Cryptocurrency Market Performance

Currently, the total market capitalization of cryptocurrencies is $2.22 trillion, with BTC accounting for 56.78% at $1.26 trillion. The market capitalization of stablecoins is $171.9 billion.

This week, the price of BTC has been oscillating upwards, with the current price of BTC at $63,168 and ETH at $2,641. CoinMarketCap's top 200 projects have seen a general increase in price, with TAO up 81.75% in 7 days and MEME project NEIRO up 215.1% in 7 days.

With the interest rate cut and the gradual recovery of liquidity, market sentiment has eased, and continues to be optimistic in the fourth quarter.

The 'Fear & Greed Index' on September 20th was 50 (higher than last week). Sentiment for the week: 6 days neutral, 1 day fear.

Understanding the Present

A look back at the week's big events

1. On September 16, according to the U.S. Federal Bureau of Prisons official website, 47-year-old Changpeng Zhao will be released on September 29, 2024, registration number: 88087-510；

2. On September 18, DeFi variance: Yield 24-hour volume increased 582%, Paraswap 24-hour volume increased 325%;

3. On 18 September, Wintermute developed a new market prediction product, OutcomeMarket, utilizing Chaos Labs' Edge Proofs Oracle, which will initially launch betting markets for TRUMP and HARRIS tokens (US election themed);

4. On September 19, the Federal Reserve cut interest rates by 50 basis points. Bitcoin surged 2% in response;

5. On September 19, Fox News reported former U.S. President Donald Trump used Bitcoin to buy a cheeseburger at PubKey, a Bitcoin-themed bar near New York University;

6. On September 20, according to market sources, cryptocurrency trading platform BingX was suspected to suffer a hacking attack and shown large and unusual outflows of funds;

7. On September 20, Cosmos Hub announced on X that it will soon launch Hydro, a cross-chain auction platform in October, and ATOM pledge holders can participate in voting for incentives without unpacking；

8. On September 20, Wall Street traders bet that the Federal Reserve will be able to achieve a soft landing, which spurred a rally in riskier areas of the market, with U.S. stocks hitting another record high.

The S&P 500 rose 1.7% on Thursday, hitting its 39th record high since 2024 and extending this year's gain to about 20%. The Nasdaq 100 rose 2.6%. The S&P 500 index exceeded 5,700 points, and the Dow Jones Industrial Average exceeded 42,000 points, both record highs. As for cryptocurrency stocks, Coinbase rose 3.44 percent and MicroStrategy rose 9.04 percent.

Macroeconomics

1. On September 17, Kraken denied SEC charges, saying digital assets are not securities;

2. On September 18, Australian Federal Reserve Assistant Governor Jones said an industry project on central bank digital currencies (CBDC) and tokenized commercial bank deposits at the wholesale level will be launched, committed to a three-year research program on digital currencies;

3. On September 19, the Federal Reserve began a rate-cutting cycle, cutting the federal funds rate by 50 basis points to 4.75%-5.00%, the first cut since March 2020;

4. On September 19, the Fed's median dot plot: a cumulative 100 basis point rate cut will be made in 2024；

5. On September 20, a Texas court dismissed a lawsuit launched by Consensys against the U.S. Securities and Exchange Commission (SEC) and SEC Chairman Gary Gensler；

6. On September 20, the Bank of Japan suspended its rate hike and left its policy rate unchanged at 0.25%, in line with market expectations.

ETF

During the period of September 16-September 20, U.S. Bitcoin Spot ETF net inflow: $397.1 million; as of September 20, GBTC (Grayscale) total outflow: $20.068 billion, and currently holds $14.030 billion, while IBIT (BlackRock) currently holds $22.652 billion. Total market capitalization of the U.S. Bitcoin Spot ETF: $59.816 billion.

Net outflow from the U.S. Ether Spot ETF: $26.2 million.

