Weekly Crypto Report: Highlights, Important Developments, and Market Analysis
This analysis report provides an in-depth 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:
– Former FTX Digital Markets co-chief executive, Ryan Salame, forfeits his multimillion-dollar Bahamas property as part of a plea agreement following his guilty plea on criminal charges.
– Dutch law enforcement arrests a suspect linked to fraudulent activities at ZKasino, an internet gaming platform, seizing assets worth 11.4 million euros.
– A wealthy Ethereum user loses $68 million in Bitcoin after falling victim to a clever wallet hack, resulting in a significant loss of holdings.
– The U.S. Department of Justice launches an investigation into Block, co-founded by Twitter’s Jack Dorsey, over allegations of processing transactions linked to sanctioned countries and terrorist activities.
– Robinhood announces the availability of its crypto Connect feature on the Uniswap mobile app, allowing eligible users to earn $10 in the USD Coin stablecoin.
– Coinbase integrates the Lightning Network to reduce Bitcoin transaction costs, making it up to 20 times cheaper compared to traditional credit card transactions.
– Prominent Bitcoin investor Roger Ver is arrested by the U.S. Department of Justice in Spain for alleged tax evasion of up to $50 million.
– Uniswap, a popular decentralized exchange, now accounts for 37% of the total trading volume on Layer 2 networks, highlighting the growing popularity of DeFi platforms.
– Ripple partners with HashKey Group to expand its presence in Japan and introduce XRP Ledger enterprise solutions to the Japanese market.
– Bitcoin miners face lower revenues following the recent halving event, raising questions about the industry’s sustainability and potential impact on Bitcoin’s market price.
– dWallet Network integrates with the EVM-compatible blockchain Monad to enhance its multi-chain capabilities and provide more flexibility for developers.
– Aethir collaborates with NFT giant Magic Eden to promote Web 3.0 gaming, offering access to Aethir’s GPU services and promoting Magic Eden as the primary NFT platform.
– Hong Kong Stock Exchange launches spot Bitcoin and Ethereum exchange-traded funds, marking a significant step in mainstream crypto adoption.
– Australia’s Securities Exchange is expected to approve spot Bitcoin ETFs by the end of 2024, indicating growing interest in expanding crypto investment opportunities.
– Tether invests $200 million in Blackrock Neurotech, a brain-computer interface technology platform, focusing on merging human capabilities with technology.
2. Blockchain Performance:
– The top-performing blockchains based on their 7-day change are Core, ZetaChain, StarkNet, Scroll, and Filecoin.
– Core emerges as the top blockchain with a 7-day change of +154.8%, followed by ZetaChain and StarkNet.
– Among the top five blockchains with the highest TVL, Solana shows the highest 7-day change of +4.5%, followed by Ethereum and BNB Smart Chain.
3. Crypto Market Analysis:
– Bitcoin, Ethereum, Tether, BNB, and Solana are the top cryptocurrencies based on market cap and dominance.
– Solana shows the highest 7-day change among the top five cryptocurrencies, followed by Tether and Bitcoin.
– The top gainers of the week in the cryptocurrency market are Pepe, dogwifhat, Bonk, FLOKI, and Worldcoin.
– The top losers of the week in the cryptocurrency market are Helium, Sui, Ondo, Polkadot, and Beam.
– Tether dominates the stablecoin market with the highest market dominance, followed by USDC and Dai.
4. Bitcoin ETF Weekly Analysis:
– Among the Bitcoin Futures ETFs, ARKA shows the highest positive price change of +4.72%, followed by BITO and BTF.
– Among the Bitcoin Spot ETFs, IBIT and BITB show the highest price change of +4.73%, followed by FBTC and ARKB.
5. DeFi Market Weekly Status Analysis:
– EigenLayer shows the highest 7-day change in TVL among the top DeFi protocols, followed by Maker and AAVE.
6. NFT Marketplace: A Basic Weekly Analysis:
– Blur Aggregator replaces Superrare and OpenSea in the top NFT marketplaces list based on market share.
– Blur shows the highest positive volume change, while Cryptopunks shows the highest negative volume change.
7. Web3 Weekly Funding Analysis:
– CeFi raises the highest amount of funds, followed by DeFi, Social, GameFi, Blockchain Services, and Blockchain Infrastructure.
– The United States is the top crypto investment location, followed by undisclosed, Switzerland, Spain, and Singapore.
8. Weekly Blockchain Hack Analysis:
– Hackers have stolen a total of $7.82 billion from DeFi platforms and blockchain bridges.
– Yield Protocol and Pink Finance were the major platforms that experienced hacks this week.
In conclusion, this comprehensive analysis provides valuable insights into the latest developments in the Web3, Blockchain, and Crypto sector, allowing stakeholders to make informed decisions in this dynamic landscape.