Web3Assistant

Quick Facts of the Week

This week encryption the overall trend of the market ushered in a round of market pump, and the top Mainstream Token showed a rapid upward trend in prices near the closing session of the weekend, and the basic trend of the week showed a state of pump short term after Fluctuation. Although there was an upward pump market near the end of the week, it was more long due to the impact of the market cycle Fluctuation, and both short term coin prices and market volume increased. The overall market capitalization rise of the encryption market has increased compared to the same period last week and is currently around $2.35 trillion, down 1.25% fall in 24 hours. The market sentiment remained at 61, which can be seen as a signal for further upward pumping in the future. This week, the trend of key mainstream tokens basically showed a trend of rapid pumping after stable fluctuations, but the magnitude was relatively limited. On the whole encryption the market will usher in a wave of more obvious market changes at the end of the weekend, and the subsequent further pump fall trend needs to be combined.

Compared with last week, the total volume of the Crypto Assets market this week has returned to above $2.3 trillion, and the current market Fluctuation cycle is still continuing, but a new round of market changes should not be far away. The pump fall ratio of the top 100 Crypto Assets projects is 3:7 in a week, and the prices of coin long are affected by the short term Fluctuation have fluctuated, and the overall market changes have not yet really arrived. BTC price trend has pump significantly during the week, and it still maintains an upward trend, maintaining above $65,000, with a weekly pump fall range of about 4.43%. ETH has entered a downward trend after pumping, falling by about 2.91%, and is currently maintaining a fluctuation of around $2932.

The coin best-performing series in the market this week are MEME coin, ranking first at PEPE, with a 7-day pump of 18.87%, and the coin price is currently maintained around $0.00001012.

The overall Crypto Assets market is still in a state of large Fluctuation this week, and key market changes are expected during the weekend session.

Encryption market

🔥 encryption market ushered in a wave of upward pump in the week, and the market pump significantly during the weekend.

🔥 Token unlocks this week: $1 billion AEVO, $96 million APT, $92 million ARB, $77 million STRK, $55 million IMX, $20 million PIXEL, $19 million APE, $14.8 million ROSE, $11 million MANTA, $8.3 million RNDR, $4.3 million DYDX, $470,000 NYM, etc., for a total of about $1.4 billion.

🔥BounceBit: Users can now view the number of airdrops that can be claimed, and the airdrops will be distributed automatically.

🔥Pudgy Penguin plush toys have sold more than 1 million units in less than a year; Pudgy Toys has been listed on Target; Pudgy Penguins will launch Pudgy World alpha at zkSync Era this year.

🔥 The trading platform Rain was suspected of being attacked and lost nearly $15 million.

🔥 Tuesday 24h BTC +2.9%, ETH +2.6%; market capitalization top 500 pump fall≥30%: GME +230%, BB +45%.

🔥 The U.S. BTC Spot ETF had a net inflow of $66 million on Monday, and analysts believe that BTC ETF open interest will hit a new high (excluding AP/market makers).

🔥 Hong Kong BTC ETF showed net redemptions for 3 consecutive days.

🔥BounceBit Mainnet launched, launching long features such as Node stake and delegation.

🔥BB has a circulating market capitalization of $170 million and a total market capitalization of $890 million.

🔥TON on-chain USDT Circulating Supply amounted to $200 million.

🔥GameStop U.S. stocks big pump, related meme coins rose.

🔥 The desktop version of ChatGPT will be launched, and the flagship AI model GPT-4o will be launched, GPT-4o API is twice as fast as GPT-4-turbo, and half the price.

🔥Sonne Finance was hacked and has now lost more than $20 million.

🔥 U.S. Spot BTC ETF net inflows of $100.5 million on Tuesday.

🔥 The Wisconsin Board of Investment holds $99 million for BlackRock IBIT and $64 million for GBTC.

🔥Vitalik proposed EIP-7706 to add a new type of gas to transaction calldata.

🔥BlockTower Capital's primary Hedging fund was hacked.

🔥Lens Protocol says it is developing Lens Network, a blockchain network.

🔥 Thursday 24h BTC +6.4%, ETH +3.7%; market capitalization top 500 pump fall≥30%:P UPS +41%, PEOPLE +40%, BRETT +35%; PEPE and GME prices hit record highs; Alt coins are pumping.

🔥 U.S. BTC Spot ETF net inflows of about $300 million on Wednesday.

