Market Relatively Inactive
The market was relatively inactive. Market value of cryptocurrencies went down to approximately US$1.24 trillion last week. Bitcoin was range-bound at approximately US$30,000. Spot turnover and turnover of Bitcoin futures posted modest changes as compared to last week, while turnover of Ethereum futures rose by 18%. Most of the top 100 coins based on market value are still falling. Ethereum experienced block reorganization last week, triggering discussions on the security of Ethereum Merge’s transition to POS. The US core PCE price index increased by 0.3% month-over-month in April, which was in line with expectations, easing inflationary pressures as compared to the previous month. The Fed may pause interest-rate increases after September and tightening cycle may come early. All risk assets including the US stocks rallied last week after the announcement. A Japan crypto asset exchange platform, bitbank, announced that it has officially signed a memorandum of understanding with Sumitomo Mitsui Trust Holding to jointly establish JADAT, a trust company specializing in digital assets. The NFT CC0 goblin project was one of the hot topics last week. The overall market lacked new points of interest and momentum. With weak performance of both the mainstream coins and altcoins, the market is still expected to hover at a low level under macro pressure, while some institutional investors cautiously optimistic about the future market.
- Total market value posted modest changes. Last week, the total market value of digital assets declined to around US$1.24 trillion. Bitcoin was range-bound at approximately US$30,000.
- Most of the top 100 digital assets fell. Last week, among the top 100 digital assets, 85 witnessed decline, while 15 staged growth.
- Stock exchanges registered modest changes in turnover. Last week, turnover on the 10 exchanges tracked by us rose by 1.8%. Binance moved up by 1.8%. Bitfinex, Bitstamp and Coinbase recorded increase of 15.2%, decrease of 0.1% and increase of 0.1%, respectively.
- Turnover of futures increased. Turnover of Bitcoin futures and Ethereum futures rose by 6.6% and 26% respectively.
- Turnover of Dex increased to approximately US$13 billion. The weekly turnover of Dex grew by 18.2% as compared to last week.
- Turnover of Opensea decreased to approximately US$0.22 billion, down by 18% as compared to last week.
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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