Research and Analysis

The Ropsten testnet gears up for its transition to Proof-of-Stake, while the NFT CCo project Goblintown remains highly popular.

Turnover fell sharply compared to the previous week. The Crypto Fear and Greed Index continued to hover around “extreme fear” territory.

U.S. GDP in Q1came in less than expected. In NFT land, the “Otherside” land and Solana’s Okay Bears NFT have dominated headlines.

The Sandbox is looking to raise $400m in its next funding round, as Coinbase long-awaited launches its NFT marketplace

Trading remains weak; as the NFT market blossomed with the launch of the Moonbirds series.

Several security issues relating to NFT occurred last week, as the secondary market saw an increase in turnover.

Goldman Sachs and Bridgewater enter the market, as the community are cautiously optimistic of the upcoming Ethereum “merge”.

The Fed raised benchmark interest rate, as the parent company of BAYC launched Apecoin to empower the Bored Ape ecology.

Biden’s signing of the executive order on digital assets will have a positive impact on the overall ecology of the cryptocurrency industry.

Andre Cronje announces his departure from DeFi, as companies such as OpenSea and Coinbase banned their services to sanctioned areas.

The war between Russia and Ukraine has spooked the market, yet the environment may strengthen the status and popularity of currencies.

Market value of cryptocurrencies went down to approximately US$1.8 trillion. Spot turnover declined by approximately 18%.

Market value of cryptocurrencies rose from US$1.6 trillion to around US$1.9 trillion last week. Bitcoin rose to above US$40,000.

Last week, market value dropped sharply to around US$1.6 trillion and Bitcoin plummeted below US$35,000.

The secondary market saw continued weak performance in mainstream coins, falling turnover and a lack of new stimuli in the market.

The turnover of Opensea reached US$260 million, its highest level since 13 October, and Chinese celebrities are actively exploring NFTs.

With a more active NFT market, the daily transaction volume of OpenSea surpassed its peak since last October.

The Fed announced to taper its bond purchases by US$30 billion and end its bond-buying program by the first quarter.

The Fed will hold its final meeting of the year this week, and its move on tightening policy would likely to have a bearing on the market.

The Federal Reserve will hold its final meeting of the year next week. Sub-sectors such as DeFi/NFT/public chains generally cooled off.

Gemini and DCG have completed a large-scale funding round of US$400 million and US$600 million respectively.

Coinbase announced its third quarter financial results, which has declined somewhat compared to the second quarter.

The President’s Working Group on Financial Markets released a report on stablecoin, calling on Congress to enact legislation on stablecoin.

Bitcoin continued to perform strongly in the secondary market but it was more cautious on the upside.