Cryptocurrency Market Performance
Currently, the total market value of cryptocurrencies is $2.04 trillion, of which BTC accounts for 55.7%, or $1.14 trillion. The market value of stablecoins is $168 billion.
This week, the price of BTC fluctuated between $57,000 and $61,000, and ETH fluctuated between $2,500 and $2,800. There were few hot spots in the market. MakerDAO has passed a proposal to reduce the size of WBTC collateral, which has caused a lot of heated discussions in the market. At present, some whale have liquidated WBTC.
Among the top 200 projects on CoinMarketCap, most of them fell, and a few projects rose to a limited extent. CRV rose 21.58% in 7 days, and GMX rose 14.16% in 7 days. It is worth mentioning that BEBE, the first launch project on Hotcoin, rose 210% in 7 days. Cryptocurrency summer liquidity is insufficient, so you need to pay attention to investment risks.
The Federal Reserve will most likely cut interest rates in September. We are optimistic about the price trend in the second half of the year, but not optimistic about the market in August.
The "Fear & Greed Index" on August 16 was 27. This week's sentiment: 7 days of fear.
Understand now
Review of the week's major events
1. On August 12, the cumulative net inflow of US Bitcoin spot ETF reached 17.341 billion US dollars;
2. BitGo CEO Mike Belshe emphasized BitGo’s commitment to security and downplayed Justin Sun’s involvement in the joint venture;
3. MakerDAO plans to reduce the size of WBTC collateral to cope with the potential risks of changes in custody rights;
4. On August 13, Musk and Trump began to speak, and the number of SpaceX participants exceeded 1 million;
5. Three Arrows Capital liquidators seek at least $1.3 billion in compensation from Terraform Labs;
6. Coinbase submitted a briefing to the U.S. SEC, arguing that the SEC's proposal to expand the definition of a trading platform should be withdrawn and revised;
7. On August 13, the Nikkei 225 Index recovered its losses since the plunge on August 5;
8. On August 14, Banana Gun announced that it had destroyed 2% of the total supply of BANANA tokens, approximately US$8.6 million;
9. Head of Base Protocol: A huge Bitcoin economy will be built on Base;
10. On August 14, former TON Foundation members Ian Wittkopp and Inal Kardan founded TON Ventures with an initial scale of US$40 million;
11. MetaMask announced that it will launch a crypto debit card supported by MasterCard;
12. MakerDAO passed a proposal to reduce the size of WBTC;
13. Arthur Hayes launches the first NFT collection on Bitcoin Ordinals;
14. On August 15, BLUR unlocked 36.78 million BLUR tokens worth $5.64 million.
Macroeconomics
1. On August 12, according to market news, the U.S. Securities and Exchange Commission (SEC) sent letters to venture capital funds such as a16z and USV regarding the Uniswap issue;
2. On August 13, the US SEC accused NovaTech and its principals and promoters of $650 million in cryptocurrency fraud;
3. On August 13, according to CME's "Fed Watch" data, the probability of the Fed cutting interest rates by 25 basis points in September is 50.5%, and the probability of cutting interest rates by 50 basis points is 49.5%;
4. The market expects the Fed to cut interest rates by less than 100 basis points in 2024;
5. Federal Reserve Chairman Powell will deliver a speech on the economic outlook on August 23 and set the tone for a September rate cut;
6. On August 13, Metaplanet, a Japanese listed company, spent 500 million yen to increase its holdings by 57.1 BTC. It currently holds a total of 303.095 BTC;
7. On August 15, according to Bitcoin Magazine, the U.S. Securities and Exchange Commission (SEC) approved the first leveraged long MicroStrategy ETF;
8. On August 15, futures traders raised the probability of the Federal Reserve cutting interest rates by 25 basis points in September to 74.5% from 65% on Wednesday night.
ETF
According to statistics, from August 12 to August 16, the net inflow of US Bitcoin spot ETF was: 32.4 million US dollars; as of August 16, GBTC (Grayscale) had a total outflow of: 19.646 billion US dollars, currently holding 13.759 billion US dollars, and IBIT (BlackRock) currently holds 20.844 billion US dollars. The total market value of US Bitcoin spot ETF is: 56.311 billion US dollars.
US Ethereum spot ETF net outflow: US$14.1 million.
Predicting the future
Upcoming Events
1. The Polkadot Ecosystem Web3 Summit was held in Berlin from August 19 to 21;
2. ETHOnline 2024 will be held online from August 23 to September 13;
3. 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;
4. 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.
5. 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. Ola users’ airdrop query shows that they have no tokens but have first quarter points. They need to submit an application for problem handling, which will end at 00:00 on August 19;
2. Masa and CoinList have launched the Bittensor subnet incentive testnet, which will last until August 20 and will reward 3 million MASA tokens;
3. Scroll will launch the Darwin proof recursive upgrade on August 21, 2024. This upgrade will reduce gas fees by about 34%. Through the Darwin hard fork, multiple batches of proofs will be bundled into one validity proof, thereby reducing verification costs;
4. Gitcoin Grants 21 will end at 7:59 on August 22. The theme of this round of grants is to collaborate with partners and enhance the capabilities of external communities. This round includes Celo and Arbitrum ecosystem rounds and 9 community rounds. There is no need to collect Passport stamps anymore. It is supported by Gitcoin Grants Stack.
5. The application period for Lido public proxy representatives is from August 9 to 25, and the representative election will be held from August 26 to September 18.
Important Events
1. US Vice President Harris may be nominated as the Democratic presidential candidate before August 19. The Democratic National Convention is scheduled to be held in Chicago from August 19 to 22, but the Democratic Party plans to conduct an online vote in advance to formally confirm the party's presidential candidate;
2. The deadline for filing claims in the Terraform Labs bankruptcy case is set at 5:00 am Beijing time on August 22. Users who filed claims against TFL before January 21, 2024, and those who filed claims against TLL before July 1, 2024 must submit before the general deadline;
3. EU regulators have introduced a standardized classification of crypto assets under MiCA. The relevant online public hearing will be held on September 23, and the public consultation deadline is October 12;
4. Maelstrom, a crypto investment fund owned by Arthur Hayes, former CEO of BitMEX and chief investment officer of Maelstrom, launched a Bitcoin funding program. Applications close on August 25. The goal of the program is to help the technological development of Bitcoin and enhance its flexibility, scalability, anti-censorship and privacy features.
Token Unlock
1. Pixels token PIXEL will unlock 54.37 million PIXEL on August 19, with a value of approximately US$7.71 million, accounting for 7.05% of the circulation;
2. Avalanche token AVAX will unlock 9.54 million on August 20, worth approximately $204 million, accounting for 2.41% of the circulation;
3. 18.94 million SPACE ID tokens will be unlocked on August 22, with a value of approximately US$7.09 million, accounting for 4.29% 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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Mail: labs@hotcoin.com
