Weekly Report

24th November 2021

A General Market Decline

Abstract: Gemini and DCG have completed a large-scale funding round of US$400 million and US$600 million, respectively. U.S. mobile payment company, Square, has announced its plan to build a decentralized Bitcoin exchange. In addition, sub-sectors such as GameFi were more active in the market. The secondary market saw a general decrease and ongoing market volatility is expected.

    • Bitcoin and stablecoin rose to US$131.3 billion. Last week, turnover of USDT reduced by US$770 million. USDC increased by US$1.9 billion, and BUSD decreased by US$480 million.
    • Open position in futures decreased to US$23.3 billion. Last week, turnover of Bitcoin futures market grew by 11.9% week-on-week, with open position down to US$23.3 billion.
    • Bitcoin’s and Ethereum’s on-chain activity increased. The Bitcoin network recorded a decrease of 1.89% and 1.75% in average number of transfers and average number of active addresses respectively, with a 20.31% increase in average transfer amount. In the Ethereum network, the average number of on-chain transactions and the number of active addresses fell by 4.38% and 5.30%, respectively, with the average on-chain transaction amount up by 12.91%.
    • Bitcoin’s hash rate increased. The average hash rate of Bitcoin increased week-on-week. The weekly average hash rate was about 162.37EH/s.
    • Most of the top 100 digital assets gained. Last week, among the top 100 digital assets, 81 staged growth, while 19 witnessed decline.
    • Total market value declined. Last week, the total market value of digital assets decreased from US$2.76 trillion to US$2.59 trillion. Bitcoin slipped below US$60,000 and hovered at above US$55,000.
    • Exchange turnover increased. Last week, turnover on the 10 exchanges tracked by us rose. Binance moved up by 1.9%. Bitfinex, Bitstamp and Coinbase saw a 3.6% decrease, a 2.5% increase and a 2.9% decrease, respectively. 
    • The market declined in general. Market value fell to around US$2.5 trillion last week as Bitcoin slipped below US$60,000 in the secondary market. Spots turnover registered modest changes. Both Bitcoin and Ethereum recorded a decrease in open position in futures but with an increase in turnover. Last week Gemini and DCG completed a large-scale funding round of US$400 million and US$600 million, respectively. U.S. mobile payment company, Square, has announced its plan to build a decentralized Bitcoin exchange. India is also likely to introduce favorable policies to regulate cryptocurrencies. Sub-sectors like GameFi performed more actively last week, especially the game projects on BSC. The secondary market saw a general decrease and ongoing market volatility is expected.

     

     

     

    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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