Steaker Monthly Report (2022/06/11–2022/07/10)

7月 11, 2022

Market Recap:

The broad index in the US over the past month dropped to levels not seen since January 2021. Amid this growing economic gloom is a broader retreat by the cryptocurrency complex in the wake of data showing US inflation hitting a record 40-year high.

As a sell-off in global risk assets resumed, Bitcoin fell below the closing price of $26,574 on June 15 following a two-month crypto market correction between $28,000-$30,000, with crypto investors reeling from a dramatic plunge over the last month that saw the world’s largest cryptocurrency drop this sharply.

Celcius Network, the major crypto lending and staking giant in the States, halted withdrawals, exchanges, and transfers between accounts on June 13, resulting in many thinking that Celcius is another Ponzi scheme. On the same day, mainstream coins such as BTC and ETH all plummeted by over 15%.

The Fed announced the benchmark interest rate would be hiked by three-quarters of a percentage (0.75) point on June 15 in an effort to combat stubbornly high inflation, and by reason of the fact that this interest hike was in line with market expectations, the crypto market pared losses from decline only momentarily.

On June 18, however, investors were back in the red. The crypto market sank, seeing Bitcoin falling below $20,000, to prices it hadn’t seen since the end of 2020. This downtrend continued to the next day when it hit a new record low at about $17,760.

On top of that, ETH, the second-largest crypto by market cap, fell below $1,000, to about $881, reaching a new record low over the last year. To date, Bitcoin is down more than 60% from its all-time high since last time, fully mirroring the widespread fears of the macroeconomic recession and jeopardizing the risk appetite for all crypto investors.

Problems that lurked in the booming bull market, such as over-leveraged trading and poor risk-control, have all surfaced this month, setting off a series of perilous chain reactions.

From the Celcius collapse to Three Arrows Capital and Voyager Digital filing for bankruptcy, it is rather clear that institutional liquidation leads to overall credit damage and worsens the cryptocurrency market, which may further decrease the market liquidity. All things considered, it seems that the crypto winter is not done with us yet.

Last month, BTC prices traded between a new monthly low of $26,700 and a local high of $29,435, while ETH prices traded between a new monthly low of $897 and a local high of $1,683.

According to CoinGecko, the top 100 DeFi tokens’ market cap significantly declined from $49.3bn on June 10 to $39.0bn at the time of writing, down 20.94% MoM. The DeFi dominance in the crypto space currently sits at 4.04%, a net increase of 0.22 ppts from the previous month.

According to DeFi Llama, the total value locked (TVL) also surged from $106.15bn to the current level of $76.4bn, dropping 28.03% MoM.

Citing the data on CoinGecko, the NFT tokens and GameFi tokens market cap dipped by 19.21% MoM and 20.15% MoM to $15.0bn and $6.57bn respectively.

Top 100 Coins Price Index:

Top 3 price gainers: QNT (+31.97%), UNI (+22.63%), SHIB (+9.04%)

Top 3 price losers: BCH (-36.76%), ETH (-31.96%), XMR (-31.78%)

Benchmark: BTC (-29.60%)

DeFi Tokens Price Index:

Top 3 price gainers: UNI (+22.63%), DYDX (+17.54%), EPS (+11.47%)

Top 3 price losers: BNT (-60.70%), LDO (-37.01%), BAL (-34.68%)

Benchmark: Top 100 DeFi Tokens’ Market Cap (-20.94%)

NFT Tokens Price Index:

Top 3 price gainers: CEEK (+90.22%), LYXe (+34.10%), YGG (+28.70%)

Top 3 price losers: ILV (-57.48%), FET (-47.87%), CFX (-34.85%)

Benchmark: NFT Tokens’ Market Cap (-19.21%)

Metaverse/GameFi Tokens Price Index:

Top 3 price gainers: CEEK (+90.22%), LYXe (+34.10%), YGG (+28.70%)

Top 3 price losers: ILV (-57.48%), VR (-42.57%), BSW (-32.58%)

Benchmark: GameFi Tokens’ Market Cap (-20.15%)

Top Industry News

  1. Crypto Lending Service Celsius Pauses Withdrawals, Citing 'Extreme Market Conditions'
  2. Ethereum's Arbitrum Now Controls over 50% of All L2s' TVL
  3. OpenSea Moves to Seaport Protocol to Cut Ethereum Gas Fees by 35%
  5. GameFi continues to grow despite crypto winter: DappRadar report
  6. How a Solend Whale With a $108M Loan Nearly Crashed the Solana Network
  7. FTX agrees deal with option to buy BlockFi for up to $240mn
  8. Voyager Seeks Bankruptcy Protection Amid Crypto Credit Crisis