💸 Stablecoin market capitalisation reached a two-year high; Crypto.com Exchange was the top crypto exchange with USD support by spot trading volume in July

Stablecoin market capitalisation reached a two-year high; Crypto.com Exchange was the top USD crypto exchange by spot trading volume in July; Grayscale Bitcoin Mini Trust began trading on 31 July.

Crypto Market Pulse

Quick Take

  • Stablecoin market capitalisation reached a two-year high; Crypto.com Exchange was the top crypto exchange with USD support by spot trading volume in July; Grayscale Bitcoin Mini Trust began trading on 31 July.
  • US spot Ethereum ETFs saw a US$169 million net outflow last week, while spot Bitcoin ETFs had a weekly net outflow of $81 million.
  • On the macro side, a few interest rate decisions were announced last week. The US Fed kept interest rates unchanged in the July meeting. UK’s BoE cut interest rates by 0.25% to 5%, its first cut since March 2020. Japan’s BoJ raised the short-term policy rate from 0-0.1% to 0.25%, the highest level since 2008. The latest CME FedWatch Tool showed a 100% probability of a September rate cut in the US. US jobs data announced last week also came in weaker than expected; nonfarm payrolls increased by 114,000 in July, while unemployment rate increased to 4.3% in July. This coincided with a drop in the broader equity and cryptocurrency markets.
  • Notable updates: Compound cancelled Proposal 289; GalaChain Testnet went live on 30 July; the Crypto.com App listed Render (RENDER) and Layer3 (L3).
  • Notable events in the coming week: Interest rate decision from Australia, US PMI data.

Weekly Market Index

All three market indices dropped last week. Price, volume, and volatility indices decreased by -13.82%, -3.32%, and -0.85%, respectively. The downtrend coincided with the US government moving 29,800 BTC (~$2 billion) from seized Silk Road funds, weaker-than-expected US jobs data, and a drop in the broader equity markets. The price decrease was led by ONDO (-29.67%).


Chart of the Week

Stablecoin market capitalisation reached $164 billion in late July 2024, a two-year high since the collapse of Terra’s UST in 2022. According to DefiLlama, as of 31 July 2024, USDT and USDC take up 70% and 20% of market capitalisation, respectively. 

PayPal’s stablecoin, PYUSD, has surpassed $620 million in market capitalisation within its first year of launch. This expansion of stablecoin adoption and liquidity indicates that more capital is flowing into the broader crypto economy.


Weekly Performance

BTC and ETH decreased by -13.0% and -13.6%, respectively, in the past seven days. Price action for all other selected top market capitalisation tokens was down. INJ (-29.4%) led the drop.

Key categories were all down in market capitalisation in the past seven days. The artificial intelligence category led the drop.


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News Highlights

ETFs and Funds

Regulations

Others


Recent Research Reports

Alpha NavigatorRoundup Ch Banner June
Alpha Navigator: Quest for Alpha [June 2024]New Developments in GameFi: Play-to-Airdrop and Prediction MarketsResearch Roundup Newsletter [June 2024]

Recent University Articles

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Catalyst Calendar

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Research and Insights Team

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