A General Market Decline
Abstract: The market declined in general. The Office of the Comptroller of the Currency (OCC) issued a consent order against Anchorage Digital Bank on its banking license. The Sandbox, is looking to raise US$400 million in its next funding round at a valuation of more than US$4 billion. MakerDAO will integrate into an Ethereum scaling solution StarkNet in phases from 28 April. Trading in the NFT market continued to be active last week, with the floor price of Moonbirds reaching 34E. Coinbase has launched its NFT marketplace in a beta mode to selected users, with however modest turnover.
- Total market value declined. Last week, the total market value of digital assets declined to around US$1870 billion. Bitcoin continued to hover at a low of below US$40,000.
- Most of the top 100 digital assets fell. Last week, among the top 100 digital assets, 81 witnessed decline, while 19 staged growth.
- Exchange turnover increased. Last week, turnover on the 10 exchanges tracked by us rose by 12.6%. Binance moved up by 15.3%. Bitfinex, Bitstamp and Coinbase recorded a decrease of 3.7%, and an increase of 9.9% and 3.1% respectively.
- Futures registered modest changes in turnover. Turnover of Bitcoin futures and Ethereum futures dropped by 1.5% and 4% respectively.
- Turnover of Dex decreased to US$13 billion. The decrease in weekly turnover of Dex dropped by 7% as compared to last week.
- Turnover of Opensea decreased to approximately US$1.35 billion, down by 9% as compared to last week.
- The market declined in general. Market value of cryptocurrencies remained at approximately US$1900 billion last week. Bitcoin hovered at a low of below US$40,000, with modest changes in the generally weak turnover. Federal Reserve Chairman Powell indicated that an interest rate hike of 50 bps is on the table for the May meeting. A number of Fed officials believe 50 basis points hike in one go or in phases is appropriate to bring inflation back to 2%. The Office of the Comptroller of the Currency (OCC) issued a consent order against Anchorage Digital Bank on its banking license. MakerDAO will integrate into an Ethereum scaling solution StarkNet in phases from 28 April to lower DAI transaction costs. Informed sources pointed out that The Sandbox is looking to raise US$400 million in its next funding round at a valuation of more than US$4 billion. Trading in the NFT market continued to be active last week, with Moonbirds reaching US$50 million in turnover and floor price reaching 34E on 22 April. Coinbase has launched its NFT marketplace in a beta mode to selected users. The beta marketplace is currently accessible to all, but only selected users can buy or sell NFTs, resulting a low turnover. It is expected that the market will hover at low levels under macro pressure.
Digital Currency Market Capitalization Change:
Source: HashKey Capital Research, Coin360
Bitcoin Futures Daily Trading Volume:
Source: HashKey Capital Research, The Block
- The information contained in this document has been compiled by HashKey Group (as defined below) from sources believed to be reliable, but no representation or warranty express or implied is made by HashKey Group, its affiliates or any other person as to its fairness, reasonableness, reliability, accuracy, completeness or correctness. All illustrations, examples or forward-looking information (if any) contained in this document have been provided in good faith for illustrative purposes only as of the date of this document, and are not intended to serve as, and must not be relied upon as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Whilst efforts are made to ensure the accuracy and completeness of the information contained in this document at the time of publication, errors or omissions may occur. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. HashKey Group reserves the right to correct any errors or omissions, and to change or update information at any time without prior notice.
- Each legal jurisdiction has its own laws regulating the types of investments and/or services which may be offered to its residents and/or in its jurisdiction, as well as the process for doing so. As a result, certain investment products or services discussed in this document may not be eligible for sale or offered in some jurisdictions. This document is not an offer to sell or a solicitation of an offer to purchase any investments or services. Unless otherwise specified, HashKey Group does not hold itself out to be licensed to carry on regulated activities in any jurisdiction. Additionally, providing this material is not, and under no circumstances should be construed to act as a regulated business in any jurisdiction by any person or company that is not legally permitted to carry on such regulated business in that jurisdiction.
- Nothing in this document constitutes legal, accounting, or tax advice, and you are advised to seek independent legal, tax and accounting advice prior to acting upon anything contained in this document. The contents of this material have not been reviewed by any regulatory authority. Investors are advised to exercise caution in relation to any investments or services in relation to this document. If you are in doubt about any of the contents of this material, you should obtain independent professional advice.
- To the full extent permitted by law, neither HashKey Group nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss arising from any use of this document or the information contained herein. No information contained in this document may be reproduced or copied by any means without the prior written consent of HashKey Group.
- “HashKey Group” is a brand name to describe any one or more entities of the group companies composed of HashKey Digital Asset Group Limited and its Affiliates.