Gate.io Blog Daily News | Over 90% of Altcoin Holders Suffered Losses, HKMA Released A Report on "Tokenization of Hong Kong Bonds," Nvidia's Revenue Exceeded Expectations, Driving AI Tokens Up

Daily News | Over 90% of Altcoin Holders Suffered Losses, HKMA Released A Report on "Tokenization of Hong Kong Bonds," Nvidia's Revenue Exceeded Expectations, Driving AI Tokens Up

25 August 12:08

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## Crypto Daily Digest: The Central African Republic has passed the Tokenization Law, and the Hong Kong Monetary Authority has released a report on "Tokenization of Hong Kong Bonds"
The Sango platform based on the <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> side chain launched by the Central African Republic states that the country has passed the Tokenization Law, approving the tokenization of land and natural resources. Local and international entrepreneurs will be able to integrate real estate, agriculture, and natural resources through the Sango platform's blockchain integration.

The Central African Republic launched the Sango platform based on the Bitcoin side chain on July 25, 2022, and launched the pre-sale of SANGO tokens, which are the native cryptocurrency of the ecosystem. The total supply of SANGO is 21 billion.

The Hong Kong Monetary Authority (HKMA) has released a report on the tokenization of Hong Kong bonds and may issue tokenized green bonds from time to time. The report provides a detailed introduction to Hong Kong's experience in issuing tokenized green bonds for the first time, stating that bond tokenization is still in its early stages and that for it to be widely adopted, multiple challenges must be overcome. The existing legal and regulatory systems may also require fine-tuning to keep up and promote the adoption of technology. The Monetary Authority will continue collaborating with the government and other stakeholders to address the remaining issues to further strengthen the ecosystem and support the widespread adoption of tokenization.

Nvidia's Q2 revenue exceeded expectations, with AI-related tokens generally rising. Nvidia announced its second-quarter financial report, with a surge in demand for artificial intelligence chips, resulting in second-quarter earnings that significantly exceeded Wall Street expectations, reaching $13.5 billion in revenue, an 88% increase from the first quarter. The company's revenue figure is more than $2 billion higher than analysts' forecast of $11.2 billion.

Alternatively, due to this impact, AI-related cryptocurrencies such as FET, RNDR, and AGIX have all experienced a maximum increase of over 4% in the past 24 hours.

Regarding data change, the DeFi TVL of the entire network is approaching its low point since February 2021, currently around $38.18 billion.

More than 90% of Altcoin holders are in a loss state. According to data released by the encrypted intelligence platform IntoTheBlock, over 90% of Altcoin holders are in a loss state, and voting results show that DeFi tokens perform better. The mainstream DeFi tokens are <a href="/price/compound-comp" target="_blank" class="blog_inner_link">Compound</a> (COMP), <a href="/price/0x-zrx" target="_blank" class="blog_inner_link">0x</a> Protocol (ZRX), <a href="/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a> (UNI), AAVE, and Maker (MKR). Among them, MKR is the token with the smallest change in investor profitability.

Specifically, it identifies MKR as the most profitable asset for holders for most of the year. Only 52.36% of MKR holders are in a loss state. Similarly, UNI and AAVE investors in a loss state account for 71.93% and 76.35% of the holders, respectively.

Next, let's focus on the NFT market.

According to Nansen data, the floor prices of some blue chip NFT series have dropped by over 25% in the past 30 days, with BAYC floor prices dropping by 27%, DeGods floor prices dropping by 55%, and Azuki floor prices dropping by 36%. Meanwhile, the Nansen NFT-500 index has fallen 40% this year, while the Blue Chip 10 index has fallen 33%.

However, during this period, there were also some NFT series that performed well, such as Milady flooring prices rising by 66%; The price of Sproto Gremlins flooring has skyrocketed by 262%.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1692936379BTC 0825.png)
The daily chart shows a rebound in trading volume hitting the short-term average, followed by a rapid drop to the $26,000 USD level. The secondary market structure still leans towards a seller's market. In the short term, attention should be given to whether the $25,606 USD support holds. It is anticipated that today's trading will continue to oscillate within the range of $25,606 USD to $26,975 USD.

### ETH
![](https://gimg2.gateimg.com/image/article/1692936393ETH 0825.png)
After bottoming out twice within the upward trend, a rebound occurred towards the key resistance at $1,694 USD, followed by four attempts to break through the $1,700 USD threshold. The overall market still maintains the central structure around $1,658 USD, indicating a bearish trend. The major support level has shifted down to $1,610 USD.

### DOGE
![](https://gimg2.gateimg.com/image/article/1692936404DOGE 0825.png)
The daily chart has been in a significant downtrend for 835 days. The end of this downtrend is expected around October 15, 2023, possibly leading to a substantial trend change before the year ends. With the base price holding steady at $0.05099 USD, the potential independent trends could target $0.10799 USD, $0.15879 USD, $0.43360 USD, and new historical highs.

## Macro: Some tend to be dovish and the rest to be hawkish within the Federal Reserve, Focus on Powell's Speech Tonight
The three major US stock indexes opened high and closed low, with the Dow closing 1% lower, the Nasdaq closing 1.87% lower, and the S&P 500 index closing 1.3% lower. The Nasdaq China Golden Dragon Index closed down 0.66%. Vietnamese electric vehicle manufacturer VinFast bucked the trend and closed up 32% at a new closing high, with a market value of $114 billion. The Nvidia, which opened significantly higher, fluctuated lower throughout the day and ended up only 0.12% higher.

The number of initial claims for unemployment benefits in the United States for the week ending August 19th reached 230,000, a three-week low, lower than the expected 240,000. The previous value was revised from 240,000 to 239,000, indicating that the labor market is still tense. The US dollar index rebounded strongly and ended up 0.6% higher at 104, marking the first time since June 8th. The yield of US Treasuries rebounded, the yield of US 10-year treasury bond bonds closed at 4.245%, and the yield of two-year US Treasuries rose again to 5%.

Last night, the news level was quite lively; some tend to be dovish and the rest to be hawkish, leaving the market in turmoil. Let's take a look at what these officials have said.

This year's FOMC voting committee and Philadelphia Fed Chairman Huck believes that the Federal Reserve will maintain interest rates unchanged this year; If inflation decreases, interest rates may be lowered next year. Huck believed that interest rates should be lowered next year, which to some extent met the market's expectations but was soon vetoed by other officials.

In 2025, the FOMC voting committee and Boston Fed Chairman Collins stated that interest rates may be very close to their peak, but the possibility of further interest rate hikes should not be ruled out. Former St. Louis Fed Chairman Brad stated that the economic recovery may exert upward pressure on inflation, and there is uncertainty in predicting neutral interest rates.

There is a disagreement within the Federal Reserve now, and we don't know if we will cut interest rates next year. At least we know that it is basically impossible to raise interest rates in September, and then we can raise interest rates at most once this year.

Powell's speech is crucial tonight. The analysis and prediction probability will still be mainly hawkish, and then we will inevitably decide whether to raise interest rates based on data, and so on. We will wait and see.

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

BTC/USDT -0.20%

ETH/USDT + 0.07%

GT/USDT -0.33%

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Daily News | Over 90% of Altcoin Holders Suffered Losses, HKMA Released A Report on "Tokenization of Hong Kong Bonds," Nvidia's Revenue Exceeded Expectations, Driving AI Tokens Up

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