performance was not as good as the pre-market price. Among the top 200 projects on CoinMarketCap, all fell. The more eye-catching ones were: SUN, which rose 45.39% in 7 days, and PEOPLE, which rose 21.35% in 7 days. Currently, the price of BTC is in the "buy" range on the Bitcoin rainbow chart.
According to CME's "Fed Watch" data, the probability of the Fed cutting interest rates by 25 basis points in September is 65.5%, and the probability of cutting interest rates by 50 basis points is 34.5%. We are optimistic about the price trend after October.
The "Fear & Greed Index" on August 30 was 34. This week's sentiment: 3 days of fear and 4 days of neutral.
Understand now
Review of the week's major events
1. Telegram responded to the arrest of its CEO: Telegram complies with EU law, audits meet industry standards and continues to improve;
2. Justin Sun: The TRON community has passed a proposal to increase the energy limit, and the network gas fee will be significantly reduced;
3. On August 26, the total market value of stablecoins increased by 1.03% over the past week and is now reported at US$169.868 billion;
4. The NFT market shows signs of recovery, with NFT sales on blockchains such as Polygon and Ethereum increasing;
5. The number of Basenames registrations surged, and the number of daily active addresses on the Base chain exceeded 1 million;
6. Telegram Wallet has re-launched the Exchanges function, and TON-based deposits are still being processed;
7. Maker Protocol was renamed Sky Protocol and launched the native governance token SKY;
8. Ethereum co-founder Vitalik Buterin announced his annual salary of 182,000 Singapore dollars;
9. Ethereum re-staking protocol EigenLayer shortens EIGEN staking withdrawal delay from 24 days to 7 days;
10. The TON network is suspected to be down, and no blocks have been produced for more than 3 hours;
11. On August 29, affected by the end of Pavel Durov’s detention, TON rose by more than 12% in a short period of time;
12. Ethena’s second season airdrop activity is only one week away, and TVL has fallen below $3 billion;
13. Ethereum’s average transaction fee hit a record low last week;
14. MATIC’s top coin holding addresses hold nearly 70% of the total tokens;
15. The transaction volume of prediction market platform Polymarket exceeded US$430 million in August, setting a new monthly record high.
Macroeconomics
1. On August 27, according to Reuters, Nasdaq (NDAQ.O) said on Tuesday that it is seeking regulatory approval to launch and trade Bitcoin index options;
2. On August 28, @tier10k reported that OpenSea had received a Wells notice from the SEC;
3. On August 29, according to CME's "Fed Watch" data, the probability of the Federal Reserve cutting interest rates by 25 basis points in September is 65.5%, and the probability of cutting interest rates by 50 basis points is 34.5%.
ETF
According to statistics, from August 26 to August 30, the net outflow of US Bitcoin spot ETF was US$279.8 million; as of August 30, GBTC (Grayscale) had a total outflow of US$19.852 billion, currently holding US$13.304 billion, and IBIT (BlackRock) currently holds US$20.975 billion. The total market value of US Bitcoin spot ETF is US$55.428 billion.
US Ethereum spot ETF net outflow: US$12.4 million.
Predicting the future
Upcoming Events
1. 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;
2. 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. UniSat founder and CEO Lorenzo said that Fractal plans to activate OP_CAT on the mainnet starting September 1. Regarding the cross-chain bridge, 3 to 5 methods of transferring assets from the Bitcoin mainnet to Fractal are being developed;
2. Tether will no longer accept USDT or EURT exchanges on Omni, Kusama, SLP, EOS, and Algorand starting September 1;
3. The L1 blockchain lightweight node protocol Over Protocol airdrop application will be open on September 3;
4. Binance will update the request weight adjustment and WebSocket user data request at 14:00 on September 3, 2024. Binance encourages users to switch to the updated version endpoint for better performance and functionality;
5. Polygon's mainnet upgrade is scheduled for September 4, 2024. After community approval, its native token will be converted from MATIC to POL. After the upgrade, POL will replace MATIC as the main token for gas fees and staking;
6. TON Foundation announced that the sixth season of The Open League will be launched on September 4;
7. PancakeSwap airdrops 2.4 million ZK tokens to the community, and the claim window is extended to 18:30 on September 4. At that time, the unclaimed tokens will be returned to PancakeSwap for future development;
8. The second phase of the Eigen Foundation's first season EIGEN staking airdrop will be open until September 7, 2024. The second phase marks the completion of the first season, and nearly 113 million EIGEN have been distributed so far. All first season users (including second phase users) will receive 100 EIGEN rewards, but users will not receive rewards twice.
Important Events
1. 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);
2. Trump released a new book, "Save America," and used the photo taken when he was assassinated as the cover. The book is priced at $99 and will be published on September 3;
3. On August 30, French President Emmanuel Macron held a press conference during his diplomatic visit to Serbia. Macron told reporters that he personally had no idea that Pavel Durov would come to France and that Durov's case would be handled by "the independent action of the French judicial system";
4. Japanese Prime Minister: We will work hard to improve the usage environment of Web3-related tokens, facilitate payments, and revitalize the content industry.
Token Unlock
1. dYdX (DYDX) will unlock 8.33 million tokens at 8:00 on September 1, worth approximately US$9.8 million, accounting for 3.67% of the circulation;
2. Sui (SUI) will unlock 64.19 million tokens at 8:00 on September 1, worth approximately US$65 million, accounting for 2.47% of the circulation;
3. ZetaChain (ZETA) will unlock 53.89 million tokens at 8:00 on September 1, worth approximately US$33 million, accounting for 15.71% of the circulation;
4. Ethena will unlock 14.89 million ENA at 15:00 on September 1, worth approximately US$5.36 million, accounting for 0.82% of the circulating supply.
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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