Bullish Insights – Weekly Market Recap
Insights • Aug 5, 2022 • 2 min read
The Bullish Insights Weekly Market Recap includes curated industry news and analysis from the Bullish team for the week of August 1, 2022
This week’s peak trade volume (24h): August 3rd, 2022, $696,822,950
Crypto market highlights
- As of August 1st, 2022, Bitcoin dominance was at 41.9%.
- Last week, digital asset investment total flows saw $81mn worth of inflows with Bitcoin seeing $85mn of inflows and Ethereum seeing inflows of $1mn.
- Ethereum’s all-time high record of active addresses was broken on July 26, 2022 when 1.06 million active addresses were recorded.
- According to WuBlockchain, crypto VC public investments saw a dip by 48%MoM and 42%YoY.
Macro market highlights
- As of August 2, 2022, US, Asian equity markets and the crypto market began trading lower in advance of US House Speaker Nancy Pelosi's trip to Taiwan. Bitcoin fell 1.9% breaking below $23K and the 100-hourly SMA.
- US equity markets rebounded in Wednesday's trading session coinciding with strong economic data indicating the US services sector reached a three-month high in July. The S&P 500 rose 1.6%, the Dow was up by 1.3% and the Nasdaq Composite climbed by 2.6%.
- US equity markets closed on a mixed note in Thursday's trading session with fresh corporate earnings reports released and data suggesting the number of Americans applying for unemployment benefits rose to 260,000 by July-end. The S&P 500 saw little change, the Dow fell by 0.3% and the Nasdaq Composite climbed by 0.4%.
- A report about stablecoin Binance USD (BUSD) reveals that 60.5% of its total reserves are backed by US Treasury bills while over 35% is made up of report agreements. (Source: forkast)
- Japan has shelved further trials of its CBDC due to a lack of public interest. (Source: Finbold)
- CoinShares have reportedly seen a $21mn loss in 2Q 2022 following the collapse of UST. (Source: THE BLOCK)
- Solana Status tweeted an update that the recent Solana hack appears to have been an exploit isolated to one wallet, Slope Finance.
- In June, the Bank of Suzhou offered a collateralized digital yuan loan of US $296,116 to a machinery manufacturing firm cementing China’s push for adoption of its CBDC. (Source: forkast)
To receive daily market updates, subscribe to our Bullish Insights Telegram channel.