Crypto Assets Market Weekly Report

Weekly Overview of BTC and ETH

This week the Crypto Assets market has shown severe volatility:

Bitcoin suffered a significant drop at the beginning of the week due to the global market downturn, but with the release of new economic data, market sentiment improved and the price rebounded.

Ethereum also suffered a heavy blow at the beginning of the week, with the chain reaction further exacerbating the decline. Although there was a subsequent rebound, the strength was relatively weak.

Important Events

Global Market Turmoil

On Monday, the Japanese stock market plummeted and triggered a circuit breaker, causing all three major U.S. indices to subsequently fall. The market reacted strongly to weak employment data, raising concerns about an economic recession, which led to panic selling. However, as other economic data was released, the market gradually stabilized and rebounded.

Economic data improves

The US non-manufacturing PMI for July exceeded expectations at 51.4, and the number of initial unemployment claims fell to 233,000 in early August. These data eased market concerns about an economic recession and boosted market recovery.

Geopolitical tensions

The uncertainty in the Middle East situation is increasing, putting pressure on global markets.

changes in American politics

The Democratic Party has nominated the current Vice President as the presidential candidate. He has had preliminary contacts with executives in the Crypto Assets industry, sparking new expectations in the market for future policies.

Altcoin Weekly Overview

overall performance

This week, the market fear index has dropped to 9.2%, entering the extreme fear zone. Last Friday's weak employment data triggered concerns about an economic recession, leading to a sharp decline in the market on Monday, with Altcoins generally falling over 20%. Subsequently, as the economic data improved, the market began to rebound, but most tokens rebounded less than the overall market, reflecting that investors remain cautious.

leading token

The top five tokens with the highest increase this week come from different tracks such as DEX, Depin, L1s, wallets, and privacy, showing no characteristics of sector concentration, as the market is still in the process of rebounding.

Meme Token

Meme coins experienced a significant decline this Monday, generally exceeding 30%. Although the subsequent rebound was stronger than in other sectors, the increase was not remarkable. It is worth noting that the pace of updates in the Meme category has accelerated, which, while demonstrating vitality, also exposes instability that may affect the confidence of long-term investors.

social media hot topics

The most discussed topic on social media this week is the L1s track, but the related tokens have shown mixed performance. Some tokens rebounded less than the overall market, possibly indicating weaker capital strength.

Sector Performance

The Payment track performed the best, mainly driven by positive news for XRP. The RWA track performed the worst, influenced by expectations of economic recession.

Important Events Next Week

• August 13: Asian Web 3.0 Institutional Summit
• August 14: US July CPI data released; Istanbul Blockchain Week 2024
• August 15: US July retail sales data
• August 16: OnChain Summit; ETHShenzhen 2024 Summit and Hackathon

Market Outlook

1. Bitcoin is expected to continue to fluctuate widely, and investors should remain cautious, but they can pay attention to rebound opportunities.

2. Ethereum may fluctuate in sync with Bitcoin, and there could be short-term buying opportunities, but long-term risks still exist.

3. Altcoins are expected to see a rebound, but the increase may be limited. Investors should remain cautious and closely monitor market changes.