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Hong Kong Monetary Authority sets up a working group to support tokenized markets

Hong Kong Monetary Authority sets up a working group to support tokenized markets

May 8, 2024

Hot projects + Market overview

I. Mainstream exchange news

  • Bybit partners with Ethena Labs to utilize USDe as collateral, integrating it into the spot trading pairs of Bitcoin and Ethereum.
  • Binance CEO appeals to the Nigerian government to release its executive, Tigran Gambaryan.
  • Binance to add EGLD/TRY, PHB/TRY, RSR/TRY spot trading pairs.
  • Binance  completes the mainnet integration of dYdX (DYDX).
  • Suilend launches a daily points program with 10 million points stored on-chain.
  • The Aethir Cloud Drop event will airdrop to the Azuki community.
  • Grayscale withdraws its Ethereum futures ETF application to the US SEC.
  • Velodrome, a decentralized trading protocol, is now live on Mode Network.
  • Starknet Foundation launches a $5 million seed funding program.
  • Tabi Chain to distribute 800 million TABI tokens in its first season airdrop.

III. Funding news

  • Ambient, a DePIN project in the Solana ecosystem, completes a $2 million seed round funding.
  • ZKM completes a $5 million Pre-A round financing led by OKX Ventures.
  • OKX Ventures announces investment in Blade of God X.
  • Botanix Labs completes a $11.5 million funding participated Polychain Capital.
  • Singapore's Web3 platform Galaxis completes a $10 million funding round.

IV. Regulatory news

  • The US SEC Chairman states that crypto market is a major fraud area, investors haven't received crucial information disclosure.
  • South Korea's Democratic Party pledges to induce local financial institutions to launch crypto spot ETFs.
  • Nigeria to ban the use of Naira for P2P cryptocurrency transactions.
  • Hong Kong Monetary Authority sets up a working group to support tokenized markets.
  • Australian Taxation Office asks crypto exchanges to submit personal data and transaction details of 1.2 million accounts.

Market Overview

BTC rebounded to a high of $65,500, followed by a 4-hour correction. Current support levels are at $57,881 and $55,875. BTC's adjustment cycle has been ongoing for 55 days since reaching its peak. Given the timeline, the adjustment period has yet to meet expectations, so it may be wise to continue observing patiently.

BTC Spot ETF

Data as of May 7th shows a net inflow of $11.76 billion into BTC spot ETFs, with a daily net outflow of $15.64 million and daily turnover of $1.2 billion. The net ETF assets accounted for 4.2% of BTC's market value. Among these, key observations include:

GBTC: The single-day net outflow was $29 million, with an accumulated net outflow of $17 billion, and a daily trading volume of $295 million. The current net asset value is $18.4 billion.

IBIT: No data available.

FBTC: The single-day net inflow was $4 million, with an accumulated net inflow of $8 billion, and a daily trading volume of $209 million. The current net asset value is $9.65 billion.

ARKB: The single-day net inflow was $3 million, with an accumulated net inflow of $2 billion, and a daily trading volume of $66.15 million. The current net asset value is $2.74 billion.

CWIF rebounds 240%

As a cat-themed memecoin, CWIF's IP image is a cat with a hat. Each on-chain transaction automatically destroys 4% of CWIF. The token has recently rebounded strongly by 240% from its bottom.

TRB rises 139% from bottom

TRB, being one of the trailblazers in this bull market, has demonstrated a robust performance, witnessing a substantial gain of 139% from its recent low. This signifies a likely resurgence trend. The ascension of TRB may trigger a new wave of sector rotation within the market.

MERY performs strongly recently

MERY is a memecoin on the Cronos network. Recently, several memeCOINs on Cronos have exhibited strong performances, with @Misteryoncro continuously propagating. The Total Value LockeD (TVL) in the Cronos ecosystem stands at $504 million, and the recent fluctuation is relatively mild. Following capital inflows could be noteworthy.

On-chain Daily

  1. ARKY: ARKY is a memecoin inspired by the dog of Hal Finney, who is suspected to be Satoshi Nakamoto, despite his strong denial. Yet, he is undeniably tied to the birth of Bitcoin.

Current price: 0.00538 USDT

Historical high: 0.0412 USDT

24-hour increase: 11.1%

Current market cap: $1.5M

  1. THREE: THREE is a DAO with AI + Zero-Knowledge Proof (ZKP) privacy race + triple signatures, provides anonymity for users during transactions without the need for KYC.

Current price: 0.344 USDT

Historical high: 0.45 USDT

24-hour decrease: 0.68%

Current market cap: $34.3M

  1. JOGECO: JOGECO is a memecoin on Base. Portrayed as an English Bulldog, it's the pet of former Coinbase Policy Head, John Collins.

Current price: 0.0826 USDT

Historical high: 0.0893 USDT

24-hour increase: 47%

Current market cap: $1M

  1. BROGG: BROGG is a memecoin on Base. It’s featured as the dog of the 'Boy’s Club' character Brett (a memecoin himself). The project was taken over by the community on April 30th.

Current price: 0.53 USDT

Historical high: 0.92 USDT

24-hour increase: 34.4%

Current market cap: $529K

5.MOTION: MOTION is a memecoin on Solana. Its logo is the Money-Mouth Face Emoji 🤑. The project was taken over by the community on May 7th.

Current price: 0.0042 USDT

Historical high: 0.0062 USDT

24-hour increase: 1360%

Current market cap: $3.8M

6.CAT: CAT is a memecoin on Solana, launched by the famous KOL Sisyphus. The developer wallet's 48% tokens, with 28% being destroyed, 10% locked for 10 years and 10% locked for 1 year.

Current price: 0.00154 USDT

Historical high: 0.0051 USDT

24-hour increase: 243%

Current market cap: $1.1M

The content above is neither a recommendation for investment and trading strategies nor does it constitute an investment offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.

The content of this document has been translated into different languages and shared throughout different platforms. In case of any discrepancy or inconsistency between different posts caused by mistranslations, the English version on our official website shall prevail.

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