Weekly Data Report for 4 to 10 April


A General Market Decline

Abstract: The market declined in general. The U.S. Federal Reserve released minutes of its March meeting, indicating that it could begin shrinking its balance sheet as early as May, with a number of Fed officials in favour of the possibility of a 50bp hike in one go. The Luna Foundation Guard (LFG) will purchase US$100 million worth of AVAX Token from Avalanche Foundation to further build reserves. Near is set to issue a decentralised stablecoin which is similar to UST.

  • Total market value declined. Last week, the total market value of digital assets declined to around US$2 trillion. Bitcoin decreased to below US$42,000, representing a drop of approximately 10%.
  • Most of the top 100 digital assets fell. Last week, among the top 100 digital assets, 94 witnessed decline, while 6 staged growth.
  • Exchanges showed a decline in turnover. Last week, turnover on the 10 exchanges tracked by us decreased by 22.9%. Binance moved down by 23%. Bitfinex, Bitstamp and Coinbase recorded a decrease of 15.8%, 18.3% and 22.5% respectively.
  • Turnover of futures declined. Turnover of Bitcoin futures and Ethereum futures dropped by 13% and 9.8% respectively.
  • Turnover of Dex maintained at US$20 billion. The decrease in weekly turnover of Dex posted modest changes as compared to last week.
  • Turnover of Opensea decreased to US$1.1 billion, down by 13% as compared to last week.

 

  • The market declined in general. Market value of cryptocurrencies went down to approximately US$2 trillion last week. Bitcoin dropped by 10% to below US$42,000. Spot turnover declined by approximately 22% as compared to last week and turnover of Bitcoin futures decreased by 13% while turnover of Ethereum futures fell by 9.8%. The U.S. Federal Reserve released minutes of its March meeting last week, taking a relatively hawkish stance. It indicated that it could begin shrinking its balance sheet as early as May, and the pace of rate hikes would be in line with the March meeting statement. A number of Fed officials are in favour of the possibility of a 50bp hike in one go. Avalanche in the industry launched its subnet DeFi Kingdom, with a relatively positive performance of TVL of approximately US$250 million. The Luna Foundation Guard (LFG), the company behind Terra, purchased US$230 million of BTC, holding up to 35000 BTC. It will also purchase US$100 million worth of AVAX Token from the Avalanche Foundation to further build reserves. UST will support Avalanche on-chain native minting where users will be able to mint UST with AVAX on the Avalanche chain. In addition, Near is set to issue a decentralised stablecoin which is expected to have a staking yield of up to 20%. 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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