Weekly Report: A General Market Decline
November 24 2021 — Gemini and DCG have completed a large-scale funding round of US$400 million and US$600 million, respectively. U.S. mobile payment company, Square, has announced its plan to build a decentralized Bitcoin exchange. In addition, sub-sectors such as GameFi were more active in the market. The secondary market saw a general decrease and ongoing market volatility is expected.
The market declined in general. Market value fell to around US$2.5 trillion last week as Bitcoin slipped below US$60,000 in the secondary market. Spots turnover registered modest changes. Both Bitcoin and Ethereum recorded a decrease in open position in futures but with an increase in turnover. Last week Gemini and DCG completed a large-scale funding round of US$400 million and US$600 million, respectively. U.S. mobile payment company, Square, has announced its plan to build a decentralized Bitcoin exchange. India is also likely to introduce favorable policies to regulate cryptocurrencies. Sub-sectors like GameFi performed more actively last week, especially the game projects on BSC. The secondary market saw a general decrease and ongoing market volatility is expected.
- Bitcoin and stablecoin rose to US$131.3 billion. Last week, turnover of USDT reduced by US$770 million. USDC increased by US$1.9 billion, and BUSD decreased by US$480 million.
- Open position in futures decreased to US$23.3 billion. Last week, turnover of Bitcoin futures market grew by 11.9% week-on-week, with open position down to US$23.3 billion.
- Bitcoin’s and Ethereum’s on-chain activity increased. The Bitcoin network recorded a decrease of 1.89% and 1.75% in average number of transfers and average number of active addresses respectively, with a 20.31% increase in average transfer amount. In the Ethereum network, the average number of on-chain transactions and the number of active addresses fell by 4.38% and 5.30%, respectively, with the average on-chain transaction amount up by 12.91%.
- Bitcoin’s hash rate increased. The average hash rate of Bitcoin increased week-on-week. The weekly average hash rate was about 162.37EH/s.
- Most of the top 100 digital assets gained. Last week, among the top 100 digital assets, 81 staged growth, while 19 witnessed decline.
- Total market value declined. Last week, the total market value of digital assets decreased from US$2.76 trillion to US$2.59 trillion. Bitcoin slipped below US$60,000 and hovered at above US$55,000.
- Exchange turnover increased. Last week, turnover on the 10 exchanges tracked by us rose. Binance moved up by 1.9%. Bitfinex, Bitstamp and Coinbase saw a 3.6% decrease, a 2.5% increase and a 2.9% decrease, respectively.
- The market declined in general. Market value fell to around US$2.5 trillion last week as Bitcoin slipped below US$60,000 in the secondary market. Spots turnover registered modest changes. Both Bitcoin and Ethereum recorded a decrease in open position in futures but with an increase in turnover. Last week Gemini and DCG completed a large-scale funding round of US$400 million and US$600 million, respectively. U.S. mobile payment company, Square, has announced its plan to build a decentralized Bitcoin exchange. India is also likely to introduce favorable policies to regulate cryptocurrencies. Sub-sectors like GameFi performed more actively last week, especially the game projects on BSC. The secondary market saw a general decrease and ongoing market volatility is expected.
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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