Weekly Report – 28 February 2022


Global Market in Extreme Terror 

Abstract: The war between Russia and Ukraine has spooked the market. The Ukraine government has announced an address to raise funds by cryptocurrencies, in addition to a Ukraine DAO formed to be used as a channel for fund raising for support of Ukraine. The market is under pressure amid the war, and the environment will, however, strengthen the status and popularity of currency objectively.

  • Total market value declined. Last week, the total market value of digital assets remained at around US$1.8 trillion. Bitcoin fluctuated within a range of approximately 17% or US$34,000 to US$39,000.
  • Most of the top 100 digital assets fell. Last week, among the top 100 digital assets, 34 staged growth, while 66 witnessed decline.
  • Exchange turnover increased. Last week, turnover on the 10 exchanges tracked by us rose by 42.1%. Binance moved up by +42.6%. Bitfinex, Bitstamp and Coinbase recorded an increase of +75.7%, +46.6% and +33.4%, respectively.
  • Turnover of futures increased. Last week, turnover of Bitcoin futures market rose by 50%, with little change in close position. Last week, turnover of Ethereum futures market rose by 30%, with little change in open position.
  • Turnover of Dex increased to US$0.02 trillion. The decrease in weekly turnover of Dex grew by 28% as compared to last week.
  • Turnover of Opensea increased to US$0.0007 trillion. Turnover of Opensea increased to US$0.0007 trillion, posting modest changes compared to last week.

 

  • The market uncertainty was heightening under war. Market value of cryptocurrencies remained at approximately US$1.8 trillion last week, but the market was more volatile during the week. Bitcoin fluctuated by around 17%, while Ethereum fluctuated by around 25%. Spot turnover increased by around 39% as compared to last week and turnover of Bitcoin futures grew by 50% while turnover of Ethereum futures rose by 30% and all open positions posted modest changes. As Russia and Ukraine went to war last week, the market experienced violent fluctuation due the nature of the cryptocurrency as a risk asset, under the war. It plummeted at the start of the war and then recorded gains after the US issued a statement of condemnation and sanction. In addition, the Ukraine government is accepting cryptocurrencies donation and has currently raised over ten million dollars, in which 1.86 million dollars was from the crypto artist Pak’s Save Assange artwork titled “Censored”. Pussy Riot’s founder Trippy Labs and members of PleasrDAO co-founded Ukraine DAO that accepts cryptocurrency donations. The market is in a state of extreme panic with high uncertainty, while being under pressure amid the war. The environment will, however, strengthen the status and popularity of cryptocurrency.

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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