The total cryptocurrency market cap decreased by -8% this past week, falling from $1.59T to $1.46T. All major assets saw negative returns, as the median 7d return was -10.2%.
Some highlights from last week:
- Cathie Wood’s Ark ETFs Loaded Up On Coinbase and the Grayscale Bitcoin Trust as Crypto Collapsed
- Andreessen Horowitz Launches $2.2 Billion Crypto Fund
- Gemini Offsets Bitcoin Carbon Emissions, Launches Gemini Green
- IMF Says Discussions with El Salvador are Ongoing, Bitcoin Concern Persists
- VanEck Files for a New Bitcoin Futures Mutual Fund with US SEC
- Stronghold Digital Mining Raises $105M to Turn Waste Coal Into Bitcoin
- ASIC Manufacturer Canaan Inc. Launches Bitcoin Mining Farm in Kazakhstan
- El Salvador to Airdrop $30 BTC to Residents as Bitcoin Adoption Gains Ground
- Circle Launching DeFi API to Lower The Barrier to Entry for Businesses
Crypto Topics Trending in the Media
The total cryptocurrency market cap decreased by -8% this past week, falling from $1.59T to $1.46T. All major assets saw negative returns, as the median 7d return was -10.2%. Long term sentiment scores remain positive, despite decreasing week over week for the past couple months. Trading volume was up big (+27%), with DOGE seeing triple digit volume increases of +191.3%. Tweet volume increased by 8.9% across the board.
Down from All Time Highs
Almost all cryptocurrencies have retraced from their all time highs that we set in recent months. The chart below shows the top 20 coins by market cap, ranked by the percentage down from all time high prices. SOL (-42%), ADA (-45%), and BTC (-46%) are the only 3 coins that are down less than than -50%.
Cryptocurrency tweet volume has been on the rise this year, as we are seeing more activity than ever before. So far in 2021, there have been 13.4M tweets in total about Bitcoin (filtering out spam/bots/etc.). Within this same time period, aggregated tweet volume for the major altcoins have reached 11.1M.
The early days of this week consisted of choppy price action for Bitcoin while short term investor sentiment remained negative, that is until comments from the Bank for International Settlement began to flood media headlines. The BIS said that “Bitcoin is speculative, bad for the planet, and often used for crime”, but despite these rather negative comments, Bitcoin conversations on Twitter started shifting more positively.
Cardano and Orion
On Wednesday, Cardano announced a new partnership with the Orion Protocol to bring a one-stop crypto marketplace to Cardano. The new collab aims to make mainstream buying and selling digital assets as easy as traditional finance. Shortly after this announcement, the price of ADA surged by 13.8% as tweet volume increased by 275%.
Coinbase Lists Livepeer (LPT) and Quant (QNT)
On Wednesday, Coinbase announced that Livepeer (LPT) and Quant (QNT) would be launching on Coinbase Pro. Shortly after this announcement, the prices of these assets began to move in opposite directions, with QNT surging upwards of 61.3% at its peak while LPT fell -28.3% at its lowest point.