Cryptocurrency Market Performance

Currently, the total market capitalization of cryptocurrencies is $2.26 trillion, with BTC accounting for 56.05% at $1.27 trillion. The market capitalization of stablecoins is $169.5 billion.

This week BTC's price performance oscillated upwards, quickly breaking through $64,000 during the Fed Chairman's speech on Friday, and ETH breaking through $2,700. Asides the expected interest rate cut in September, this week's hotspot of the market focuses on the meme sector, with SUNDOG up 392.33% on 7 days, POPCAT up 67.76% on 7 days, and SUN up 263.35% on 7 days. All of CoinMarketCap's top 200 projects rallied.

The 'Fear & Greed Index' for August 24th was 56, Sentiment for the week: 6 days fear, 1 day neutral.

Understanding Now

Looking back at the week's big events

1. On August 19, according to DefiLlama, the total stablecoin market capitalization increased by 1.62% over the past week and now stands at $168.121 billion, with USDT's total market cap increasing by 1.25% and USDC's total market cap increasing by 1.2%.

2. On August 19th, the probability of Trump and Kamala winning the election on Polymarket has equalized;

3. The counting stability protocol UXD Protocol will be phased out and unused funds will be returned to investors;

4. On August 20, Azuki released its latest animated short containing female characters and Beanz;

5. On August 20, the U.S. SEC had a discussion with ETF issuers about the securities attributes of SOLs;

6. CryptoQuant analyst: Two on-chain indicators suggest Ethereum may be in the later stages of a pullback;

7. The Aave protocol has seen a surge in on-chain activity, doubling from three months ago;

8. Binance and its founder CZ face a new class action lawsuit in a Seattle court;

9. On August 22, CME data showed a 67% probability that the Fed will cut interest rates by 25 basis points in September;

10. On August 22, the ZKsync Era network earned less than $7,000 per day;

11. The three major U.S. stock indexes continue to fall as the market is overly optimistic about a rate cut;

12. Fractal Bitcoin announced a re-launch of its test network and adjusted its inscription service policy;

13. BNB Chain adapts Erigon 3 and integrates Parlia consensus protocol;

14. CZ may have left prison but remains in custody.

Macroeconomics

1. On August 20, The Block reported that the U.S. SEC rejected two Solana spot ETF 19b-4 applications submitted by Cboe BZX, and as a result, the applications have been withdrawn from Cboe's website, according to sources;

2. On August 20, Bloomberg reported that Emomotimi Agama, director general of Nigeria's Securities and Exchange Commission (SEC), said that the regulator plans to issue the first licenses for digital services and tokenized assets this month;

3. On August 19, Hong Kong-listed NewFire Technology issued a recent announcement stating that it had acquired the entire issued share capital of Avenir Asset Holding at a cost of US$30,462,100 (approximately HK$238 million);

4. According to the Wall Street Journal on August 23, Federal Reserve Chairman Jerome Powell signaled his strongest rate cut yet, saying he intends to take action to avoid further weaknesses in the U.S. labor market.

ETF

According to statistics, during the period of August 19 - August 23, the U.S. Bitcoin Spot ETF had a net inflow of $506.4 million; GBTC (Grayscale) had a total outflow of: $19.732 billion as of August 23, and is currently holding $14.541 billion, while IBIT (BlackRock) is currently holding $22.412 billion. Total market capitalization of the U.S. Bitcoin Spot ETF is $60.187 billion.

The U.S. Ethereum spot ETF had a net outflow of $44.5 million.

Foreseeing the Future

Upcoming Events

1. WebX Asia 2024, organized by CoinPost, a Japanese Web3 media company, will be held in Tokyo, Japan, on August 28-29, 2024, bringing together professionals related to crypto assets, blockchain, and other Web3 technologies, and providing participants with direct interactions with companies, experts, entrepreneurs, investors, government officials, and media from Japan and other countries. Direct interaction to be done with companies, experts, entrepreneurs, investors, government officials and media from Japan and other countries;

2. Korea Blockchain Week (KBW) 2024, an annual global blockchain and Web3 event created and organized by FACTBLOCK and co-sponsored by Hashed, will be held in Seoul, South Korea, from September 1-7, bringing together blockchain enthusiasts, investors, organizations, and industry leaders to attract people who desire to delve deeper into cryptocurrency, blockchain, and Web3 technologies;

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

Project Progress

1. L1 Blockchain Lightweight Node Protocol Over Protocol mainnet will be launched on August 27th. 2;

2. Starknet v0.13.2 full node release is delayed to August 28th due to RPC upgrade;

3. the “Nakamoto” upgrade for Bitcoin L2 Network Stacks is expected to be launched on August 28th;

4. Arweave AO will be launching ArFleet, a temporary data storage solution, on August 29th at 23:00. ArFleet is now open for test site registration. Upon completion of registration, users will receive 3 exclusive ArFleet Genesis Passes, which will allow them to gain access to the test site once ArFleet is launched;

5. The founder of UniSat stated that Fractal is scheduled to launch on the main network on September 1st;

6. Tether will no longer accept USDT or EURT on Omni, Kusama, SLP, EOS and Algorand starting from September 1st.

Important Events

1. BofAML Global ETF Open-End Fund Company will waive the management fees payable by its sub-funds BofAML HashKey Bitcoin ETF and BofAML HashKey Ethereum ETF for the period from April 30, 2024 to August 31, 2024;

2. Fortress Hong Kong will pay out deposit incentives, including deposit incentives in the form of Bitcoin or shares of Ali and Nvidia, to users who open new brokerage accounts and hold assets for a certain period of time before August 31st;

3. The Russian Duma passed a law on cross-border payments in cryptocurrencies, which allows for cross-border settlement and exchange trading of cryptocurrencies from September 1, 2024, within the framework of the Experimental Legal Regime (EPR). Compared to the initial version, the Central Bank of Russia will be able to conduct not one, but three experiments from September 1 this year: foreign trade settlement using cryptocurrencies, trading with cryptocurrencies, and the creation of a cryptocurrency trading platform based on the National Payment System (NPS);

4. Russia will impose strict restrictions on the circulation of crypto assets from September 1, but exempt miners and central bank programs;

5. A draft Russian bill on Bitcoin mining and cryptocurrency payments for international trade may come into effect on September 1, subject to final approval by the Union. The bill marks a shift in Russia's approach to digital assets and currencies, establishing a regulatory framework to oversee cryptocurrency mining activities, ensure compliance with tax regulations and prevent illegal operations. The aim is to strengthen Russia's trade relations and challenge global regulatory norms.

Token Unlocking

1. Yield Guild Games Token YGG will be unlocked on August 27th with 14.08 million tokens, valued at approximately $5.54 million, or 3.71% of the circulating amount;

2. SingularityNET Token AGIX will be unlocked on August 28th with 8.32 million pieces, valued at about US$3.14 million, accounting for 1.57% of the circulation;

3. Portal token PRTTAL will be unlocked on August 29th with 870,000 pieces, valued at approximately US$1.00 million.

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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