Weekly Market Round-Up: The Market Turnover Declined

The market value of cryptocurrencies went up to approximately US$1.32 trillion last week. Bitcoin was range-bound at approximately US$30,000, while the turnover of both spot and futures markets fell. Almost half of the top 100 coins went up, indicating a better market performance than last week, but lacking an overall market direction.

The U.S. Bureau of Labor Statistics released the new employment data that non-farm payrolls increased by 390,000 in May, above the estimation of 320,000, while the growth in April was 428,000, which is the lowest monthly gain since April 2021. Wages rose by 3% month-on-month in May, falling short of the expectation of 4%.

The launch of the Beacon Chain by the Ethereum Testnet Ropsten on 30th May, and its merge scheduled on 8th June is seen as a rehearsal for the Ethereum’s main net merge in the future. Vitalik Buterin also indicated previously that the main net merge would take place in August at the earliest.

The Bitcoin Lightning Network capacity attained an all-time high of over 3900 BTC, while Bitcoin mining difficulty falls 4.3%, which is the biggest drop since August 2021. The NFT CC0 goblin project was one of the actively traded NFT projects last week. The overall market lacked new points of interest and momentum. With weak performance of both the mainstream coins and altcoins, the market is still expected to hover at a low level under macro pressure.

• Total market value increased. Last week, the total market value of digital assets increased to around US$1.32 trillion. Bitcoin was range-bound at approximately US$30,000.
• Performance of top 100 digital assets was mixed. Last week, among the top 100 digital assets, 43 witnessed decline, while 57 staged growth.
• Exchanges showed a decline in turnover. Last week, turnover on the 10 exchanges tracked by us decreased by 5%. Binance moved down by -5.6%. Bitfinex, Bitstamp and Coinbase recorded changes of 7.8%, -3.9% and -1.3%, respectively.
• Turnover of futures declined. Turnover of Bitcoin futures and Ethereum futures dropped by 10.7% and 19% respectively.
• Turnover of DEXes increased to approximately US$11 billion. Weekly turnover of DEXes dropped by 15.3% as compared to last week.
• Turnover of OpenSea increased to approximately US$0.25 billion. Weekly turnover of OpenSea went up by 14% as compared to last week.

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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