Markets
The crypto market starts Tuesday with a nosedive
Weekly trading volumes increased 55% to $12.8 billion.
The market registered a new record of short positions in bitcoin hedge funds, indicating a significant change in investor sentiment, according to the financial portal Zerohedge. Hedge funds’ bearish positions negatively affect the sentiment of other market participants and lead to increased volatility.
According to a study by Bank of New York Mellon, family wealth managers are willing to allocate around 5% of their investment portfolio to cryptocurrencies. The main factors preventing this are hacker attacks and cybercrime.
The total locked asset value (TVL) on the Ethereum-based Tier 2 Base network is over $8 billion, surpassing the Optimism team’s OP Mainnet. The Coinbase protocol is now the second largest Ethereum scaling solution behind Arbitrum One at $18.27 billion.
The team at Notcoin, a Web3 gaming project, reported that its user base has grown to 40 million people. According to developers’ calculations, players have already earned $1.5 million in TON through 20 campaigns. The team expects this number to grow tenfold after automating new missions that third-party projects will be able to launch independently.