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

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