Foreseeing the Future

Upcoming Events

1. Permissionless III hosted by Blockworks in Salt Lake City, Utah on October 9-11 will offer panel discussions, networking opportunities, and more;

2. 2024 Shanghai Blockchain International Week will be held at various venues in Hongkou, Shanghai, from October 11 to 19, with the 10th Blockchain Global Summit organized by Wanxiang Blockchain Labs to be presented at the Shanghai Institute of Innovative and Creative Design (the former site of the Rexroth Institute of Technology, No. 505, East Changzhi Road) on October 17, with the theme “Technological Past and Future: standing on shoulders of ‘giants’”, continuing the industry's success and vitality.

Project Progress

1. opBNB Chain's network upgrade and hard fork will take place on September 24, 2024 at 14:00. CoinAn suspends token access on opBNB Chain from around 13:45 on September 24, 2024 to support the network upgrade and hard fork of opBNB Chain. 

2. The repledging protocol Eigenpie will conduct an IFO on PancakeSwap on September 24 at 18:15, and will continue until September 25 at 18:15, with participation in both a basic IFO for all CAKE holders and an open IFO with a reduced fee for veCAKE holders;

3. Chromia will go live with native pledging on September 24, allowing users to pledge CHR tokens on Chromia, Ether, and CoinSmart, with a 10% annualized return on the pledge, plus a share of network fees. Pledgers need to select a service provider on the main Chromia website to pledge, and rewards will be automatically paid out in the form of native CHR on a daily basis, with a two-week waiting period for withdrawals. Existing pledgers need to visit the new pledge page, pledging as soon as the new system goes live. The old EVM pledge system will stop issuing rewards on September 28, 2024 and users have 6 months (until April 1, 2025) to claim any unclaimed EVM rewards. 

4. UniSat will open source the indexing implementation code for brc-20 on Fractal on September 25. The team has finished evaluating the CAT20 protocol and plans to integrate it into the UniSat wallet next week when the engineering implementation is finalized;

5. The DeFi protocol Sky (formerly MakerDAO) has issued a second notice of withdrawal of WBTC-A, WBTC-B, WBTC-C and WBTC from SparkLend, with the withdrawal process expected to begin with the vote on September 26, 2024..

6. The chain game Space Nation will have a Soft Launch on September 27, taking place in two phases, with a character level cap of 50 for the first 6 weeks, and the first season of the Guild Planet Occupation Battle for the next 6 weeks. After Soft Launch, the game will enter the Global Launch phase, where the Space Nation DAO will be formed.

Important Events

1. European Union regulators introduced a standardized classification of crypto assets under MiCA, with an online public hearing to be held on September 23 and a public consultation deadline of October 12;

2. Former Alameda Research co-CEO Caroline Ellison will be sentenced on September 24, 2024 in a New York court. Caroline Ellison, former girlfriend of former FTX CEO Sam Bankman-Fried, pleaded guilty to charges in December 2022. Caroline Ellison faces charges of two counts of conspiracy to commit wire fraud, two counts of actual wire fraud, and one count of conspiracy to commit money laundering, carrying a maximum sentence of 110 years in prison, but the penalty may be lesser due to cooperation with prosecutors;

3. Changpeng Zhao's release date is September 29, not August 30 as rumored online. Previously, on April 30, U.S. District Judge Richard Jones sentenced Zhao to four months in a Seattle prison, and Zhao's legal team intervened aggressively. Their efforts resulted in a delay in Zhao's incarceration until late May.

Token Unlocks

1. Galxe (GAL) will unlock 416,000 tokens on September 24 at 8:00 p.m., valued at approximately US$991,000, or 0.33% of the outstanding quantity.

2. Venom (VENOM) will unlock 235,000,000 tokens valued at approximately US$25,550,000 on September 25 at 16:00, accounting for 12.66% of the outstanding volume;

3. Yield Guild Games (YGG) will unlock 14.08 million tokens on September 27 at 22:00, valued at approximately US$6.5 million, representing 3.65% of the outstanding volume;

4. SingularityNET (AGIX) will unlock 8.19 million tokens on September 28 at 8:00 p.m., valued at approximately US$5.82 million, representing 1.63% of the outstanding volume.

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.

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