Cryptocurrency Market Performance
Currently, the total market value of cryptocurrencies is $2.048 trillion, of which BTC accounts for 56.14%, or $1.15 trillion. The market value of stablecoins is $170.1 billion.
This week, the price of BTC fluctuated upward, with the current price of BTC at $60,365 and the current price of ETH at $2,430. Most of the top 200 projects on CoinMarketCap saw a general increase, including: CKB's 7-day increase of 80.25% and QNT's 7-day increase of 27.92%.
On September 14, according to CME's "Fed Watch" data, as of press time, the probability of the Federal Reserve cutting interest rates by 25 basis points and 50 basis points in September was 50%.
With the certainty of interest rate cuts and the recovery of liquidity, market sentiment has eased and the market trend in the fourth quarter is optimistic.
The Fear & Greed Index on September 13 was 32 (higher than last week), and this week's sentiment: 7-day fear.
Understand now
Review of the week's major events
1. On September 9, Fractal Bitcoin announced the FB token economics, with the community allocation accounting for 80%;
2. Fractal Bitcoin: PizzaSwap will be activated at block 21000, and network governance will use OP_CAT;
3. After Friend.Tech developers gave up control of the smart contract, the platform has been "basically closed";
4. Aave co-founder Stani: Customized markets will be launched on the Ethereum mainnet in the coming weeks;
5. USDe supply fell below 2.7 billion, a decrease of about 25.5% from the high point;
6. a16z Crypto Encryption Accelerator was launched and 21 participating projects were announced;
7. On September 10, Harris released a list of proposed policy positions, but did not mention cryptocurrency;
8. DeFi changes: Multi-chain DEX Bebop's 24-hour trading volume increased by 427%, and FlowX Finance's 24-hour trading volume increased by 67.23%;
9. Top News: Multicoin Capital has established a large number of DRIFT positions through private placement and public markets;
10. DeFi changes on September 13: Sui Chain DEX Flow Finance 24-hour trading volume increased by 106%, and 7K Aggregator 24-hour trading volume increased by 87%.
Macroeconomics
1. On September 9, according to local media Nairametrics, the Director of the Nigerian Securities and Exchange Commission, Emomotimi Agama, announced on Sunday that he would take action against individuals and cryptocurrency exchanges that did not comply with its regulatory framework and promised to protect investors;
2. On September 10, BeInCrypto reported that the US SEC has levied $4.68 billion in cryptocurrency fines so far in 2024, an increase of 3,018% over the previous year. The fines include various economic penalties, such as confiscation of amounts, recovery of illegal gains, civil penalties, settlements, and pre-judgment interest;
3. On September 14, according to CME's "Fed Watch" data, as of press time, the probability of the Federal Reserve cutting interest rates by 25 basis points and 50 basis points in September was 50%.
ETF
According to statistics, from September 9 to September 13, the net inflow of US Bitcoin spot ETF was US$403.7 million; as of September 13, GBTC (Grayscale) had a total outflow of US$20.04 billion, currently holding US$13.279 billion, and IBIT (BlackRock) currently holds US$21.373 billion. The total market value of US Bitcoin spot ETF is US$55.955 billion.
US Ethereum spot ETF net outflow: US$12.9 million.
Predicting the future
Upcoming Events
1. TOKEN2049 Singapore 2024 will be held on September 18-19 and aims to define the next steps in the Web3 space;
2. Permissionless III hosted by Blockworks will be held in Salt Lake City, Utah, USA from October 9 to 11, and will provide panel discussions, networking opportunities, and more.
Project Progress
1. The Eigen Foundation announced that the second quarter Stakedrop will be unlocked soon, which will reward key contributors and participants in the ecosystem, including stakers and operators, ecosystem partners, and the community. The total amount of EIGEN allocated to stakers and operators in the second quarter is approximately 70 million EIGEN (approximately 4.2% FDV); the total amount allocated to ecosystem partners is up to 10 million EIGEN (approximately 0.6% FDV); the total amount allocated to the community is approximately 6 million EIGEN (approximately 0.35% FDV). Token collection will be open on or before September 17;
2. DeFi protocol Sky (formerly MakerDAO) announced that starting from September 18, eligible users can upgrade DAI to USDS at a 1:1 ratio, or exchange supported cryptocurrencies for USDS, thereby unlocking Sky token rewards in the form of SKY tokens and Sky Savings Rate;
3. The decentralized derivatives trading platform Rollup.Finance will cease operations, and the infrastructure will be completely shut down after September 21, 2024. Users will have one month to close their positions and withdraw funds.
Important Events
1. VanEck will close and liquidate its Ethereum futures ETF "EFUT", and fund shareholders can sell their shares on the fund's listing exchange until the close of September 16, 2024 (broker-dealer transaction fees may be incurred);
2. Former Celsius CEO Alex Mashinsky’s fraud trial is scheduled for September 17, 2024;
3. The sentencing date of the "hush money" case involving Trump was postponed from July 11 to September 18. Trump thus became the first former president in American history to be found guilty in a criminal case. On May 30, a 12-member jury ruled that Trump was guilty of 34 criminal charges involving falsification of business records and violation of New York State laws in order to conceal the $130,000 "hush money" he paid to an adult film actress during the 2016 US presidential election;
4. The plan confirmation hearing for the Chapter 11 bankruptcy reorganization case of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) has been scheduled for 22:00 on September 19, 2024 (GMT+8);
5. The decentralized derivatives trading platform Rollup.Finance will cease operations, and the infrastructure will be completely shut down after September 21, 2024. Users will have one month to close their positions and withdraw funds.
Token Unlock
1. Arbitrum (ARB) will unlock 92.65 million tokens on September 16, worth approximately $47.72 million, accounting for 2.65% of the circulation;
2. ApeCoin (APE) will unlock 15.6 million tokens on September 17, worth approximately $11.76 million, accounting for 2.31% of the circulation.
about Us
Hotcoin Research, as the core investment research department of Hotcoin, is committed to providing detailed and professional analysis of the cryptocurrency market. Our goal is to provide clear market insights and practical operation guides for investors of different levels. Our professional content includes the "Play and Earn Web3" series of tutorials, in-depth analysis of cryptocurrency industry trends, detailed analysis of potential projects, and real-time observation of the market. Whether you are a novice exploring the crypto field for the first time or an experienced investor seeking in-depth insights, Hotcoin will be your reliable partner to understand and seize market opportunities.
