Weekly Report: Market Sentiment Remains Sluggish


Market Sentiment Remains Sluggish

Abstract: The Fed announced to taper its bond purchases by US$30 billion and end its bond-buying program by the first quarter, signalling that there will be three rate hikes in 2022.  The Omicron variant also has a certain impact on the market. Some large organisations and individual IPs were actively exploring the world of NFT. With sluggish market sentiment, the secondary market saw a continuous decline in turnover in the absence of new stimulus and high level of uncertainty.

  • Total market value declined. Last week, the total market value of digital assets declined to around US$2.1 trillion. Bitcoin slipped to about US$45,000.

 

  • Most of the top 100 digital assets fell. Last week, among the top 100 digital assets, 25 staged growth, while 75 witnessed decline.

 

  • Bitcoin’s hash rate decreased. The average hash rate of Bitcoin declined week-on-week. The weekly average hash rate was about 168.18EH/s.

 

  • The on-chain activities of both Bitcoin and Ethereum decreased. The Bitcoin network saw a decrease of 1.06%, 1.34% and 15.38% in average number of transfers, average number of active addresses and average transfer amount, respectively. The Ethereum network registered a decrease of 2.28%, 1.17% and 11.67% in the average number of on-chain transactions, the number of active addresses and the average on-chain transaction amount, respectively.

 

  • Stock exchanges showed a decline in turnover. Last week, turnover on the 10 exchanges tracked by us decreased 15.1%. Binance moved down by 17.9%. Bitfinex, Bitstamp and Coinbase recorded a 7.6% increase, a 13.6% decrease and a 7.7% decrease, respectively.

 

  • Open position in futures posted modest changes. Last week, turnover of Bitcoin futures market and open position posted modest changes.

 

  • Bitcoin and stablecoin decreased to US$144.3 billion. Last week, turnover of USDT reduced by US$170 million. USDC increased by US$480 million, and BUSD increased by US$610 million.

 

  • Market sentiment was sluggish. Market value fell to around US$2.1 trillion last week and Bitcoin plummeted to about US$45,000. Spots turnover decreased 32%. And turnovers of Bitcoin futures and Ethereum futures remained more or less the same with no significant change to open position. Bitcoin’s market share continued to fall, reaching at about 40%. The Fed announced to taper its bond purchases by US$30 billion and end its bond-buying program by the first quarter, signalling that there will be three rate hikes in 2022. The Omicron variant also has a certain impact on the market. Last week, some large organisations and individual IPs, such as sports brands Adidas, Nike and famous artist Jay Chou, were actively exploring the world of NFT. Turnover of the secondary market remained sluggish in the absence of new stimulus in sectors. And market fluctuation is expected to continue due to high level of uncertainty.

 

Digital Currency Market Capitalization Change:

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Source: HashKey Capital Research, Coin360

 

Bitcoin Futures Daily Trading Volume:

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Source: HashKey Capital Research, The Block

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