Weekly Report: Market Sentiment Remains Sluggish
December 22 2021 — The Fed announced to taper its bond purchases by US$30 billion and end its bond-buying program by the first quarter, signalling that there will be three rate hikes in 2022. The Omicron variant also has a certain impact on the market. Some large organisations and individual IPs were actively exploring the world of NFT. With sluggish market sentiment, the secondary market saw a continuous decline in turnover in the absence of new stimulus and high level of uncertainty.
- Total market value declined. Last week, the total market value of digital assets declined to around US$2.1 trillion. Bitcoin slipped to about US$45,000.
- Most of the top 100 digital assets fell. Last week, among the top 100 digital assets, 25 staged growth, while 75 witnessed decline.
- Bitcoin’s hash rate decreased. The average hash rate of Bitcoin declined week-on-week. The weekly average hash rate was about 168.18EH/s.
- The on-chain activities of both Bitcoin and Ethereum decreased. The Bitcoin network saw a decrease of 1.06%, 1.34% and 15.38% in average number of transfers, average number of active addresses and average transfer amount, respectively. The Ethereum network registered a decrease of 2.28%, 1.17% and 11.67% in the average number of on-chain transactions, the number of active addresses and the average on-chain transaction amount, respectively.
- Stock exchanges showed a decline in turnover. Last week, turnover on the 10 exchanges tracked by us decreased 15.1%. Binance moved down by 17.9%. Bitfinex, Bitstamp and Coinbase recorded a 7.6% increase, a 13.6% decrease and a 7.7% decrease, respectively.
- Open position in futures posted modest changes. Last week, turnover of Bitcoin futures market and open position posted modest changes.
- Bitcoin and stablecoin decreased to US$144.3 billion. Last week, turnover of USDT reduced by US$170 million. USDC increased by US$480 million, and BUSD increased by US$610 million.
About HashKey Capital
HashKey Capital, HashKey Group’s venture capital arm, is an institutional asset manager investing exclusively in blockchain technology, digital assets and crypto-financial infrastructures. It provides accredited investors and professional investors with secure access and diversified exposure to digital assets. HashKey Capital combines the agility and independent risk-taking traditionally found in the best venture firms, while offering differentiated access to the network of relationships found in one of the largest industrial and financial conglomerates in the world.
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