Cryptocurrency Market Performance

Currently, the total market capitalization of cryptocurrencies is $2.04 trillion, with BTC accounting for 55.7% at $1.14 trillion. The market capitalization of stablecoins is $168 billion.

The price of BTC oscillated in the $57,000-$61,000 range this week, and ETH oscillated in the $2,500-$2,800 range. There are few hot spots in the market, MakerDAO has passed a proposal to reduce the size of WBTC collateral, a move that has sparked a lot of debate in the market, and some of the giant whales have now liquidated their positions in WBTC.

Most of CoinMarketCap's top 200 items were down in general, with a small number of items seeing limited gains, CRV was up 21.58% on 7 days, and GMX was up 14.16% on 7 days. It is worth mentioning that the debut project BEBE on Hotcoin, up 210% in 7 days, crypto summer liquidity is not enough, need to pay attention to investment risk.

The Fed is likely to cut interest rates in September, 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 16th was 27, this week's sentiment: 7 days of fear.

Understanding the Present

Looking back at the week's big events

1. on Aug. 12, the U.S. Bitcoin Spot ETF accumulated net inflows of $17.341 billion;

2. bitGo CEO Mike Belshe emphasizes BitGo's commitment to security, downplays Justin Sun's involvement in the joint venture;

3. makerDAO plans to reduce the size of WBTC collateral to address the potential risk of a change in custody;

4. on August 13, Musk and Trump began speaking as Space participation surpassed 1 million people;

5. the liquidator of Three Arrows Capital seeks at least $1.3 billion in damages from Terraform Labs

6. coinbase submits comment brief to the SEC arguing that the SEC's proposal to expand the definition of trading platform should be withdrawn and reworked;

7. on August 13, the Nikkei 225 recovered losses since its August 5 plunge;

8. on August 14, Banana Gun announced that it had destroyed 2% of its total supply of BANANA tokens, approximately $8.6 million;

9. the head of the Base protocol: a huge bitcoin economy will be built on Base; and

10. on August 14, former TON Foundation members Ian Wittkopp and Inal Kardan founded TON Ventures with an initial size of $40 million;

11. MetaMask announces it will launch a MasterCard-backed crypto debit card;

12. MakerDAO reduces the size of WBTC through a proposal;

13. Arthur Hayes launched the first NFT compilation on Bitcoin Ordinals;

14. On August 15, BLUR unlocked 36.78 million BLUR tokens worth $5.64 million.

ETF

According to statistics, during the period of August 12-August 16, the U.S. Bitcoin Spot ETF saw a net inflow of: $32.4 million; as of August 16, GBTC (Grayscale) had a total outflow of: $19.646 billion, and is currently holding $13.759 billion, while IBIT (BlackRock) is currently holding $20.844 billion. Total market capitalization of the U.S. Bitcoin Spot ETF is: $56.311 billion.

Net outflows from the U.S. Ether Spot ETF: $14.1 million.

Foreseeing the Future

Upcoming Events

1. Boca Eco Web3 Summit, August 19-21 in Berlin. 2;

2. ETHOnline 2024 takes place online from August 23rd to September 13th;

3. WebX Asia 2024, organized by Japanese Web3 media outlet CoinPost, will be held in Tokyo, Japan, on August 28-29, 2024, bringing together professionals related to cryptoassets, blockchain, and other Web3 technologies, and providing attendees with direct interaction with companies, experts, entrepreneurs, investors, government officials, and media from Japan and other countries. Interact with companies, entrepreneurs, investors, government officials and media from Japan and other countries;

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

5. TOKEN2049 Singapore 2024 will be held on September 18-19 and aims to define the next steps in the Web3 space.

Project Progress

1. Ola user's airdrop query shows no tokens but has Q1 points, need to submit a request for issue resolution, August 19th 00:00 deadline. 2. Masa and CoinLogic have entered into an agreement;

2. Masa has partnered with CoinList to launch the Bittensor Subnet Incentive Test Network, which runs until August 20 and will award 3 million MASA tokens;

3. Scroll will launch the Darwin proof recursive upgrade on August 21, 2024, which will reduce Gas fees by approximately 34%. With the Darwin hard fork, multiple batches of proofs will be bundled into a single proof of validity, reducing verification costs. 4;

4. Gitcoin Grants 21 will end on August 22nd at 7:59 p.m. The theme of this grant round is to collaborate with partners and empower the external community. This round includes Celo and Arbitrum ecosystem rounds and 9 community rounds, eliminating the need to collect Passport stamps, and is powered by the Gitcoin Grants Stack;

5. the Lido Public Proxy Delegate Application period will run from August 9 to 25, and the Delegate Election will be held from August 26 to September 18.

Important events

1. U.S. Vice President Harris may be nominated as the Democratic Party's presidential candidate by August 19th. The Democratic National Convention is scheduled to be held in Chicago from August 19 to 22, but the Democratic Party plans to hold an early online vote to officially confirm the party's presidential nominee;

2. the deadline for filing claims in the Terraform Labs bankruptcy is set for 5:00 BST on August 22, and users who filed claims against TFL before January 21, 2024, and against TLL before July 1, 2024, are required to file by the general deadline;

3. the EU regulator has introduced a standardized classification of crypto-assets under MiCA and the related online public hearing will take place on 23 September with a public consultation deadline of 12 October;

4. the crypto investment fund of Arthur Hayes, former CEO of BitMEX and Chief Investment Officer of Maelstrom.

Token Unlocking

1. the Pixels token PIXEL will be unlocked on August 19th for 54.37 million pieces valued at approximately $7.71 million or 7.05% of the outstanding volume;

2. the Avalanche token AVAX will unlock on August 20 for 9.54 million pieces valued at approximately $204 million, or 2.41% of the outstanding volume;

3. the SPACE ID token ID will unlock on August 22nd for 18.94 million pieces valued at approximately $7.09 million, or 4.29% 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.

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.

Website：https://www.hotcoin.com/ 

X：x.com/HotcoinAcademy

Mail：labs@hotcoin.com 

Medium：medium.com/@hotcoinglobalofficial