Huobi Global Weekly (03/21-03/27): Russian President: Russia Could Accept Bitcoin as Payment for Its Energy Exports
1. Last Week’s Wrap-Up
Pioneer Zonen New Launch
| Listed Date |
Projects |
Maximum Gain Since Launch |
| 2022/3/25 |
LOKA |
31% |
| 2022/3/24 |
CRPT |
418% |
| 2022/3/24 |
MC |
34% |
| 2022/3/24 |
ABBC |
46% |
| 2022/3/23 |
ONSTON |
120% |
| 2022/3/22 |
QRDO |
48% |
| 2022/3/22 |
ARV |
110% |
| 2022/3/21 |
CTX |
6327% |
| 2022/3/21 |
ORB |
2397% |
2. What to Watch Out for This Week
>Futures Trading<
Huobi Global will be launching JASMY/USDT swaps at 10:00 (UTC) on Mar 23, 2022.
>Prime Earn<
PrimeEarn High-Yield Tuesday: Deposit tokens for the highest yields and with no individual cap
Activity period: at 11:00 (UTC) every Tuesday
PrimeEarn Phase 7：Invite your friends to deposit BTC/ETH/USDT, earn up to 14%APY
Promotion Period: 11:00 (UTC) on Mar 23, 2022 – 11:00 (UTC) on Mar 30, 2022
>Huobi Earn<
Enjoy Up to 666% APY on SMCW with Huobi Earn
Period: 12:00 (UTC) on Mar 21, 2022 - 12:00 (UTC) on Mar 28, 2022
>Spot Trading<
[CandyDrop]
CandyDrop will launch DOG(The Dog NFT)
Registration period: 11:00 (UTC) on Mar 27, 2022 – 11:00 (UTC) on Mar 29, 2022
> Grid Trading <
A Guide to Spot Grid Trading on Huobi App
3. Market Movers
| Cryptocurrency |
Last Week’s Closing Price (USDT) |
Weekly Change |
| CTX(C2X) |
3.97909200 |
5205% |
| H2O |
0.31714200 |
3071% |
| ORB |
0.45440000 |
1198% |
| CRPT |
0.64480000 |
279% |
| GVE |
0.00001534 |
152% |
| GCOIN |
0.64800000 |
131% |
| CVNT |
2.30655950 |
85% |
| ONSTON |
0.16191900 |
84% |
| CNN |
0.00000809 |
78% |
| OPUL |
0.71890000 |
78% |
4. Operating Metrics
| Security incidents |
0 |
| # of launched products |
9 |
| Contracts trading volumes |
13.73($billion) |
| Spot trading volumes |
11.13($billion) |
| On-chain user balances |
9.74($billion) |
Trading Volumes & On-chain Balances Chart
5. Industry Trends
Main Projects Trends:
Ethereum core developers release the latest content, including difficulty bombs in June, execution layer specifications well underway, etc.
Optimism, the Ethereum Layer 2 scaling network, announced that Calldata compression is now live on its main network and transfer fees will be reduced by 40%.
Terraform founder says LFG has raised $2.2 billion for its Bitcoin reserve.
Jump Trading releases governance proposal recommending LFG launch a BTC reserve pool to secure USTs anchored to BTC.
Anchor Protocol has passed the adjustment proposal of the fixed rate to a semi-dynamic rate.
Cosmos EVM network Evmos said it will upgrade its test network and fix release issues this week and test it thoroughly over the next 1-2 weeks.
BAYC's issuer announced the closing of a new $450 million funding round at a $4 billion valuation, and the largest funding round in the NFT industry.
Huobi Research Institute Analysis：
In terms of future development, BAYC mentions distributing land, building Metaverse, and developing games in collaboration with multiple parties. This is a new growth and value support to find breakthrough after completing the internal integration of NFT track. With the huge financing, BAYC may become a triple star of NFT, GameFi and Metaverse.
International Industry Trend：
El Salvador's president says Bitcoin volcano bonds will be issued through Bitfinex.
Malaysia's deputy finance minister and Honduras' central bank both deny rumors off Bitcoin will soon become legal tender in the country.
The chairman of Russia's Duma Energy Committee says he is willing to accept Bitcoin as a payment method for natural resource exports.
Tether and the southern Swiss city, Lugano jointly created the European Center for Blockchain Technology Adoption and Innovation to demonstrate real-world use cases for blockchain by actually applying it in local communities.
Huobi Research Institute Analysis：
Russia is the world's top exporter of natural gas, Europe relies heavily on its energy supply. Russia wants "unfriendly" countries to buy gas in rubles, but whether Russia can unilaterally change existing contracts that use the euro as the currency for energy trade is still unknown, and offering to accept bitcoin as a payment method is a compromise.
Regulations：
The Bank of England's Financial Policy Committee will regularly assess the potential risks posed by crypto assets and DeFi.
Members of the European Parliament may vote to block anonymous crypto payments, including micropayments, at a committee meeting next week.
India will impose a 28% GST on crypto transactions and not offset gains and losses and gift taxes
Huobi Research Institute Analysis：
The Indian tax law raises the overall tax cost of the cryptocurrency market, reducing the market attractiveness of investments and creating a disincentive to invest. In the long run, the new tax law favors long-term cryptocurrency holders, as capital gains tax is levied on "realized" capital gains, and "pending" capital gains are not taxable as long as users keep holding cryptocurrencies and do not sell them. This will make Indian investors more inclined to hold for the long term, which may in turn increase their returns. In addition, the tax bill implies the legal status of cryptocurrencies as "legal transactions", reducing regulatory uncertainty.
6． Weekly Blockchain Deals
Huobi Research Institute Analysis：
According to the public statistics, the Blockchain investing and financing deals over this week reached 27 in total, or 990 million USD in valuation. The total amount decreased 25% from last week (1.33 billion).
This week's investment and funding focused on the NFT, gaming, DeFi and infrastructure.
There were four funding rounds over $100 million, the largest being Yuga Labs completing a $450 million round at a $4 billion valuation, led by a16z, with participation from Google, Samsung, Adidas and others.
Also cricket NFT platform FanCraze completed $100 million Series A funding led by Insight Partners.
Jeeves, a one-stop fee payment platform, completed a $180 million Series C round led by Tencent.
Bitcoin miner Greenidge Generation completes over $100 million in funding.
