Weekly Digest - December 12, 2022

The crypto marketplace was successful a moderately affirmative authorities past week. The prices of large crypto assets were comparatively stable, arsenic good arsenic the crypto marketplace cap. But the crypto wintertime continued to instrumentality its toll connected large players, including Maple and Digital Currency Group, a genitor institution of Genesis, among others.

Market indices and prices:

• Fear and greed index is presently 27. The scale has not changed importantly from the erstwhile week. It is inactive successful the “Fear” territory but amended than the November mean of 21, indicating “Extreme Fear”.
• Crypto Volatility Index (CVI) is 76.0 astatine property clip connected December 12. The CVI is up from 72.8 a week ago, but inactive beneath the mean for the past 11 months of 79.9.
• Total marketplace capitalization is presently $845 billion. In the past 7 days, the marketplace headdress was the highest connected December 5, erstwhile it climbed up to $870 billion, fuelled by the weakening of the US dollar and the spot of the US banal market.

BTC terms arsenic of contiguous (9:00am UTC) was $16,930, which is somewhat beneath the 7-day VWMA (volume weighted moving average) of $17,070. During the past week, the BTC was trending adjacent to the 20-day EMA (exponential moving average), surpassing it successful the past 3 days, starting Friday, December 9. Various indicators constituent retired the bear marketplace bottom.

ETH terms arsenic of contiguous (9:00am UTC) was $1,245, which is somewhat beneath the 7-day VWMA ($1,260.54). It is presently beneath the 20-day EMA and has been pursuing the BTC terms signifier since December 1, 2022.

The champion performing altcoins successful the past 7 days were:

• TON (Ton Coin) has been a apical performer successful the past 7 days with a terms surge of 12.8%. TON is simply a autochthonal coin of Ton furniture 1 blockchain developed by Telegram successful 2018. Telegram abandoned TON successful May 2020 and since past it has been maintained by the TON foundation. The TON is buoyed by the caller announcements of Telegram founder, Pavel Durov, who promised to "build a acceptable of decentralized tools, including non-custodial wallets and decentralized exchanges”.
• TWT (Trust Wallet Token) remains a apical performer. The summation successful the past 7 days was 10.0% compared to 15.4% during the week ended December 5, erstwhile it was the 2nd champion performing altcoin arsenic well. TWT is simply a token of Trust Wallet. Wallet tokens saw a terms surge arsenic users moved to self-custody aft the FTX collapse.
• BSV (Bitcoin SV) terms accrued by 4.83%. The BSV terms followed the wide marketplace inclination successful the past week but accrued astatine a faster pace.

The apical 3 losers were CHZ, FLOW and IMX.

What other happened:

• FTX Founder, Sam Bankman-Fried, agreed to testify astatine the US House Committee connected Financial Services proceeding tomorrow, December 13, on with the existent FTX CEO, John J. Ray III, who was appointed by the bankruptcy court. The US Senate Banking Committee has its ain proceeding connected Wednesday, December 14, called “Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers”. While the US House labeled its proceeding “Investigation”, the US Senate is not arsenic bold and inactive asks “Why” questions. Attendees of the Senate proceeding include personage capitalist Kevin O’Leary and histrion Ben McKenzie Schenkkan.
• In the meantime, CFTC and SEC, 2 US regulatory bodies focused connected commodities and securities, respectively, proposed an thought of self-regulatory organization funded by marketplace participants. The connection is the effect to a caller disapproval of the prospective Digital Commodities Consumer Protection Act, which would person granted CFTC more regulatory authority astatine the disbursal of SEC.
• Maple, the largest unsecured crypto lending platform, is the caller unfortunate of the prolonged carnivore market. The soured indebtedness represents 66% of the full outstanding successful Maple’s 4 progressive lending pools.
• Another ample crypto lending platform, Nexo, announced past week that it volition signifier retired services successful the US aft it failing to fulfill regulatory requirements.
• Grayscale Bitcoin Trust Fund (GBTC), the largest publically traded concern fund, is presently trading with a 50% discount to the comparative terms of bitcoin. The discount indicates that investors fearfulness the fiscal problems of its genitor company, Digital Currency Group.

Coming soon to HitBTC:

• DeRace (DERC) is simply a autochthonal token of the DeRace "complete NFT equine racing ecosystem" that wants to acceptable a caller modular for the GameFi industry. DeRace provides an accidental to bargain and breed NFT horses with unsocial characteristics, equip NFT horses, and physique your ain NFT hippodrome to big races.

If you person not already done truthful yet, delight bash not hide to download our trading app connected Android and iOS. And remember: carnivore marketplace is the champion clip to commencement gathering your portfolio!

Cheers,

HitBTC team