Cryptocurrency Market Performance

Currently, the total market capitalization of cryptocurrencies is $2.08 trillion, with BTC accounting for 56.2% at $1.17 trillion. The market capitalization of stablecoins is $170.1 billion.

The price of BTC showed a drastic downward movement this week, with BTC falling below $60,000 and ETH falling below $2,600.This week's hotspot focuses on the arrest of TON's founder. TON's price plummeted and is currently holding at $5.4. TON's eco-project DOGS recently launched, but its market performance had fallen short of pre-market prices. Despite a widespread decline across the top 200 projects on CoinMarketCap, a few managed to defy the trend. SUN saw an impressive surge, climbing 45.39% over the past 7 days, while PEOPLE also posted a notable gain of 21.35% during the same period. BTC is currently in a “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 a 50 basis point cut is 34.5%. Look for price action after October.

The 'Fear & Greed Index' for August 30th was 34, Sentiment for the week: 3 days of fear, 4 days of neutrality.

Understanding the Present

Let’s look back at the big events of the week

1. Telegram responds to CEO Arrest: Telegram complies with EU laws, audits to meet industry standards and continuously improves;

2. Justin Sun: the TRON community has passed a proposal to raise the energy cap and network gas costs will be significantly lower;

3. on August 26, the total market capitalization of stablecoins increased by 1.03% from the past week and is now at $169,868 million;

4. The NFT market is showing signs of recovery, with blockchain NFT sales such as Polygon and Ether rising;

5. Basenames registrations have surged, with the number of daily live addresses on the Base chain surpassing 1 million;

6. The Telegram Wallet has been relaunched with the Exchanges feature, with TON-based deposits still being processed;

7. The Maker Protocol has been renamed Sky Protocol, launching the native governance token SKY;

8. Ethereum co-founder Vitalik Buterin announced his annual salary of SGD 182,000;

9. The Ethernet repledge protocol EigenLayer reduces the EIGEN pledge withdrawal delay from 24 days to 7 days;

10. The TON network was suspected to be down for more than 3 hours without a block;

11. On August 29, TON rose over 12% in a short period of time due to Pavel Durov's end of detention;

12. TVL fell below $3 billion with only one week left in Ethena's Q2 airdrop campaign;

13. Ethereum's average transaction fees hit a record low last week;

14. The MATIC head-holding address holds nearly 70% of all tokens;

15. Prediction market platform Polymarket has surpassed $430 million in August’s trading volume, a record monthly high.

Macroeconomics

1. On Aug 27, Nasdaq (NDAQ.O) mentioned that they were seeking regulatory approval to launch and trade options on a Bitcoin index, according to Reuters.

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,” the probability of the Fed cutting interest rates in September by 25 basis points is 65.5%, and the probability of a 50 basis point cut is 34.5%.

ETF

According to statistics, during the period of August 26 - August 30, the U.S. bitcoin spot ETF net outflow is $279.8 million; as of August 30, GBTC (Grayscale) totaled outflow: $19.852 billion, and currently holds $13.304 billion, and IBIT (BlackRock) currently holds $20.975 billion. The total market capitalization of the U.S. Bitcoin Spot ETF is: $55.428 billion.

The U.S. Ether Spot ETF had a net outflow of: $12.4 million.

Foreseeing the Future

Upcoming Events

1. Korea Blockchain Week (KBW) 2024, to be held in Seoul, South Korea, from September 1-7, is an annual global blockchain and Web3 event, founded and hosted by FACTBLOCK and co-hosted by Hashed, that will bring together blockchain enthusiasts, investors, organizations, and industry leaders, and is designed to appeal to people who want to delve deeper into the The event will bring together blockchain enthusiasts, investors, organizations, and industry leaders, with the aim of attracting people who want to delve deeper into the cryptocurrency, blockchain, and Web3 industries;

