Cryptocurrency Market Performance

Currently, the total market capitalization of cryptocurrencies is $2.12 trillion, with BTC accounting for 56.6% at $1.2 trillion. Stablecoin market capitalization is $165.7 billion.

The crypto market was affected by the lack of summer liquidity, net outflows from the U.S. Bitcoin Spot ETF, interest rate hikes in Japan, and the sale of large tokens by famous institutions, and other news, the crypto market was in a state of woe in the first half of the week, with BTC falling below $50,000, and ETH dropping below $2,200 at one point on August 5. In the second half of the week, the prices picked up a little bit, with BTC recovering to $60,000 or more and ETH rebounding to $ 2600 or more.

In the general market decline, all the tokens have retraced, in which MEME rebounded strongly, the popular project Neiro (ETH) rose 72.32% in the last 7 days. Among the top 200 projects in CoinMarketCap, HNT rose 45.24% in 7 days, SUI rose 36.15% in 7 days.

The Fed is likely to cut interest rates in September, bullish on the price action in the second half of the year, but not bullish on the market in August.

The 'Fear & Greed Index' for August 9 was 48 (market sentiment shifted to extreme fear from last week's fear), and this week's sentiment: 4 days of fear, 2 days of extreme fear, and 1 day of neutrality.

Understanding the present

Looking back at the week's big events

1. on August 5, the entire network blew up to $748 million in the past 12 hours, and $649 million in multiple orders, affecting a total of 200,000 people;

2. on August 5, global stock markets generally fell, Japanese stocks fell more than 4.4% at the beginning of the session, South Korea's KOSPI index fell more than 3%, Australia's S&P/ASX 200 index fell to 2.1%, Nasdaq 100 futures fell to 2%;

3. on August 5, the Ether network gas fee spiked to 681 Gwei, likely due to on-chain clearing. Over $320 million in DeFi debits and credits cleared in the past 24 hours, a new high for the year;

4. on August 6, ZkRollup network Zircuit opened ZRC airdrop claims, with 7% of ZRC supply (262,200 addresses) eligible for claims, totaling 10 billion pieces, 21% for airdrops and community reward distribution;

5. on August 6, top trader Eugene Ng Ah Sio hinted on social media platforms that he may have taken another position involving a 2x perpetual contract position in ETH and SOL;

6. on August 6, DEX trading volume exceeded $20.2 billion, the third highest ever recorded;

7. the meme coin market rallied across the board on August 7, with up-and-coming meme coins FWOG, NEIRO, and HITMAN leading the way

8. on august 7, giant whales with large bitcoin holdings increased their holdings of BTC during the market's decline, while smaller holders saw their positions fall;

9. on August 8, Ripple CEO: SEC resistance to the XRP community is gone;

10. that Arbitrum now supports USDC as a custom Gas payment token;

11. on August 9, Vladimir Putin spoke: cryptocurrencies are full of promise and Russia must 'seize the moment';

12. on August 9, Franklin Templeton's blockchain fund has launched on the Arbitrum network;

13. on August 9, Celestia is about to undergo a Lemongrass upgrade involving several consensus layer changes.

Macroeconomics

1. on August 6, lawyers for the U.S. SEC objected to Coinbase's subpoena requests that sought to search for "essentially all crypto-related documents." The court documents filed Monday are the latest development in the ongoing legal battle between the SEC and Coinbase;

2. on August 6, the Australian Federal Reserve announced that it would leave interest rates unchanged at 4.35%, in line with market expectations;

3. on August 6, Japan's TSE futures triggered the meltdown mechanism in an upward direction;

4. on August 7, the Nasdaq exchange and BlackRock, the world's largest asset manager, planned to launch and trade options on its spot Ether ETF;

5. on August 8, Coindesk reported that despite the alleged conclusion of the Ripple case, the U.S. Securities and Exchange Commission (SEC) is expected to appeal the ruling, meaning that related legal matters could be extended;

