Cryptocurrency daily summary:
The number of new Bitcoin wallets has dropped dramatically
Oobit Partners with TON to Let Users Send USDT via Telegram
Kroma announces launch of Spectrum and expansion plans
Let's first look at the trading activities of Bitcoin ETFs. According to Farside Investor data, on May 20, Grayscale Bitcoin Spot ETF (GBTC) continued to outflow $276.2 million; at the same time, Fidelity Bitcoin Spot ETF (FBTC) inflowed $99.4 million, Bitwise Bitcoin Spot ETF (BITB) inflowed $20.8 million, ARK 21Shares Bitcoin Spot ETF (ARKB) inflowed $10 million, and iShares Trust Bitcoin Spot ETF (IBIT) had a net inflow of $38.1 million.
The block reported that previously, with the development of the Bitcoin ecosystem such as spot Bitcoin ETFs and Ordinals and the upcoming halving, the average weekly number of new Bitcoin addresses has approached the highest level since the all-time high in December 2017.
Now, as these news and projects become less relevant, just as in early 2018, enthusiasm for new Bitcoin projects has faded and the number of new addresses joining the network has fallen sharply. In addition to the decline in the number of new Bitcoin addresses, other related indicators have also shown a downward trend, the most important of which is that miner revenue measured in terms of computing power has fallen to a record low. In addition, transaction fees on the network have also declined, as well as on-chain transaction volume indicators.
Yet despite the current decline in on-chain metrics, novel protocols on the Bitcoin network are attracting record interest from venture capital firms. These signs could lay the foundation for a future comeback.
On May 17, mobile payment application Oobit has partnered with the TON Foundation to integrate its native cryptocurrency TON (Toncoin) into its platform to promote the use of cryptocurrency as a means of payment. The team said that Toncoin holders will be able to Tap & Pay at more than 100 million retailers worldwide. This integration will further strengthen the recently announced cooperation between Tether, the largest company in the digital asset industry, and the TON Foundation.
According to another press release on Tether’s website, users will be able to send USDT in direct messages on Telegram and use the same USDT for instant crypto-tap payments on Oobit.
Kroma launched Spectrum on May 14, 2024, an advanced native staking service that aims to revolutionize the Ethereum Layer 2 landscape. High payouts can be obtained through re-staking while leveraging staked tokens in various games and DeFi ecosystems on Kroma. Spectrum provides users with the opportunity to leverage the potential of ETH, stETH, and eETH, allowing users to earn more income in the decentralized finance (DeFi) space.
The difference from traditional staking platforms is that Spectrum has innovatively launched a "six-fold reward", including Ethereum annual interest rate, re-staking rewards, EigenLayer points for staking Ethereum assets, Etherfi loyalty points, KSP (Kroma Spectrum Points) and wemix.e airdrops. Kroma will airdrop 40,000 wemix.e to users based on the accumulated KSP, providing a new type of re-staking reward.
The platform introduces spETH, a proprietary risk token for synthetic assets. Users using spETH are able to maximize the liquidity of their respective staked Ethereum assets and gain access to a wide range of trading opportunities, as well as additional profit opportunities across a wide range of DeFi protocols and applications within the platform.
Spectrum has already successfully integrated well-known dApps such as Standard Protocol, Light Bank, Layer Bank, Shoebil, Zapanki Swap, Wellxy, PrixmSwap, and iZUMi Finance, and has won wide acclaim. This integration lays the foundation for further expansion as Spectrum hopes to continue its innovative efforts to integrate more dApps.
Market analysis: The market lacks hot spots, and the overall market is in a volatile downward trend
Market trend:
BTC briefly broke through $67,500 over the weekend, but then fell and is currently trading around $66,500. This decline has led to a general decline in altcoins, and previously strong Meme coins have also begun to fall. The market lacks stimulating hotspots and investor sentiment is relatively cold.
In terms of macroeconomics, the U.S. stock market has been volatile, and Nvidia will announce its earnings this week, which may have a certain impact on the market. Investors will pay close attention to the performance of the earnings to assess the trend of technology stocks and the entire market.
Market hot spots:
1. Public chain FTM rises: FTM announced that it will upgrade Sonic in the third quarter, and after the upgrade, it will be replaced with a new token S at a ratio of 1:1. This news may bring some buying momentum to FTM tokens, and investors will pay attention to the effects and market reactions after the upgrade.
2. Solana Ecosystem Oracle Protocol PYTH plummets: Nearly $800 million will be unlocked this week$PYTH Tokens. Before and after the huge amount of tokens are unlocked, the market may fluctuate greatly, and investors need to carefully assess the risks.
3. Poor performance of new coins: Recently, new coins such as$REZ 、$BB , NOT and other VC tokens with high market value after listing are no longer popular in the market. In the past six months, 80% of the tokens of similar new coins have fallen, with an average drop of more than 20%. This shows that investors are becoming more cautious about new coins and need to be more careful in choosing investment targets.
4. Layer2's Zksync predicts a token airdrop: This news may attract the attention of investors, who will pay close attention to the airdrop details and schedule.
In the current market, BTC has experienced a short-term decline, which has led to a general decline in altcoins and meme coins. The overall market lacks obvious stimulating hotspots, and investor sentiment is relatively cold. Investors need to carefully assess market risks, pay attention to macroeconomic and industry trends, and choose targets that suit their investment strategies.
Macro: US stocks may continue to hit record highs, Asian stocks open higher
On Friday, May 17, the US stock market hit a record high, showing the market's optimism about the economic outlook. Meanwhile, Asian stock markets also received a positive impact when they opened on Monday.
Fresh signs of a cooling economy calmed inflation fears in May, helping all three major U.S. stock indexes rise to all-time highs this week. The S&P 500 is up 11% so far this year. Based on historical trends, market strategists say stocks tend to build momentum when recovering from pullbacks of similar size and tend to continue to rise even after regaining lost ground.
Investors see renewed optimism that the economy is heading for a so-called soft landing and forecasts for strong earnings as factors driving further gains in stocks. Investors will also be watching next week’s durable goods and consumer confidence data for further signs on whether economic growth has cooled enough to support the case for a rate cut this year.
In technology stocks, semiconductor giant Nvidia, which has seen its shares soar on enthusiasm for artificial intelligence, will report quarterly results on Wednesday.
Asian stocks also showed positive signs at the start of Monday. China announced "historic" measures to stabilize the real estate sector last Friday, with the central bank providing 1 trillion yuan (about 138 billion U.S. dollars) in additional funds and easing mortgage regulations, and local governments also preparing to purchase "some" apartments. This pushed the Hang Seng Index to a nine-month high.
Japan's Nikkei rose 0.9% in early trade, while MSCI's broadest index of Asia-Pacific shares rose 0.25% to its highest level in two years, lifted by early gains in Australia and South Korea.
In currency markets, the dollar posted its biggest weekly drop against the euro in two and a half months last week, but remained stable in early Asian trading on Monday. The euro was largely stable at $1.0873 on Monday. The yen was slightly weaker against the dollar at 155.82 yen per dollar.
In commodities, the crash of a helicopter carrying Iran's president in heavy fog drew traders' attention to the Middle East. Brent crude futures hit a one-week high in early trading, at $84.14 a barrel.
Gold prices are hovering near an all-time high of $2,423 an ounce.
