Cryptocurrency Market Performance

Currently, the total market capitalization of cryptocurrencies is $2.37 trillion, with BTC accounting for 54.44% at $1.29 trillion. The market capitalization of stablecoins is $163.9 billion.

The price of BTC oscillated between $64,000 and $68,000 this week, and the price of ETH fell from $3,500 to $3,100 due to net outflows from the U.S. ethereum spot ETF.The CoinMarketCap top 200 projects by market capitalization rose or fell within 20% of each other, including MEW, which gained 92.51% in 7 days, and SATS, which gained 23.07% in 7 days. 23.07% .

The 'Fear & Greed Index' for July 27th 72 (market sentiment is similar to last week) was Greedy for all 7 days of the week. The market is showing a rebound.

It is worth noting that this year's Bitcoin 2024 conference features 10 US political guests, including Donald Trump, while US Vice President Harris will not be speaking at the conference.

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A look back at the week's big events

1. Polymarket, a prediction marketplace platform, hit an all-time high of over $24 million in transactions on July 21st;

2. the OKX Web3 wallet launched Meme mode;

3. July 23, Willy Woo: bullish indicators have suppressed bearish indicators, BTC will roll to 77k if it breaks 73k;

4. on July 23, the U.S. SEC issued a notice of entry into force of multiple Ether Spot ETF S-1 filings;

5. u.s. politicians can accept cryptocurrency donations on the Base chain;

6. on July 23, according to Arkham data, Mt. Gox in Mentougou today transferred a total of $2.85 billion in BTC to a new wallet in order to distribute 5,110 Bitcoins (worth $340.1 million) to 4 different Bitstamp addresses;

7. the Gray Scale Ethereum Spot ETF (ETHE) saw a net outflow of $484.9 million on its first day;

8. the parent company of Pudgy Penguins closed over $11 million in funding led by Founders Fund;

9. crypto lobbying group Fairshake has raised over $200 million in funding, making it the largest super PAC in the U.S. presidential election cycle; and

10. former U.S. New York Fed President Dudley called on the Fed to cut interest rates immediately;

11. on July 25, according to the data, there was an overall net outflow of $19 million from the Ether Spot ETF after two days on the market;

12. the Russian State Duma passed a bill legalizing Bitcoin mining and allowing the use of cryptocurrencies for international trade;

13. if the price of bitcoin falls below $60,000, it will trigger the liquidation of $385 million in long orders;

14. celebrity MEME coins have statistically underperformed the market with an average drop of 94%.

15. the Trump campaign is holding off on scheduling a debate with Harris, saying the Democrats may nominate another presidential candidate;

16. the Arbitrum community proposes to open up access to deploying Orbit chains on networks outside of Ether, with Arbitrum receiving 10% of on-chain profits;

17. the Sui mainnet will integrate Mysticeti, a DAG-based consensus algorithm, with a step-by-step upgrade expected in the coming weeks.

Macroeconomics

1. on July 22, Bitcoin.com reported that seven U.S. states have joined forces to challenge the SEC's authority to regulate cryptocurrencies;

2. July 22, current SEC Chairman Gray Gensler may resign in early 2025 after Biden's withdrawal, according to Bitcoin Magazine;

3. on July 24, in a court document filed on Tuesday, Coinbase filed a motion asking a New York court to order the SEC and Chairman Gary Gensler to produce documents central to Coinbase's alleged litigation with the agency;

4. on July 25, crypto asset manager Hashdex planned to launch an ETF with direct ownership of spot bitcoin and ethereum, creating the first U.S. index-based cryptocurrency ETF;

5. on July 26, according to CME's “Fed Watch”, the probability of the Fed leaving interest rates unchanged in August is 93.3%, and the probability of a cumulative 25 basis point cut in September is 88.6%.

ETF

According to statistics, during the period of July 22-26, the U.S. Bitcoin Spot ETF had a net inflow: $532.6 million; as of July 26, GBTC (Grayscale) had a total outflow of: $18.814 billion, and is currently holding $18.403 billion, while IBIT (BlackRock) is currently holding $22.967 billion. The total market capitalization of the U.S. Bitcoin Spot ETF is: $64.506 billion.

The U.S. Ether Spot ETF officially launched on July 23rd and as of July 26th, net outflows were: $341 million.

Foreseeing the Future

Event Preview

1. EDCON 2024 takes place July 26-30 in Tokyo, Japan. EDCON is an annual ethereum community development conference designed to invite influential industry leaders and projects from around the world to attend and share information. The event consists of 5 days of workshops, gatherings, and presentations from industry leaders;

2. 2024 HackaTRON Season 7, hosted by TRON DAO, will be open for submissions from July 25 to October 8, with a pre-selection period from October 9 to 23, a judging and community voting period from October 24 to 31, and a winner announced on November 13;

3. 2024 Malaysia Blockchain Week “Malaysia Blockchain Week 2024” takes place from July 29 to August 1 in Kuala Lumpur;

4. aptos will host Code Collision, a hackathon with a total prize pool of $500,000, from August 1 to September 30, 2024. the hackathon is accepting registrations from July 2 to September 30 and covers five tracks: DeFi/RWA, Gaming/NFTs, AI/DePIN, Social, and Other Innovations.

Program Progress

1. Liquidswap will launch tokens on July 30th, 15% will be used for airdrops and pledge rewards. 42 million LSDs will be minted at Genesis and available for 3 years, 40% of the tokens will be distributed to the community (15% will be used for airdrops and pledge rewards) Snapshots have already been taken;

2. the EOS Network announced that the Leap 6.0 upgrade will take place on July 31, with the final version of Leap 6 scheduled for release on July 10, and recommended that all EOS nodes upgrade between July 11 and 30 to ensure a seamless transition and network synchronization;

3. the Solana eco-DePIN protocol io.net has been temporarily removed from the list of supported devices for the Apple M chip, with support for M2 Ultra and M3 devices continuing until the end of the month;

4. the RWA credit protocol Zivoe plans to launch its credit protocol on July 31st with the simultaneous launch of ITO (Initial Tranche Offering), where liquidity providers can deposit stablecoins into Zivoe's Premium or Sub-Pools and receive tokens in return;

5. TrueUSD reminds all BEP2-TUSD holders to convert their tokens to other network-standard TUSD tokens by July 31, 2024, due to the phasing out of the BNB Beacon Chain;

6. the Bitcoin Native Layer 2 Network Bitlayer Head Mining Festival II runs until July 31st at 18:00, which will reward participants with $1.2 million worth of Bitlayer tokens (BTR), as well as eco-project airdrops.

Important Events

1. A New York District Court judge sentenced Mango Markets attacker Avi Eisenberg on July 29th, finding him guilty of fraud and market manipulation;

2. CF Benchmarks, a provider of cryptocurrency benchmark indices, plans to launch two new cryptocurrency reference rates and real-time indices, XRP and ICP, starting July 29th.

Token Unlocking

1. optimism token OP will be unlocked on July 31st for 31.34 million pieces, valued at approximately $58.92 million, or 2.79% of the outstanding volume;

2. dydx token DYDX will be unlocked on August 1 for 8.33 million pieces, valued at approximately $10.83 million, or 3.65% of the outstanding volume;

3. the ZetaChain token ZETA will be unlocked on August 1 for 53.89 million pieces valued at approximately $36.26 million, or 18.92% 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.

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