🔥Circle intends to relocate its legal base from Ireland to the United States.

🔥Blast announced that the Airdrop will launch on June 26.

🔥Scroll launched the loyalty program Session Zero point system.

🔥Eclipse founder leaves amid sexual harassment rumors.

🔥MakerDAO founder: will offer a second purely decentralized stablecoin, PureDai.

🔥A total of 1 million new Tokens have been launched since April, nearly half of which are memecoins on Solana.

🔥friend.tech: President Rewards and Club Key trading rebates are now available.

Regulatory & Macro Policy

🔥 Turkey plans to develop new rules for encryption regulation.

🔥 The Central Bank of the Philippines has approved PHPC, a stablecoin pegged to the peso.

🔥 Ghana intends to build Africa's first Blockchain-powered government to fight corruption.

🔥Tornado Cash co-founder was convicted by a Dutch court of Money Laundering and sentenced to 64 months in prison.

🔥 The US PPI recorded an annual rate of 2.2% in April, in line with expectations; Powell said that confidence in the decline in inflation is lower than before; Intrerest rates are more likely to remain the status quo than to raise them.

🔥 The comprehensive BTC Bill of Rights became law in Oklahoma.

🔥 U.S. CPI fell as expected in April.

🔥 Central Bank Governing Council: It is likely that interest rate cuts will start in June.

Encryption market highlights

⭐️ In the past week, the Crypto Assets market as a whole has pump, but the downward trend is still obvious, except for a small number of coin, most of the Mainstream Token prices although the overall pump, but the overall trend is still dominated by the fall. short term Fluctuation is the main trend of the week for most coin prices. What can be observed in the near future is that the volume of the encryption market continues to rise, and the overall rise momentum of the market is getting stronger Favourable Information and stronger.

⭐️ This week, the market as a whole has pump, although Xu long coin has experienced a more obvious pump fall, but the MEME section still shows a leading trend, long MEME coin a week increase is very obvious, although there is a certain market recurrence, but still maintain a high rise range. PEPE has pumped 19.26% for the week and is currently trading around $0.00001015. The one-week price high broke above $0.000012, and the low appeared around $0.000008248 at the opening session, ranking in the TOP1 pump for the week.

(Source: Coinmarketcap)

Bitcoin&Ether coin one-week performance

Bitcoin (BTC)

(Source: TradingView)

The price of BTC has pumped up this week, and the overall price changes during the day are more frequent, although the coin's earlier trend once falls below the lower key price level, and the market is very repetitive, but this week there is finally a more clear price pump trend. At present, the coin basically maintains continuous fluctuation above $65,000, and there is a certain pump trend at present. The weekly high of BTC was around $66,700, and the low was within the $60,500 range of the opening session.

According to the analysis, the price of BTC this week has begun to rise significantly due to the impact of coin Spot ETF inflow and encryption market dynamics, combined with the current market cycle, if there is a full-line general pump market, the current coin price trend BTC is relatively critical, but further observation is needed.

Ether coin (ETH)

(Source: TradingView)

The price trend of ETH during the week is similar to that of BTC, except that the actual price change of the coin is basically within a small range. And in the pump market near the end of the week, the ETH upward trend has not been maintained for too long, and it has now shown a continuous fall downward trend. The coin has a weekly high near $3,040 and a low near $2,870 at the beginning of the week.

According to the analysis, the performance of the ETH coin price performance this week is still affected by the coin related hot trends, and in the absence of obvious coin price support market, the performance in the ecosystem is also relatively flat, and the coin subsequent major market changes are more long likely to come from external news and regulatory changes.

Web3 Project Trends

This week, the total market capitalization pump fall of seven types of projects changed, due to the impact of market cycle changes and external news, each track also has different performance, the current market cycle has not seen particularly obvious actual changes, but the trend is gradually clear, the following week of each section or will usher in a more clear pump fall signal.

by Charles T. This article represents the views of the author only and does not constitute any trading advice. The content of this article is original, the copyright is owned by Gate.io, if you need to reprint, please indicate the author and source, otherwise you will be held legally responsible.

