Weekly Crypto Report: Examination of Blockchain’s Market Movements and Key Events of the Week
This analysis report provides a comprehensive overview of the major developments in the Web3, Blockchain, and Crypto sector for the week. Here are the key highlights:
1. Breaking News This Week
– Neel Somani, CEO of Ethereum’s Eclipse project, has stepped back following allegations of sexual misconduct. He asserts his innocence while acknowledging the seriousness of the situation.
– Kraken, a cryptocurrency exchange, questions the accuracy of the SEC’s lawsuit against them, challenging the charges of unregistered brokerage activities.
– Bitcoin’s price drops to $60,934.11 as the Federal Reserve considers strategies to combat inflation in the United States.
– The Nigerian government denies allegations of a $150 million bribe demand made by the CEO of Binance to settle criminal charges, calling the claims baseless.
– Canada fines Binance for violating anti-money laundering regulations, citing non-compliance with rules related to operating as a foreign money services business.
– Former President Trump plans to accept cryptocurrency donations for his 2024 U.S. presidential campaign, signaling a shift in approach compared to the Biden administration.
– The White House blocks a Republican effort to allow banks to offer cryptocurrency custody services, despite passing through the House of Representatives, halting hopes for U.S. crypto banking.
– RD Technologies integrates Chainlink CCIP and Proof of Reserve to support a Hong Kong dollar stablecoin, enabling secure cross-chain transfers and on-chain verification of reserve backing.
– Robinhood receives a Wells Notice from the SEC, adding to the list of crypto trading platforms facing legal action. The platform asserts that it does not list securities and believes the SEC’s case is weak.
2. Blockchain Performance
– The top-performing blockchains based on their 7-day change are opBNB, BNB Smart Chain, Ronin, Near Protocol, and Cosmos.
– Ethereum, TRON, BNB Smart Chain, Solana, and Arbitrum One are the top five blockchains in terms of TVL and market dominance.
– Ethereum’s dominance has slightly decreased, while BNB Smart Chain’s dominance has increased.
3. Crypto Market Analysis
– Bitcoin, Ethereum, Tether, BNB, and Solana are the top cryptocurrencies based on market cap and dominance. Ethereum’s dominance has slightly reduced, while the others have experienced minimal changes.
– The top gainers in the cryptocurrency market include Akash Network, Render, Toncoin, Arweave, and Kaspa. The top losers include Core, Wormhole, Bonk, Stacks, and Lido DAO.
4. Bitcoin ETF Weekly Analysis
– ProShares, VanEck, Valkyrie, Global X, and Ark/21 Shares are the top Bitcoin Futures ETFs based on asset under management. VanEck is the only one showing a positive change this week.
– Grayscale, Blackrock, Fidelity, Ark/21 Shares, and Bitwise are the top Bitcoin Spot ETFs based on asset under management. None of them show a positive change this week.
5. DeFi Market Weekly Status Analysis
– Lido, EigenLayer, AAVE, Maker, and JustLend are the top DeFi protocols based on TVL. None of them show a positive change this week.
6. NFT Marketplace: A Basic Weekly Analysis
– Blur, Blur Aggregator, Cryptopunks, Gem, and X2Y2 are the top NFT marketplaces based on market share. Cryptopunks has seen a significant increase in market share this week.
7. Web3 Weekly Funding Analysis
– Blockchain Infrastructure, Blockchain Services, CeFi, Chain, DeFi, GameFi, NFT, and Social are the categories that witnessed fundraising activities this week. Blockchain Infrastructure raised the highest amount of funds.
– The top crypto investment locations this week include undisclosed, Singapore, Switzerland, United States, Sweden, Hong Kong, and United Kingdom.
8. Weekly Blockchain Hack Analysis
– Hackers have stolen a total of $7.82 billion, with most of the funds taken from DeFi platforms and blockchain bridges.
This comprehensive analysis provides valuable insights into the current developments in the Web3, Blockchain, and Crypto sector, allowing stakeholders to make informed decisions in this evolving landscape.