6. On August 8, according to CME's "Fed Watch" data, the probability of the Federal Reserve cutting interest rates by 25 basis points in September was 31.5%, and the probability of cutting interest rates by 50 basis points was 68.5%, and the probability of the Federal Reserve cutting interest rates by a cumulative total of 50 basis points through November was 15.7%, the probability of cutting interest rates by a cumulative total of 75 basis points was 55.6%, and the probability of cutting interest rates by a cumulative total of 100 basis points was 28.7%;

7. on August 9, former U.S. President Donald Trump stated that he agreed to debate Vice President Harris on September 4, 10, and 25 and expressed hope that Vice President Harris would agree to the debate dates.

ETF 

According to statistics, during the period of August 5- 9, the U.S. Bitcoin Spot ETF had a net outflow: $159.6 million; GBTC (Grayscale) had a total outflow of: $19.451 billion as of August 9, and is currently holding $14.188 billion, while IBIT (BlackRock) is currently holding $20.972 billion. Total market capitalization of the U.S. Bitcoin Spot ETF is: $57.124 billion.

U.S. Ether Spot ETF net inflows: $104.8 million.

Foreseeing the Future

Upcoming Events

1. Istanbul Blockchain Week will be held on August 13-14 in Istanbul. Istanbul is a city that connects continents and cultures, and cryptocurrencies and Web3 are already playing a key role in the lives of its people;

2. WebX Asia 2024, organized by CoinPost, a Japanese Web3 media outlet, will be held in Tokyo, Japan, on August 28-29, 2024, which gathers professionals related to cryptoassets, blockchain, and other Web3 technologies and provides attendees with direct Interact with companies, entrepreneurs, investors, government officials and media from Japan and other countries;

3. 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, which will bring together blockchain enthusiasts, investors, organizations, and industry leaders, and is designed to attract professionals who wish to delve deeper into the study of It aims to attract people who want to study the cryptocurrency, blockchain and Web3 industry in depth.

Project Progress

1. Immutable will shut down the IMX Marketplace on August 13th, and the IMX Marketplace will cease operations completely on September 27th. Immutable Marketplace was built to showcase the features developers can use through the Immutable SDK, and is now shifting its focus to supporting third-party The Immutable Marketplace was built to showcase the features developers can use with the Immutable SDK, and will now focus on supporting third-party marketplaces rather than maintaining its own trading platform;

2. gm.ai, the AI operating layer, will launch its token GM on Solana on August 14th;

3. scroll will deploy the Darwin proof recursive upgrade on the Scroll Sepolia testnet on August 14th, which will reduce Gas fees by approximately 34% and will go live on the mainnet on August 21st.

Important Events

1. Former U.S. President Donald Trump said he will conduct a major interview with Tesla CEO Elon Musk on Monday evening, August 12 (local time);

2. Bybit ceases to provide services in France, Bybit will liquidate the remaining open positions after 16:00 on August 13th, after which only asset and fund withdrawals will be allowed;

3. Grayscale has appointed Peter Mintzberg, the former Goldman Sachs global head of strategy for asset and wealth management, as chief executive officer, effective August 15, when Mintzberg will also join Grayscale's board of directors;

4. okx will cease most services in the nigerian market on August 16th;

5. The FTX Liquidator, PricewaterhouseCoopers, has indicated that customers of FTX.com will need to choose whether to participate in the official liquidation process in the Bahamas (Bahamian process) or in a Chapter 11 case in the United States (U.S. process), and that the choice must be made by August 17th at 4:00 pm.

Token Unlocking

1. the Aptos token APT will be unlocked on August 12 for 11.31 million tokens, valued at approximately $57.34 million, or 2.4% of the circulating amount;

2. The Sandbox token SAND will be unlocked on August 14th for 205 million pieces valued at approximately $48.96 million, or 9% of the outstanding volume;

3. the Starknet token STRK will be unlocked on August 15 for 64 million pieces valued at approximately $22.11 million, or 3.95% 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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