Crypto World Daily Digest: JPMorgan Chase corrects BTC production cost to $45,000; PancakeSwap Announces Payment of Interface Fees for Uniswap Users; DTCC and Chainlink complete fund data tokenization pilot

Let's take a look at Bitcoin ETF trading activity, according to Farside Investor data, Grayscale Bitcoin Spot ETF (GBTC) continued to have an outflow of $4.6 million on May 16; Meanwhile, Fidelity Bitcoin Spot ETF (FBTC) saw $67.1 million in inflows, Bitwise Bitcoin Spot ETF (BITB) saw $1.4 million in inflows, and ARK 21Shares Bitcoin Spot ETF (ARKB) saw $62 million in inflows.

JPMorgan Chase & Co. recently revised its central estimate of Bitcoin production costs to $45,000 from $42,000 previously, due to a change in Bitcoin Mining Computing Power.

JPMorgan analyst Nikolaos Panigirtzoglou noted in a note released Thursday: "We had expected a significant decline in post-Halving Computing Power as unprofitable Bitcoin Miner exited the Bitcoin network." Although there is some latency, this seems to be happening. Analysts added that current Computing Power and power consumption give them a central estimate of the cost of Bitcoin production at around $45,000, well below the current price of about $65,000.

In February, analysts estimated the cost of producing one Bitcoin at $42,000. Therefore, they also estimate that once the excitement triggered by the post-April Halving subsides, the price target for Bitcoin will be $42,000. Panigirtzoglou adds: "Production cost estimates are a function of Computing Power and Mining Equipment Efficiency, which are in a constant state after the Halving. ”

Runic protocol, on the other hand, caused a temporary spike in Bitcoin Money Laundering, providing Miner with a rise of income. However, the analyst noted in the report that the rune boost was short-lived, with user activity and expenses dropping dramatically over the past week or two. This highlights the ongoing challenges Bitcoin miners face in maintaining a sustainable revenue stream, especially in the post-Halving environment.

Analysts note that as enthusiasm for rune protocol fades, and the temporary push for Bitcoin Miner wanes, the decline in network power consumption exceeds the decline in hashrate, suggesting that unprofitable, poorly configured Miner are exiting.

DEX PancakeSwap recently announced plans to pay traders up to $8 million in fees incurred on rival Uniswap.

According to the plan, from May 16 to August 15, Crypto Assets traders participating in PancakeSwap v3 will receive a full refund of the interface fee for Uniswap v3 volumes at a ratio of 1:1. This move is due to Uniswap Labs increasing the interface fee for large longest swaps from 0.15% to 0.25% to ease the burden on users. Uniswap's interface fee is what a trader pays when performing a Token swap using the protocol's Wallet interface and web application.

To be eligible for a refund, Crypto Assets traders must hold at least $5,000 of packaged Bitcoin (WBTC) and/or packaged Ethereum (WETH) pairs traded on the Uniswap Ethereum platform between January 1 and March 31. Uniswap users can access PancakeSwap's Dune dashboard to check their campaign eligibility and fill out a form to request reimbursement.

PancakeSwap v3's interface fee campaign marks its latest effort to seize market share from competitors. According to CoinGecko, Pancakeswap currently ranks sixth among DEXs in terms of daily volume, slightly behind Uniswap V3's $700 million in metatransactions.

The American Depositary Trust and Clearing Corporation (DTCC) has partnered with Chainlink to complete a pilot program to tokenize data from TradFi funds and has successfully partnered with longest major U.S. banking firms, including JPMorgan Chase and BNY Mellon.

Protocol to the DTCC report, the pilot project is called the Smart NAV Pilot Program and aims to standardize the way to provide cross-Blockchain fund NAV data using Chainlink's Cross-chain Interoperability Protocol (CCIP). "By providing structured data on-chain and creating standard roles and processes, the underlying data can be embedded into longest on-chain use cases, such as tokenization funds and 'bulk consumer' smart contracts that hold data from longest funds," the report states. ”

The results of this pilot project show that tokenization of fund data can support future industry exploration and support "longest downstream use cases" such as brokerage applications, more automated data dissemination, and easier access to fund historical data.

DTCC also noted that the pilot project helped establish better automated data management and had limited impact on existing market practices at TradFi financial institutions. In addition, the project enables customers to retrieve historical data without manual record-keeping, as well as a broader API solution for price data.

Market analysis: BTC dominance rate reached 56%, NOT performance is not as expected

Market Trend:

BTC broke through the $66,000 mark yesterday, but then saw a slight pullback. This pullback triggered a sharp fall in altcoins, and BTC's dominance rate further increased to 56%. On the macroeconomic front, there was a pullback in U.S. stocks, and the market widely expected a higher probability of a rate cut in September.

