Cryptocurrency Market Overview 04.09.2023
News block
1. The growing popularity of cryptocurrencies in Turkey
According to a study conducted by KuCoin (the 4th largest cryptocurrency exchange in the world), the popularity of cryptocurrencies in Turkey is steadily growing. So over the past year and a half, the level of acceptance of cryptocurrencies among the population has increased from 40% to 52%.
"According to our findings, a growing number of investors in Turkey point to the recognition of cryptocurrencies as a means of protection against inflation, especially given that the Turkish lira is losing more than 50% of its value against the US dollar," said a representative of KuCoin.
In its previous reports, the KuCoin exchange pointed to similar trends in Brazil and Nigeria, where inflation is also a serious problem.
Recall that stablecoins are also a cryptocurrency.
2. JPMorgan: SEC to Approve Spot Bitcoin ETF
JPMorgan analysts have published a research report showing that Grayscale's recent victory in the lawsuit indicates that the US SEC may be forced to approve a spot application for a bitcoin ETF from Grayscale and other asset management companies.
Analysts believe that otherwise the SEC needs to withdraw its previous approval of the bitcoin futures ETF in order to justify its "rejection of Grayscale's offer to convert their Bitcoin Trust into an ETF," and this seems unlikely.
Mid-October is the next interim deadline for the SEC, when the regulator will have to make a decision on the spot bitcoin ETF.
Overview of the crypto market
🔸 The current capitalization of the crypto market is $1.089 trillion
🔸 Trading volume for the last day is $26.26 billion
🔸 BTC dominance 46.5%
🔸 Fear and Greed Index:
- today 40, yesterday 40 a week ago 39
where, 0 is extreme fear (may be a sign that investors are too scared - it's often a good time to buy), and 100 is extreme greed (the market needs correction).
The price of the leading cryptocurrencies has hardly changed over the past day. Bitcoin is also trading around $26k, and the value of ETH is $1.64k.
Statistically, September is a bad month for the BTC price. But despite the fact that the value of the leading cryptocurrencies may continue to decline, right now the first important positive sign for the crypto market has appeared:
Over the past 18 months, the market capitalization of the six largest stablecoins has collectively decreased by 25.9%. However, for the first time since the collapse of the FTX (November 2022), this indicator is now growing. Thus, since August 22, the total market capitalization of stablecoins has increased by $ 663.2 million:
At the same time, large holders of BTC continue to replenish their stocks. For example, Lucas Outumuro, head of research at IntoTheBlock, pointed out in his latest report that large investors in BTC did not seem to be afraid of the recent price drop and significantly increased their assets (in total by $1.5 billion). IntoTheBlock data shows that large holders replenished their stocks for the first time after August 17, when BTC fell by more than 10% to below $26k.
Against this background, the number of non-zero BTC addresses reached a new record level and exceeded 48.5 million:
The largest separations of September
Tokens of a number of large crypto projects will be unblocked this month:
AVAX - unlocking tokens for $98.88 million, which is 2.7% of the Market Cap
BIT - unlocking tokens for $71.95 million, this is 5.88% of the Market Cap
HBAR - unlocking tokens for $60.17 million, this is 3.43% of the Market Cap
APE - unlocking tokens for $56.92 million, which is 11% of the Market Cap
UNI - unlocking tokens for $38.14 million, which is 1.44% of the Market Cap
TRIBL - unlocking tokens for $36.86 million, which is 11.2% of the Market Cap
SUI - unlocking tokens for $36.29 million, this is 9.68% of the Market Cap
FIL - unlocking tokens for $28.55 million, this is 1.94% of the Market Cap
APT - unlocking tokens for $25.58 million, this is 1.99% of the Market Cap
IMX - unlocking tokens for $22.56 million, this is 3.62% of the Market Cap
