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

Legal Disclaimer:


  • The information contained in this document has been compiled by HashKey Group (as defined below) from sources believed to be reliable, but no representation or warranty express or implied is made by HashKey Group, its affiliates or any other person as to its fairness, reasonableness, reliability, accuracy, completeness or correctness. All illustrations, examples or forward-looking information (if any) contained in this document have been provided in good faith for illustrative purposes only as of the date of this document, and are not intended to serve as, and must not be relied upon as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Whilst efforts are made to ensure the accuracy and completeness of the information contained in this document at the time of publication, errors or omissions may occur. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. HashKey Group reserves the right to correct any errors or omissions, and to change or update information at any time without prior notice.
  • Each legal jurisdiction has its own laws regulating the types of investments and/or services which may be offered to its residents and/or in its jurisdiction, as well as the process for doing so.  As a result, certain investment products or services discussed in this document may not be eligible for sale or offered in some jurisdictions. This document is not an offer to sell or a solicitation of an offer to purchase any investments or services. Unless otherwise specified, HashKey Group does not hold itself out to be licensed to carry on regulated activities in any jurisdiction. Additionally, providing this material is not, and under no circumstances should be construed to act as a regulated business in any jurisdiction by any person or company that is not legally permitted to carry on such regulated business in that jurisdiction.
  • Nothing in this document constitutes legal, accounting, or tax advice, and you are advised to seek independent legal, tax and accounting advice prior to acting upon anything contained in this document.  The contents of this material have not been reviewed by any regulatory authority. Investors are advised to exercise caution in relation to any investments or services in relation to this document. If you are in doubt about any of the contents of this material, you should obtain independent professional advice.
  • To the full extent permitted by law, neither HashKey Group nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss arising from any use of this document or the information contained herein. No information contained in this document may be reproduced or copied by any means without the prior written consent of HashKey Group.
  • “HashKey Group” is a brand name to describe any one or more entities of the group companies composed of HashKey Digital Asset Group Limited and its Affiliates.