Weekly Market Round-Up: Sharp Plunge in Market Turnover

Market turnover has plunged sharply over the past week. The total market value of digital assets remained at around US$1.29 trillion; turnover fell sharply compared to the previous week, and spot turnover decreased by approximately 60%. Turnover of Bitcoin futures and Ethereum futures dropped by 51% and 54% respectively. Most tokens traded around ±15% with no clear direction. Fed Chairman Jerome Powell said the Federal Open Market Committee (FOMC) is broadly supportive of a 50-basis point rate hike at each of the next two meetings, with officials expressing hope that they will cut rates as soon as inflation hits.

Do Kwon unveiled a new Terra 2.0 proposal for the community, which proposes a fork for Terra into two blockchains, a new Terra chain that does not contain the algorithmic stablecoin UST, and an original chain called Terra Classic. Polygon announced that it has cooperated with EY for the Layer 2 roll-up solution called Polygon Nightfall, which combines the enterprise version of zk and optimistic rollup technology. In addition, the price of digital collections on ibox, a domestic digital collection platform, fluctuated greatly, causing heated discussions in the community.

Mainstream coins performed relatively weak, as the Crypto Fear and Greed index continued to hover around the “extreme fear” territory (12), and the market is expected to remain at a low level over the coming weeks.

• Total market value registered modest changes. The total market value of digital assets remains at around US$1.29 trillion last week. Bitcoin fluctuated in between a narrow range around $30,000.
• Most of the top 100 cryptos fell. The prices of 71 out of the top 100 cryptos fell, while 29 posted gains.
• Turonver on exchanges declined. Last week, the total turnover on 10 exchanges tracked by our team tumbled by 60.5%. Binance fell by 59.2%, whilst Bitfinex, Bitstamp and Coinbase recorded a change of -74.7%, -62.2% and -60.5% respectively.
• Turnover of futures decreased. Turnover of Bitcoin futures decreased by 51.3%, while turnover of Ethereum futures decreased by 54%.
• Turnover on DEXes dropped to around US$11 billion. Weekly turnover on DEXes plummeted by 73% as compared to last week.
• Turnover on OpenSea decreased to around US$0.27 billion. Turnover on OpenSea plunged by 54% as compared to last week.

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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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