Weekly recap: crypto market attempts to gain a foothold

Crypto market in numbers

During the week, the capitalisation of the cryptocurrency market stood at above $1.2 trillion, but failed to gain a foothold above $1.3 trillion.

Trading activity dropped significantly over the week. At the peak of sales between 11th and 12th May, daily trading volumes exceeded $200 billion. However, by 18th May, they dropped below $80 billion. Trading volumes for the week decreased by 20% to $731 billion, according to CoinMarketCap. The daily average for the period was $104 billion.

The Cryptocurrency Fear & Greed Index remained in the “Extreme Fear” zone for the second consecutive week. On 17th May, it dropped to 8 points; this level has not been recorded since March 2020. The median value of the index for the week is 10 points.

Bitcoin’s dominance remained relatively high at over 44% during the entire week. By 19th May 2022, the market share of the first cryptocurrency came close to 45%. Such high values ​​have not been observed since October 2021.

The volatility of cryptocurrencies has continued to rise since the end of April. The 30-day Bitcoin Volatility Index rose by 0.2% to 3.76% over the week. The indicator has been at its maximum since the end of March. The 30-day Ether volatility index rose by 0.46% to 4.6% over the week.

Gainers of the week (13th – 19th May 2022)

Losers of the week (13th – 19th May 2022)

Easily track gainers and losers within the Simple trade section on EXMO. Check real-time updates in the last 24 hours, week and month.

Segmentation of cryptocurrencies based on trading results
(06th – 12th May 2022)

Most traded coins (12th – 18th May 2022)

Top crypto market driving factors

Overall crypto market

▲▼ 12.05.2022 – Chair of the International Organisation of Securities Commissions (IOSCO), Ashley Alder: crypto now represents one of the top three focus areas for regulators, alongside COVID and climate change. A joint body to coordinate efforts at regulating crypto at the global level could become a reality next year.

▲ 12.05.2022 – Nubank will offer BTC and ETH investment services to more than 50 million customers.

▼ 13.05.2022 – Santiment: on 12th May 2022, key whale addresses dumped a total of $710 million in USDT.

▲ 13.05.2022 – The issuer of the stablecoin, Tether, moved the majority of its reserves in the U.S. Treasuries after reducing its exposure to commercial paper over the last six months.

▲ 14.05.2022 – The German Ministry of Finance has published a letter officially confirming that the sale of crypto assets as being tax-free, after one year, even if the coins are used for staking and lending.

▼ 16.05.2022 – Glassnode: on 12th May, the daily volume of converting Tether to fiat reached $2 trillion. Over the week, the indicator for the sector amounted to a record $7.49 billion. The total USDT capitalisation decreased to $75.75 billion.

▲ 16.05.2022 – CoinShares: between 9th and 13th May, digital asset investment products saw record inflows for this year, totaling $274 million last week.

▲ 16.05.2022 – CoinShares: multi-asset investment products saw inflows totaling $8.6 million, suggesting investors saw a diversified approach.

▲ 16.05.2022 – Crypto Quant CEO, Ki-Young Ju: institutional investors are now buying bitcoin through market makers. The analyst referred to data on cash flows on main crypto exchanges over the past week.

▲ 16.05.2022 – In order to reduce panic among British crypto investors, the UK tax authority will allow them to offset losses with future gains for tax.

▼ 17.05.2022 – Iranian authorities froze over 9,000 bank accounts belonging to 545 people, worth about $2 billion, over suspicious foreign exchange and crypto transactions.

▼ 17.05.2022 – The regulation of crypto-assets is likely to be discussed at a meeting of Group of Seven finance chiefs this week in Germany.

▼ 18.05.2022 – Tether’s circulating supply has slipped from about $83 billion a week ago to $74 billion.

▼ 19.05.2022 – Panama’s President Laurentino Cortizo said he’ll refuse to sign a law regulating the use of cryptocurrency until the country enforces tougher anti-money laundering controls.

Bitcoin (BTC)

▼ 12.05.2022 – Bank of Central African States (BEAC) urged the Central African Republic (CAR) to annul a law that made the cryptocurrency Bitcoin legal tender. Otherwise, sanctions may be applied.

▲ 13.05.2022 – One of the United Arab Emirates (UAE)’s leading airlines, Emirates Airline, said it has plans to add bitcoin as a payment service.

▲ 13.05.2022 – Glassnode: on 12th May 2022, Bitcoin Purpose ETF saw record inflows of 6,902 BTC, bringing total holdings to an ATH of 41,620 $BTC.

▲ 12.05.2022 – To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve has bought 1249.57 BTC worth $36,730,197 with an average price of $29,394.

▲ 16.05.2022 – CoinShares: between 9th and 13th May, bitcoin was the primary benefactor, with inflows totaling $299 million last week, suggesting investors were flocking to the relative safety of the largest digital asset.

