Weekly Report: The Market Rebounded in General


The Market Rebounded in General

Abstract: The US released the non-farm payrolls for January which was better than expected. The US Labour Force Participation Rate has also rebounded. In addition, the Ministry of Finance of India announced that it would not consider cryptocurrencies as illegal activities and intends to levy the highest tax rate, which is a positive signal for crypto. In the short term, it is expected that there will be no major capital inflow into crypto, and the game is still dominated by capital within the market.

  • Total market value increased. Last week, the total market value of digital assets increased to around US$1.9 trillion. Bitcoin rose to above US$40,000. 
  • Most of the top 100 digital assets gained. Last week, among the top 100 digital assets, 96 staged growth, while 4 witnessed decline. 
  • Exchanges showed a decline in turnover. Last week, turnover on the 10 exchanges tracked by us decreased by 18.9%. Binance moved down by -17%. Bitfinex, Bitstamp and Coinbase recorded a decrease of -33.2%, -22.8% and -20.1%, respectively. 
  • Turnover of futures declined. Last week, turnover of Bitcoin futures market declined 25% week-on-week, with close position up to US$0.02 trillion. Turnover of Ethereum futures market was down by 20%, with open position growing to US$0.009 trillion. 
  • Turnover of Dex decreased to US$0.02 trillion. The weekly turnover of Dex decreased to US$0.008 trillion, down by 30% as compared to last week. 
  • Turnover of Opensea decreased to US$0.0008 trillion. Turnover of Opensea decreased to US$0.0008 trillion, down by 13% as compared to last week.

 

  • The market rebounded in general. Market value of cryptocurrencies rose from US$1.6 trillion to around US$1.9 trillion last week. Bitcoin rose to above US$40,000. Ethereum also rebounded by around 20%. Bitcoin’s market share returned to above 40%. Spots turnover dropped 20% as compared to last week, together with a 25% and 20% decline in turnover of Bitcoin futures and Ethereum futures respectively. The US released the non-farm payrolls for January last Friday, which was better than expected and the US Labour Force Participation Rate has also rebounded, showing a positive sign for crypto. In addition, the Ministry of Finance of India announced that it would not consider cryptocurrencies as illegal activities and intends to levy the highest tax rate, which is good news for crypto. In the short term, it is expected that there will be no major capital inflow into crypto, but there are still opportunities in sub-sectors within the market such as NFT and Layer 2 which have continuous influence. Although the secondary market retreated last week, the trading volume continued to decline, making it difficult for the emergence of hotspots in sectors. The game is dominated by capital within the market.
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Digital Currency Market Capitalization Change:

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Source: HashKey Capital Research, Coin360

 

Bitcoin Futures Daily Trading Volume:

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Source: HashKey Capital Research, The Block

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