2. TOKEN2049 Singapore 2024 will be held on September 18-19, aiming to define the next steps in the Web3 space.

Program Progress

1. Lorenzo, Founder and CEO of UniSat, stated that Fractal is planning to activate OP_CAT on the mainnet starting September 1, and that 3 to 5 methods of transferring assets from the Bitcoin mainnet to Fractal are being developed with regards to cross-chain bridges;

2. Tether will no longer accept USDT or EURT exchanges on Omni, Kusama, SLP, EOS, and Algorand as of September 1st;

3. The L1 Blockchain Lightweight Node Protocol Over Protocol airdrop claim will open on September 3rd;

4. CoinOn will update the request weight adjustment and WebSocket user data request on September 03, 2024 at 14:00 hours. CoinAn encourages users to switch to the updated version of the endpoint for better performance and functionality. 5;

5. Polygon's mainnet upgrade is scheduled for September 4, 2024, and upon community approval, its native token will be converted from MATIC to POL. after the upgrade, POL will replace MATIC as the primary token for Gas fees and pledges;

6. TON Foundation announced the proposed launch of The Open League Season 6 on September 4th;

7. PancakeSwap has airdropped 2.4 million ZK tokens to the community and the claim window has been extended until 18:30 on September 4, when unclaimed tokens will be returned to PancakeSwap for future development. 8;

8. The second phase of the Eigen Foundation's Season 1 EIGEN Pledge Airdrop is open until September 7, 2024, with the second phase marking the completion of Season 1, which has seen the distribution of nearly 113 million EIGEN. all Season 1 users (including those in the second phase) will receive a reward of 100 EIGEN, but users will not receive the reward twice.

Important events

1. The Russian Duma has passed a law on cross-border cryptocurrency payments, effective from September 1, 2024, under an experimental legal regime (EPR). This legislation, originally proposed by the Russian Central Bank, allows for the cross-border settlement of cryptocurrencies and exchange transactions. In its finalized form, the law permits the Central Bank of Russia to conduct not one, but three key experiments starting September 1: facilitating foreign trade settlements using cryptocurrencies, enabling cryptocurrency trading, and establishing a cryptocurrency trading platform integrated with the National Payment System (NPS).

2. Trump releases a new book, “Save America” with a photo taken at the time of his assassination as the cover, which sells for $99 and will be published on September 3rd;

3. On August 30, French President Emmanuel Macron held a press conference during a diplomatic visit to Serbia, informing journalists that he had no idea that Pavel Durov was coming to France and that Durov's case would be handled by “the French justice system acting independently”; 4. the Japanese Prime Minister said that he would work on the case of Pavel Durov and that the case would be dealt with by “the French justice system acting independently”;

4. Japan's Prime Minister: Efforts will be made to improve the environment for the use of Web3-related tokens, facilitating payments and revitalizing the content industry.

Token Unlocking

1. dYdX (DYDX) will unlock 8.33 million tokens valued at approximately $9.8 million, or 3.67% of the amount in circulation, at 8:00 p.m. on September 1st;

2. Sui (SUI) will unlock 64.19 million tokens on September 1 at 8:00, valued at approximately $65 million, or 2.47% of the outstanding volume;

3. ZetaChain (ZETA) will unlock 53.89 million tokens valued at approximately $33 million, or 15.71% of the amount in circulation, on September 1 at 8:00 pm;

4. Ethena will unlock 14.89 million ENAs on September 1 at 15:00, valued at approximately $5.36 million, or 0.82% of the circulating supply.

About Us

Hotcoin Research, as the core investment research department of Hotcoin, is dedicated to providing comprehensive and professional analysis of the crypto market. Our goal is to offer clear market insights and practical operational guidance for investors at all levels. Our professional content includes "Play to Earn Web3" tutorial series, in-depth analysis of crypto market trends, detailed analysis of potential projects, and real-time market observations. Whether you are a newcomer exploring the crypto world or a seasoned investor seeking deep insights, Hotcoin is your reliable partner for understanding and seizing market opportunities.

Risk Disclaimer

The crypto market is highly volatile, and investment involves risks. We strongly advise investors to fully understand these risks and operate within a strict risk management framework to ensure the safety of their funds.

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