Weekly Review of the Crypto Market: Highlighted News, Price Analysis, Recent Blockchain Trends, and Updates
This comprehensive report provides an in-depth analysis of the major developments in the Web3, Blockchain, and Crypto sector that occurred this week. The report is supported by high-quality data and covers a range of topics, including breaking news, Bitcoin bull run updates, blockchain performance, crypto market analysis, Bitcoin ETF analysis, DeFi market analysis, NFT marketplace analysis, Web3 funding analysis, and a weekly blockchain hack analysis.
In breaking news this week, Nigeria has demanded that Binance share the details of its top 100 users in an effort to regulate the exchange and strengthen its national currency, the naira, against the influence of cryptocurrencies. Bakkt, a crypto custody and trading platform, has received a warning from the NYSE for failing to maintain its share price above $1 for 30 consecutive days, putting it at risk of delisting. Dogecoin has experienced a significant surge in value following Elon Musk’s endorsement, suggesting the potential acceptance of Dogecoin as a payment method for Tesla in the future. Coinbase, a leading cryptocurrency exchange, has announced plans to raise $1 billion through a convertible bond offering. The former CEO of Binance, Changpeng Zhao, has been ordered by the US to surrender all active or expired passports as part of ongoing legal proceedings. Grayscale, the world’s largest digital asset manager, has filed an application with the US Securities and Exchange Commission to launch a ‘Grayscale Bitcoin Mini Trust’. Thailand’s Securities and Exchange Commission has introduced regulatory changes allowing the establishment of private funds that can invest in spot Bitcoin exchange-traded funds traded on US exchanges. JPMorgan CEO Jamie Dimon has expressed support for individuals’ freedom to buy Bitcoin, despite concerns about its association with illicit activities. Hong Kong-based entities are exploring the possibility of launching a spot Ethereum exchange-traded fund. Indian cryptocurrency investment platform, Mundrex, has announced plans to introduce US Bitcoin exchange-traded funds to cater to institutional and retail investors within India. Tether, the issuer of the largest stablecoin USDT, has collaborated with Celo to launch USDT on the carbon-negative Celo network. Russia, as a member of the BRICS alliance, has announced the development of a blockchain-based payment system to facilitate trade settlements among BRICS member nations.
In a special report on the Bitcoin bull run, it is noted that Bitcoin has reached an all-time high, surpassing $70,000, signaling a significant moment in the ongoing bull market. The price of Bitcoin currently stands at around $68,880.76. Unlike past patterns where Bitcoin surged after halving, this time it is reaching new peaks before the event. The arrival of spot Bitcoin ETFs on US stock exchanges has added a fresh dimension to the market. These developments indicate a departure from previous cycles and reflect evolving investor sentiment and increasing institutional interest in Bitcoin as a digital asset.
The report also analyzes the performance of various blockchains based on their 7-day change and total value locked (TVL). Fraxtal, Areon Network, Kroma, Merlin, and REI are the top-performing blockchains based on their 7-day change. Solana, Binance Smart Chain (BSC), Ethereum, Tron, and Arbitrum are the top performers among the top five blockchains with the highest TVL.
The crypto market analysis section examines the price change and dominance of the top cryptocurrencies, as well as the top gainers and losers of the week. Solana and Binance Coin (BNB) have shown significant gains, while Bitcoin and Ethereum have experienced modest increases. Bitcoin SV, Arweave, eCash, Shiba Inu, and Mantle are the top losers of the week.
The stablecoin weekly analysis analyzes the market dominance, market capitalization, and trading volume of the top stablecoins. Tether maintains a dominant position, while USDC, Dai, First Digital USD, and TrueUSD also hold significant market shares. USDC has shown minimal price change, while Dai, First Digital USD, and Tether have experienced slight declines.
The Bitcoin ETF weekly analysis examines the performance of Bitcoin futures ETFs and Bitcoin spot ETFs separately. Global X and Ark/21 Shares have shown the highest gains among Bitcoin futures ETFs, while Ark/21 Shares and Grayscale have experienced losses among Bitcoin spot ETFs.
The DeFi market weekly status analysis analyzes the performance of top DeFi protocols based on their total value locked (TVL). Lido has experienced the largest decrease in TVL, followed by EigenLayer, Maker, and AAVE. JustLend has seen a slight increase in TVL.
The NFT marketplace analysis examines the volume change and market share of top NFT marketplaces. Cryptopunks has seen the largest decrease in volume change, followed by Blur Aggregator and Gem. Art Blocks holds the highest market share.
The weekly blockchain hack analysis reveals that hackers have stolen a total of $7.69 billion, with most of it coming from decentralized finance platforms. Unizen, WOOFI, Seneca, Tectonica, and FixedFlot have been victims of hacking attacks.
The report concludes by emphasizing the importance of data-driven decision-making for stakeholders in the evolving landscape of decentralized technologies.
Overall, this comprehensive analysis provides valuable insights into the developments and trends in the Web3, Blockchain, and Crypto sector.