Gate.io Blog Daily News | Crypto Market is Fluctuating Downward, with a Sharp Decline in the Number of New BTC Wallets; TON Foundation Supports Allowing Users to Send USDT Through Telegram

Daily News | Crypto Market is Fluctuating Downward, with a Sharp Decline in the Number of New BTC Wallets; TON Foundation Supports Allowing Users to Send USDT Through Telegram

20 May 11:40

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## Crypto Daily Digest: The number of new Bitcoin wallets sharply declined; Oobit collaborated with TON to enable users to send USDTs through Telegram; Kroma announced the launch of Spectrum and expansion plans
Firstly, let's examine the trading activities of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on May 20, Grayscale Bitcoin spot ETFs (GBTC) continued to experience outflows of $276.2 million in funds; Meanwhile, Fidelity Bitcoin spot ETF (FBTC) inflow of $99.4 million, Bitwise Bitcoin spot ETF (BITB) inflow of $20.8 million, ARK 21Shares Bitcoin spot ETF (ARKB) inflow of $10 million, and iShares Trust Bitcoin spot ETF (IBIT) net inflow of $38.1 million.

The block reported that previously, with the development of Bitcoin ecosystems such as spot Bitcoin ETFs and Ordinals, as well as the upcoming halving, the average number of new Bitcoin addresses per week was close to the highest level since reaching a historic high in December 2017.

Now, as these messages and projects gradually lose their timeliness, just like in early 2018, the enthusiasm for the new Bitcoin project has faded, and the number of new addresses joining the network has sharply declined. In addition to the decline in the number of new Bitcoin addresses, other related indicators have also shown a downward trend, with the most important being that miner income measured by computing power has fallen to a historic low. In addition, online transaction costs and on chain transaction volume indicators have also decreased.

However, despite the decline in on-chain metrics, novel protocols on the Bitcoin network are attracting record-breaking interest from venture capital firms. These signs may lay the foundation for a future comeback.

On May 17, it was announced that the mobile payment application Oobit has partnered with the TON Foundation to integrate its native crypto TON (<a href="/price/toncoin-ton" target="_blank" class="blog_inner_link">Toncoin</a>) into its platform, promoting the use of cryptocurrency as a payment method. The team stated that Toncoin holders can Tap&Pay at over 100 million retailers worldwide. This integration will further strengthen the recently announced collaboration between <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a>, the largest company in the digital asset industry, and TON Foundation.

According to another press release on the Tether website, users can send USDT as a direct message on Telegram and use the same USDT for instant crypto tap payments on Oobit.

Kroma launched Spectrum on May 14, 2024, an advanced protoplast staking service to completely change the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Layer 2 landscape. High expenses can be obtained through re-staking while utilizing staking tokens in various games and DeFi ecosystems on Kroma. Spectrum provides users with the opportunity to leverage the potential of ETH, stETH, and eETH, enabling them to generate more revenue in the field of decentralized finance (DeFi).

The difference from traditional staking platforms is that Spectrum has innovatively launched a "sixfold reward,” including Ethereum annual interest rate, heavy staking reward, EigenLayer points for staking Ethereum assets, Etherfi loyalty points, KSP (Kroma Spectrum Point), and wemix.e airdrop. Kroma will airdrop 40,000 wemix.e to users based on accumulated KSP, providing a new type of collateral reward.

The platform has introduced spETH, a proprietary risk token for synthesizing assets. Users using spETH can maximize the liquidity of their staked Ethereum assets and gain a wide range of trading opportunities, as well as additional profit opportunities within the platform's extensive DeFi protocols and applications.

Spectrum has successfully integrated with well-known dApps such as Standard Protocol, Light Bank, Layer Bank, Shoebil, Zapanki Swap, Wellxy, PrixmSwap, and iZUMi Finance, and has won widespread praise. This integration lays the foundation for further expansion, as Spectrum hopes to continue its innovative efforts to integrate more dApps.

