Cryptocurrency Market Performance
Currently, the total market value of cryptocurrencies is $2.22 trillion, of which BTC accounts for 56.78%, or $1.26 trillion. The market value of stablecoins is $171.9 billion.
This week, the price of BTC fluctuated upward, with the current price of BTC at $63,168 and the current price of ETH at $2,641. All the top 200 projects on CoinMarketCap saw a general increase, including: TAO's 7-day increase of 81.75%, and the MEME project NEIRO's 7-day increase of 215.1%.
With the interest rate cut and the gradual recovery of liquidity, market sentiment has eased and we continue to be optimistic about the market trend in the fourth quarter.
The "Fear & Greed Index" on September 20 was 50 (higher than last week), and the sentiment this week: 6 days of neutrality and 1 day of fear.
Understand now
Review of the week's major events
1. On September 16, according to the official website of the U.S. Federal Bureau of Prisons, a 47-year-old Asian man named "CHANGPENG ZHAO" will be released on September 29, 2024, with a registration number of 88087-510;
2. On September 18, DeFi changes: Yield's 24-hour trading volume increased by 582%, and Paraswap's 24-hour trading volume increased by +325%;
3. On September 18, Wintermute is using Chaos Labs' Edge Proofs Oracle to develop a new prediction market product, OutcomeMarket, which will first launch betting markets for TRUMP and HARRIS tokens (US election themes);
4. On September 19, the Federal Reserve cut interest rates by 50 basis points, and Bitcoin soared 2%;
5. On September 19, according to Fox News, former US President Trump used Bitcoin to buy a cheeseburger at PubKey, a Bitcoin-themed bar near New York University;
6. On September 20, according to market news, the cryptocurrency trading platform BingX was suspected of being attacked by hackers, and a large amount of abnormal funds outflow has been detected;
7. On September 20, Cosmos Hub announced on the X platform that the cross-chain auction platform Hydro will be launched in October. ATOM stakers can participate in voting without decompression to obtain incentives;
8. On September 20, Wall Street traders bet that the Federal Reserve would be able to achieve a soft landing, which spurred a rebound in riskier areas of the market and sent U.S. stocks to a new record high.
The S&P 500 rose 1.7% on Thursday, hitting its 39th record high since 2024 and extending its gains this year to around 20%. The Nasdaq 100 rose 2.6%. The S&P 500 broke through 5,700 points and the Dow Jones Industrial Average broke through 42,000 points, both hitting new highs.
In terms of cryptocurrency concept stocks, Coinbase rose 3.44% and MicroStrategy rose 9.04%.
Macroeconomics
1. On September 17, Kraken denied the SEC's allegations, saying that digital assets are not securities;
2. On September 18, Assistant Governor of the Reserve Bank of Australia, Jones, said that an industry project on wholesale central bank digital currency (CBDC) and tokenized commercial bank deposits will be launched. Committed to a three-year digital currency research project;
3. On September 19, the Federal Reserve started a rate cut cycle, lowering the federal funds rate by 50 basis points to 4.75%-5.00%, the first rate cut since March 2020;
4. On September 19, the median of the Fed’s dot plot: the cumulative interest rate cut will be 100 basis points in 2024;
5. On September 20, a Texas court dismissed Consensys’ lawsuit against the U.S. Securities and Exchange Commission (SEC) and SEC Chairman Gary Gensler;
6. On September 20, the Bank of Japan suspended interest rate hikes and maintained the policy rate unchanged at 0.25%, in line with market expectations.
ETF
According to statistics, from September 16 to September 20, the net inflow of US Bitcoin spot ETF was: 397.1 million US dollars; as of September 20, GBTC (Grayscale) had a total outflow of: 20.068 billion US dollars, currently holding 14.03 billion US dollars, and IBIT (BlackRock) currently holds 22.652 billion US dollars. The total market value of US Bitcoin spot ETF is: 59.816 billion US dollars.
US Ethereum spot ETF net outflow: US$26.2 million.