Market Hot Spots:

1. NOT Gate.io launch of popular meme projects in the Ton ecosystem: Despite the high expectations for the launch, its price performance has fallen short of expectations, from its high point to now close to 50% Slump. NOT is a fully circulating meme token that is about 80% owned by miners and has a current market capitalization of about $760 million, which is basically in line with yesterday's forecast. The price performance of the project deserves further attention and may affect investors' confidence in the Meme Token in the future.
2. Oracle Machine Chain LINK big pump: LINK is rumored to be partnering with JP Morgan Bank, and this news could be a driver of price pump. At the same time, the public chain FTM has also pumped, and its project party plans to carry out a Sonic upgrade in the third quarter, which may include a developer reward program. These positive news may bring more long investor attention to the project.
3. The ALEX and STX big dump of the BTC ecosystem: ALEX is a DEX project on the BTC ecosystem, and recently the funds Private Key stolen, Hacker stolen STX for sale, resulting in a significant fall in the price of related Token. This incident is a warning about the security of BTC ecological projects, and investors need to be cautious about the investment risks of related projects.

In the context of the BTC price pullback, the alt coin as a whole has fallen, and the dominance rate of BTC has further improved. Investors need to pay close attention to market dynamics and adjust their investment strategies in a timely manner to prevent investment risks.

Macro: U.S. stocks lost momentum after the Dow hit the 40,000-point milestone, and Asian markets edged lower

U.S. equities closed lower on Thursday on May 16 as investors began to recalibrate interest rate cut expectations as the Dow Jones hit its all-time milestone of 40,000 points for the first time. Stocks pumped in early trading and the three major indexes closed slightly lower despite data showing slowing inflation.

The performance of the three specific indexes: the Dow Jones falls 0.10%; The S&P falls 0.21%; The Nasdaq falls 0.26%. Despite the Fed's rate hikes, the Dow Jones has recovered from its October 2022 lows, driven by a strong rise in the US economy.

Investors are betting that the Fed will cut rates twice this year and are pricing in a 70% chance of the first rate cut in September, according to CME Group's FedWatch tool.

All three major Wall Street stock indexes closed on Wednesday to record all-time closes on Wednesday after data showed that consumer prices pump less than expected in April, indicating that inflation has resumed its downward trend. However, Thursday's data showed that new U.S. jobless claims fell last week, and while job rise is cooling, labor market conditions remain quite tight.

Asian equities edged lower on 17 May, with traders cautious as they pondered the path of US monetary policy. Fed officials said Intrerest rates may need to stay higher for longer, although inflation is showing early signs of slowing.

Wednesday's data showed that U.S. consumer price inflation cooled, prompting markets to quickly price in expectations of at least two rate cuts this year. However, the latest report shows that the labor market remains tight, while Central Bank governors are cautious about inflation, which has led to doubts about monetary policy among investors.

While this week's data provides good news for the Fed on two fronts, policymakers have yet to change their views on investors' confidence that rate cuts will begin this year.

In the coin market, EUR/USD Exchange Rate pump up about 1% and last traded at $1.08595. USD/EUR Exchange Rate posted its biggest weekly fall since February, while EUR/USD Exchange Rate pump up about 1%.

JPY/USD Exchange Rate fall 0.23% to $155.80 in early trade, giving back some of the pump gains made after a dovish US CPI report earlier in the week. The yen has fallen by about 9.5% this year as Japan Central Bank maintained an accommodative monetary policy while the US fall Intrerest Rate rise attracted funds to US bonds and the US dollar.

In commodities, oil prices pump during the Asian trading session, with global Benchmark Brent crude prices set to pump for the first time in three weeks, on the back of improving global demand and signs of slowing inflation in the largest oil consumer in the United States.

U.S. crude prices were little changed, while global benchmark Brent crude pumped on improving global demand and signs of slowing U.S. inflation. U.S. crude oil prices were $79.18 per barrel, and Brent crude pumped 0.1% to $83.35 per barrel.

by Sherry S. & Icing. This article represents the views of the author only and does not constitute any trading advice. The content of this article is original, the copyright is owned by Gate.io, if you need to reprint, please indicate the author and source, otherwise you will be held legally responsible.