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Bitget Bites (August 25, 2022)

Bitget Bites (August 25, 2022)

The global market cap is standing at US$1.037 trillion, showing a 1.73% increase from yesterday and the 24-hour volume was down by 7.55% to US$65.33 billion. Our report on activities of the Spot Market and Futures Market are below:

Spot Market Updates

Bitcoin has been trading between US$21,273.79 and US$21,783.08 within the last 24 hours. As of 3:30 AM UTC, BTC price stands at US$21,552.96, which is a 1.10% increase compared to Ethereum’s 3.46% increase.

There has also been a decrease (-15.10%) in the volume of our spot market. There has been a slight increase in the volume and price of altcoins over the past 24 hours, with some altcoins trading above the volume of US$1 billion, in order of market cap and volume we have BNB (-0.23%), XRP (+1.79%), and ADA (+1.11%).

The highest price and lowest price levels of BGB in the last 24 hours were US$0.16300 and US$0.15928, respectively.

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The Top 3 Gainers of The Day are Tornado Cash (TORN), Santos FC Fan Token (SANTOS), and S.S Lazio Fan Token (LAZIO).

1st Place

TORNUSDT: Up by 29.05%

Tornado Cash aims to solve a number of the privacy and anonymity issues in the crypto world, particularly surrounding traceability of transactions. Tornado Cash v1 was launched in August 2019 as an experimental software, and later evolved into a fully decentralized non-custodial protocol that permits private transactions. Tornado Cash utilizes smart contracts on the Ethereum network. The protocol is able to achieve this level of privacy by disrupting the on-chain link between the addresses of the sender and recipient. With a current market cap of $13,165,075.99 and 24 hour trading volume of US$167,343.04, touching a low of US$8.9 and a high of US$12.88 in the past 24 hours, TORN is trading at a current market price of $12.05.

2nd Place

SANTOSUSDT: Up by 8.68%

Santos FC Fan Token (SANTOS) is a fan token of the eponymous football team that was launched by a partnership between Santos FC and Binance Launchpool. Santos FC, aka Santos Futebol Clube, is a Brazilian sports club in the state of São Paulo, based in Vila Belmiro. The pandemic hit football clubs hard, and as a result, the concept of a fan token was born. The fans were delighted, then the investors picked up the enthusiasm. With a current market cap of $63,659,184.47 and a 24-hour trading volume of US$138,342.82, touching a low of US$13.0896 and a high of US$15.2778 in the past 24 hours, SANTOS is trading at a current market price of US$15.2778.

3rd Place

LAZIOUSDT: Up by 8.08%

The LAZIO token is the Fan Token of the football team S.S. Lazio - a professional sports club based in Rome, Italy. Lazio is one of the top football teams at the moment, along with other Italian clubs like Juventus, Napoli, A.C. Milan and Inter Milan. With a current market cap of $48,446,010.27 and a 24 hour trading volume of US$91,485.61, touching a low of US$5.3333 and a high of US$5.9653 in the past 24 hours, LAZIO is trading at a current market price of $5.6189.

Meanwhile, the Top 3 Losers include:DAOUSDT (-41.63%), STCUSDT (-39.10%) and FTSYUSDT (-30.19%).

Futures Market Updates

Activities on Futures markets are slightly expanding with the Open Interests (OI) of all cryptocurrencies now recorded at US$4.54 billion, equivalent to a 1.57% increase from yesterday. The aggregated futures volume also saw a slight increase of 0.80% to US$252 billion in the last 24 hours.

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Bitcoin remained the most popular underlying asset for Futures traders and, obviously, the most liquid market: Bitcoin OI Dominance remained at 68% of the total OI, now standing at US$3.08 billion. The daily volume of Bitcoin contracts declined by 16.07% to US$178,781.00. The last cycle of funding rate (-0.0087%) demonstrates a potential mild buy signal.

Bitcoin Long/Short Ratio reflects the market sentiment on this flagship coin, extremely bearish at 29.42%/70.58%. Most BTC long ETFs locked in a small price increase, except for the highly anticipated ProShares’ Short Bitcoin Strategy ETF (BITI), which closed the day at US$35.70 from the opening price of US$36.20.

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