Predicting the future
Upcoming Events
1. Permissionless III hosted by Blockworks will be held in Salt Lake City, Utah, USA from October 9 to 11, and will provide panel discussions, networking opportunities, etc.;
2. The 2024 Shanghai Blockchain International Week will be held at various venues in Hongkou, Shanghai from October 11 to 19. On October 17, the "10th Blockchain Global Summit" hosted by Wanxiang Blockchain Lab will be presented at the Shanghai Innovation and Creative Design Institute (former site of Leshide Institute of Technology, No. 505 East Changzhi Road). The 10th Blockchain Global Summit will be themed "Technology for the Future" and stand on the shoulders of "giants" to continue the vitality of the industry.
Project Progress
1. The network upgrade and hard fork of opBNB Chain will be carried out at 14:00 on September 24, 2024. Binance will suspend the deposit and withdrawal of tokens on opBNB Chain from around 13:45 on September 24, 2024, and support the network upgrade and hard fork of opBNB Chain;
2. The re-staking protocol Eigenpie will hold an IFO on PancakeSwap at 18:15 on September 24 and will last until 18:15 on September 25. Participation methods include a basic IFO for all CAKE holders and a public IFO that provides fee reductions for veCAKE holders;
3. Chromia will launch the native staking function on September 24. After the native staking is launched, users can stake CHR tokens on Chromia, Ethereum and Binance Smart Chain, with an annualized staking rate of return of 10%, plus a share of network fees. Stakers need to select a service provider on the Chromia mainnet for delegation. Rewards will be automatically issued in the form of native CHR every day, and withdrawals will require a two-week waiting period. Existing stakers need to visit the new staking page and delegate as soon as possible after the new system is launched. The old EVM staking system will stop issuing rewards on September 28, 2024, and users have 6 months (until April 1, 2025) to claim unclaimed EVM rewards;
4. UniSat will open source the brc-20 index implementation code on Fractal on September 25. In addition, the team has completed the evaluation of the CAT20 protocol and plans to integrate it into the UniSat wallet after determining the engineering implementation plan next week;
5. DeFi protocol Sky (formerly MakerDAO) issued a second notice on the withdrawal of WBTC-A, WBTC-B, WBTC-C and WBTC from SparkLend. It is expected that the withdrawal process will start from the vote on September 26, 2024;
6. The blockchain game Space Nation will be soft launched on September 27. The soft launch will be carried out in two phases. The character level cap is 50 in the first 6 weeks, and the first season of the guild planet occupation war will be launched in the second 6 weeks. After the soft launch, the game will enter the global launch phase, when the Space Nation DAO will also begin to be established.
Important Events
1. 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;
2. Former Alameda Research co-CEO Caroline Ellison will be sentenced in a New York court on September 24, 2024. Caroline Ellison was the ex-girlfriend of former FTX CEO Sam Bankman-Fried and pleaded guilty in December 2022. The charges faced by Caroline Ellison include two counts of conspiracy to commit wire fraud, two counts of actual wire fraud, and one count of conspiracy to launder money, with a maximum sentence of 110 years in prison. However, because she has cooperated with prosecutors, the sentence may be lighter;
3. CZ's release date is September 29, not August 30 as rumored online. On April 30, US District Judge Richard Jones sentenced CZ to four months in Seattle Prison. CZ's legal team actively intervened to gain more free time for him. Their efforts delayed CZ imprisonment until late May.
Token Unlock
1. Galxe (GAL) will unlock 416,000 tokens at 8:00 on September 24, worth approximately US$991,000, accounting for 0.33% of the circulation;
2. Venom (VENOM) will unlock 235 million tokens at 16:00 on September 25, worth approximately US$25.55 million, accounting for 12.66% of the circulation;
3. Yield Guild Games (YGG) will unlock 14.08 million tokens at 22:00 on September 27, worth approximately US$6.5 million, accounting for 3.65% of the circulation;
4. SingularityNET (AGIX) will unlock 8.19 million tokens at 8:00 on September 28, worth approximately US$5.82 million, accounting for 1.63% 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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