▲ 16.05.2022 – Glassnode: on 14th May 2022, the balance sheets of stock exchanges decreased by 32,000 BTC, which coincided with bitcoin’s recovery to levels above $30,000. Earlier, on 10th May 2022, an inflow of 88,000 BTC to exchanges was recorded.

▼ 17.05.2022 – Glassnode: on 13th May 2022, Purpose Spot ETF recorded a record outflow of 5,052 BTC.

▲ 17.05.2022 – Glassnode: on 16th May, Purpose Spot ETF witnessed record-breaking inflows of 5 913 BTC.

Ethereum (ETH)

▼ 16.05.2022 – CoinShares: between 9th and 13th May, Ethereum continued to see outflows totaling $27 million. Year-to-date outflows have reached $236 million, representing a substantial 2.6% of total AuM.

▲ 16.05.2022 – Internet security company, Cloudflare, has announced that it plans to run and fully stake Ethereum validator nodes over the next few months.

▼ 17.05.2022 – Bloomberg technical analyst John Roque: Ethereum could drop to $420, a loss of 80% from its current price.

▼ 17.05.2022 – ApeCoin DAO board members are in talks with blockchain projects, considering proposals for the migration of ApeCoin from Ethereum.

▲ 18.05.2022 – Ethereum’s main public testnet, Ropsten, is set to undergo “the merge” on 8th June 2022.

XRP (XRP)

▲ 18.05.2022 – Ripple has struck a partnership with Lithuania’s online global money transfer provider, FINCI, to provide retail remittances and B2B payments through RippleNet’s On-Demand Liquidity.

Cardano (ADA)

▲ 14.05.2022 – IOHK: Vasil Hard Fork testnet is set to launch by the end of May 2022. The much-anticipated Vasil Hard Fork will be launched on 29th June 2022.

Solana (SOL)

▼ 16.05.2022 – CoinShares: between 9th and 13th May, Solana saw outflows of $5.3 million.

Dogecoin (DOGE)

▲ 12.05.2022 – Elon Musk: Dogecoin has potential as a currency.

Polkadot (DOT)

▼ 16.05.2022 – CoinShares: between 9th and 13th May, Polkadot saw outflows of $0,6 million.

Tron (TRX)

▲ 12.05.2022 – To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve has bought 1249.57 BTC worth $36,730,197 with an average price of $29,394.

▲ 14.05.2022 – Justin Sun, Founder of TRON, confirmed the launch of an all-new algorithmic stablecoin, USDD.

Litecoin (LTC)

▲ 17.05.2022 – Charlie Lee, the creator of Litecoin (LTC): Litecoin’s MimbleWimble MWEB upgrade to activate on 19th May 2022.

NEAR (NEAR)

▲ 12.05.2022 – UAE-based Venture Capital Fund, NewTribe Capital, invests $5 million in NEAR Protocol Ecosystem projects.

▲ 13.05.2022 – Aurora Labs launches a $90-million fund to finance DeFi apps on the Near Protocol.

▲ 13.05.2022 – NEAR Protocol has just surpassed the 10 million accounts created landmark.

▲ 16.05.2022 – NEAR integrates a middleware protocol, Pocket Network, to allow native developers to deploy their applications on other supported blockchains.

▲ 17.05.2022 – Aurora Network, a Layer 2 solution on NEAR Protocol announced the launch of the Aurora + platform with native token staking.

Algorand (ALGO)

▲ 17.05.2022 – Universal Music Group (UMG) has entered a strategic deal with LimeWire, a digital collectibles marketplace, to let its artists release their music as non-fungible tokens (NFT).

Tezos (XTZ)

▲ 12.05.2022 – The Tezos Foundation announced that it committed £1 million to a fund that will be used to collect non-fungible tokens (NFTs) created by African and Asian artists.

Maker (MKR)

▲ 13.05.2022 – Amid Terra’s collapse, investors have flocked back to Maker’s native governance token, MakerDAO, and the DeFi protocol’s native stablecoin DAI.

Chiliz (CHZ)

▲ 13.05.2022 – The Chiliz team announced the imminent launch of the second phase of its Scoville testnet.

▲ 17.05.2022 – Chiliz Chain 2.0 Testnet “Scoville” is live. The phase brings two major features to the chain: PepperSwap decentralised exchange and the survey option.

EXMO news

EXMO to delist Maincoin (MNC) on 17th June 2022. Coin deposits and trading will be terminated on 18th May while withdrawal will be available until 17th June 2022.

PLN and EUR deposits via Visa/Mastercard are available. Fast and convenient deposit method via Visa/Mastercard is available for Polish zloty (PLN) and euro (EUR).

Litecoin’s network upgrade: LTC deposits and withdrawals temporarily unavailable. EXMO supports Litecoin’s MimbleWimble network upgrade scheduled for 20th May 2022.

That’s all for this week! Follow EXMO on YouTube, Twitter and Telegram to stay tuned to the main events and trends in the crypto market.