Providing a round-up for Digital Assets Institutional clients and investors. Each week we summarize market movements and provide some insights into Digital Assets product innovation relevant to a Capital Markets audience.
- Coins: The Digital Assets industry fell 9.8 % week on week reaching 1.29 Bn USD Market Capitalization. Bitcoin dominance increase at 46.1% with a current Market Cap of 596 BN USD (-71% WoW). Ethereum market share dropped at 221 BN USD losing 11.4% WoW.
- Other Coins: NEM (XEM) registered a 14.7% week on week gain in price, from 0.12 USD to 0.16 USD. The coin has a current market capitalization of 1.2 Billion USD and represent the 59th largest crypto coin.
- Bitcoin: Bitcoin faced one of its lowest weekly close since December 2020. The BTC price reduced its trading range between 33,000 and 31,000 USD during the last week. The weekly average trading volumes continue a downward trend, dropping from 25.4 to 21.0 BN USD showing a 21% WoW reduction. Miners’ transactions fees, after a slight increase, fell steadily the entire week from 32 to 12 BTC per day resulting in a 57.9% WoW contraction. The Network Hashrate faced another week of high volatility. The data shows a sharp peak on Wednesday at 121 Eh/s and an overall week on week increase of 3.8%.
- Ethereum: The Ethereum market faced bearish week. The ETH price dropped again below 2,000 USD during the last week reaching the lowest point on Friday 16th at 1,853.5 USD with an overall WoW contraction of 11.4%. The weekly average trading volumes fell from 20.2 to 15.6 BN USD, resulting in a 22.8% drop. The Mining fees after a positive first part of the week with a peak at 22.8% of the total block reward, dropped again around 15%. The Network Hashrate was quite volatile last week; the data shows a relevant drop on Tuesday with a subsequent slight recovery till the end of week at 515 Th/s.
- CBDC – Digital Yuan Whitepaper
On the 16th of July, China released the Digital Yuan Whitepaper. This explicitly states that the e-CNY is issued by the central bank, while being distributed by commercial banks, clarifying that this is not a synthetic CBDC. The main objectives outlined in the Whitepaper are financial inclusion, to provide a public good digital cash, promoting fair competition and interoperability between varying forms of digital cash and allowing cross border payments. The e-CNY’s legal tender status, lack of a bank account requirement, offline payment ability and managed anonymity are key differentiating factors from other digital payment solutions.
- For more information on compliance topics for Digital Assets please use our in-house resource – www.kyh.digital – as well as visiting our friends at www.xreg.consulting