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Liquidity in the Crypto Assets market is tightening, and BTC is fluctuating under the influence of Mtgox compensation.
Crypto Assets Market Weekly Report
Overview of BTC and ETH This Week
market performance
This week, the Crypto Assets market is overall in a downward trend. Bitcoin has been significantly affected by the Mtgox compensation distribution event, leading to a large decline. The volatility of Ethereum is weakening, indicating that the negative impact after the spot ETF listing is fading, which is beneficial for its long-term price trend.
Important Events
The Mtgox bankruptcy compensation work is still ongoing, and this week, Bitcoin continues to be transferred from its address to the exchange in preparation for compensation. Currently, there are still 32,899 Bitcoins remaining in that address. Although the Bitcoin price did not fluctuate significantly at the start of the compensation plan, as other uncertainties increased and market purchasing power decreased, the Mtgox compensation began to affect market prices.
The Federal Reserve announced on Thursday to keep the interest rate unchanged at 5.25%, in line with market expectations. Subsequently, the Fed Chairman's remarks suggested a potential rate cut in September, which also met expectations. This led the market to fully price in a rate cut in September, with the expected cut shifting from 25 basis points to 50 basis points. As a result, U.S. stocks rose, and U.S. treasury yields fell across the board. However, this shifted the already limited liquidity from the Crypto Assets market to the stock and bond markets, causing a liquidity shortage in the crypto market, decreased purchasing power, and resulting in the phenomenon of rising U.S. stocks while crypto assets fell.
On July 31, the top leader of Hamas was killed in an airstrike in Tehran, Iran. This sudden event could further worsen the situation in the Middle East, and if Iran intervenes directly, the United States may become involved in the war. Following the news, U.S. stocks opened lower, while oil and gold prices rose in the short term.
Altcoin Overview This Week
Overall Performance
This week, the market sentiment index has significantly dropped to 12%, indicating an extreme fear phase, a noticeable decline from last week's 42%. This is mainly influenced by macro policy uncertainties, escalating geopolitical conflicts, and Mtgox compensation factors. In particular, after the Federal Reserve hinted at a rate cut in September, market liquidity began to flow into U.S. Treasuries and U.S. stocks, further reducing the already limited liquidity in the crypto market and decreasing purchasing power. These factors have a significant impact on Altcoins, leading investors to be generally cautious and adopt a wait-and-see attitude.
price performance
This week, there was no significant sector effect in the Altcoin market, with rising tokens dispersed across various sectors, and the increase was lower than last week, indicating a substantial correction in the overall Altcoin market.
The overall performance of Meme tokens is poor, with most in a downtrend, and only a few tokens showing an increase.
social media hotspot
According to data statistics, the most discussed topic on social media this week is Layer 1 public chain.
Topic Tracking
In terms of weekly return rates, the best-performing track is SocialFi, while the worst is Meme coin.
The SocialFi sector has performed well, mainly because there are fewer projects issuing tokens in this sector, with TON accounting for 93.62% of the market value. This week, TON showed strong performance, rising 2.41% against the trend, with an annual return rate as high as 458.84%. However, most other SocialFi projects are in a downward trend.
The overall performance of the Meme token sector is relatively poor, with only 3 Meme projects among the top 500 by market capitalization showing an increase, while all others declined. This is mainly because in a bearish market trend, Meme tokens often experience larger drops.
Important Events Preview for Next Week
Market Outlook for Next Week
Bitcoin: Mtgox compensation continues, coupled with increased macro uncertainty and insufficient market liquidity, it is expected that there will be wide fluctuations next week.
Ethereum: Affected by "Sell the news", Grayscale's ETHE continues to sell off in large quantities. Although the selling volume has decreased, it still exceeds 40,000 coins daily. In the short term, Ethereum is under significant selling pressure, and with insufficient market liquidity, it is expected to have further room for correction.
Altcoin: Affected by the decline of the overall market and Ethereum, investor sentiment is low. Due to the lack of new hot tracks or events, Altcoins may still follow the overall market trend next week, making it difficult to see independent market movements.