## Market Trends: The market lacks hot topics, and the overall market is in a fluctuating downward trend
BTC briefly broke through $67,500 over the weekend but then experienced a decline, currently falling to around $66,500. This decline has driven a widespread decrease in Altcoins, and previously strong-performing Meme coins have also begun to decline. The market lacks stimulating hotspots, and investor sentiment is relatively lukewarm.

Regarding macroeconomics, the US stock market has experienced volatility, and Nvidia will release its results this week, which may have a certain impact on the market. Investors will closely monitor performance to evaluate the trends of technology stocks and the entire market.
### Market Hotspots:
Public chain FTM up: FTM announced that it would upgrade its Sonic in the third quarter, and after the upgrade, it will be replaced with a new token S in a 1:1 ratio. This news may provide some buying momentum for FTM tokens, and investors will pay attention to the effects and market reactions after the upgrade.

<a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> Ecosystem Oracle Protocol PYTH plummets: Nearly $800 million in PYTH tokens will be unlocked this week. Before and after unlocking the massive token, there may be significant market fluctuations, and investors need to evaluate the risks carefully.

New coins have performed poorly: Recently, new coins such as NOT, BB, and REZ have broken through, and VC tokens with high market value, once launched, are no longer in demand in the market. Over the past six months, 80% of tokens in similar new coins have fallen, with an average decline of over 20%. This indicates that investors are becoming more cautious about the new coin and must choose investment targets more carefully.

Layer2's Zksync predicts a token airdrop: This news may attract the attention of investors, who will closely monitor the details and schedule of the airdrop.
In the current market, BTC has experienced a brief decline, driving a general decline in Altcoins and Meme coins. The market lacks stimulating hotspots, and investor sentiment is relatively indifferent. Investors must evaluate market risks carefully, pay attention to macroeconomic and industry trends, and choose targets suitable for their investment strategies.

## Macro: US stock markets may continue to reach historic highs, while Asian stock markets open higher
On May 17, last Friday, the US stock market hit a historic high, demonstrating the market's optimistic attitude toward the economic outlook. At the same time, Asian stock markets were also positively affected when they opened on Monday.

The new signs of economic cooling have calmed inflation concerns in May and helped the three major US stock indices rise to historic highs this week. The S&P 500 index has increased 11% so far this year. Based on historical trends, market strategists suggest that the stock market often forms momentum when recovering from similar scale pullbacks, and even after recovering lost ground, it usually continues to rise.

Investors believe that people's <a href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> about the economy moving towards a so-called soft landing has resurfaced, and that strong profit forecasts are driving the stock market further upwards. Investors will also pay attention to next week's durable goods and consumer confidence data to find further signs of whether economic growth is cooling enough to support this year's interest rate cut.

In terms of technology stocks, semiconductor giant Nvidia's stock price has surged due to its passion for artificial intelligence, and it will report quarterly results on Wednesday.

Asian stock markets also showed positive signs when they opened on Monday. China announced a historic measure to stabilize the real estate industry last Friday, with the central bank providing additional funds of 1 trillion yuan (approximately $138) and relaxing mortgage loan regulations. Local governments are also preparing to purchase "some" apartments. This has pushed the Hang Seng Index to a 9-month high.

The Nikkei Index of Japan rose 0.9% in the early trading session. At the same time, the MSCI Asia Pacific Stock Index was affected by the early gains in the Australian and South Korean stock markets, rising 0.25% to its highest level in two years.

In the currency market, the US dollar recorded its largest weekly decline against the euro in two and a half months last week but remained stable in early Asian trading on Monday. The euro remained stable at $1.0873 on Monday. The Japanese yen slightly weakened against the US dollar, at 155.82 yen per dollar.

Regarding commodities, a helicopter carrying the President of Iran crashed in heavy fog, attracting traders' attention to the Middle East. Brent crude oil futures hit a one-week high in early trading, with a barrel price of $84.14.

Gold prices are hovering around a historic high of $2,423 per ounce.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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Daily News | Crypto Market is Fluctuating Downward, with a Sharp Decline in the Number of New BTC Wallets; TON Foundation Supports Allowing Users to Send USDT Through Telegram

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