Weekly Digest - December 19, 2022

Over the past week, the crypto marketplace sentiment has ranged from heavy fearfulness to Christmas cheer. The week started with a marketplace boost from positive US CPI data, continued with a successful auction of Mr. Trump’s hilarious NFT Christmas cards, but ended up connected a antagonistic broadside aft the US Fed indicated further involvement complaint increases and a radical of US senators introduced a harsh caller measure aimed astatine treating crypto players similar accepted banks.

Market indices and prices:

• Fear and greed index is presently 29. The scale broke the 30-point people connected December 15 for the archetypal clip since November 8, portion the mean for the past week was 28.5. The scale has been gradually improving aft it deed the lowest level of 20 successful the week of FTX bankruptcy filing.
• Crypto Volatility Index (CVI) is 76.2 astatine property clip connected December 19. The CVI is astatine the aforesaid level arsenic a week ago. The scale had declined during the week connected the quality of SBF arrest, expanding marketplace oversight and Binance grounds withdrawals (please spot beneath for much details connected this), but subsequently recovered.
• Total marketplace capitalization declined and, dissimilar CVI, did not recover. It presently stands astatine $807 billion. In the past 7 days, the marketplace headdress was the highest connected December 15, erstwhile it climbed up to $885 cardinal for a fewer hours, but reached its lowest level of $798 cardinal by the extremity of the time connected December 17. While the driblet is significant, we expect it to retrieve arsenic the regularisation and transgression probe hysteria cools down.
• The bitcoin dominance connected December 19 is 38.87%, an summation of 0.17% from 38.7% connected December 12.

BTC terms arsenic of contiguous (9:00am UTC) was $16,762, which is 2.9% little than the 7-day VWMA (volume weighted moving average) of $17,255. During the past week, BTC experienced comparatively precocious volatility, with the highest terms of $18,318 connected December 14, and the lowest terms of $16,585 connected December 16. The 20-day EMA (exponential moving average) is presently astatine $17,040. Analysts proceed to look for the bear marketplace bottom, but it mightiness beryllium that BTC is not acceptable for the bull tally yet.

ETH terms arsenic of contiguous (9:00am UTC) was $1,184. The ETH past week’s terms movements were akin to BTC. The 7-day VWMA level of $1,243 is presently adjacent to the 20-day EMA level of $1,239.

The champion performing altcoins successful the past 7 days were:

• TON (Ton Coin) tops the database again this week with a terms summation of 32.8%. The TON terms accrued by 12.8% past week, and if we look astatine the TON Coin terms starting December 1, 2022, the summation was 49.2%. TON is simply a autochthonal coin of Ton furniture 1 blockchain developed by Telegram successful 2018. Telegram abandoned TON successful May 2020, and it has been maintained by the TON foundation since then. The TON is buoyed by the caller announcements of Telegram founder, Pavel Durov, who promised “to physique a acceptable of decentralized tools, including non-custodial wallets and decentralized exchanges”.
• XDC (XDC Network) terms accrued by 15.5%. XDC is simply a autochthonal cryptocurrency for the XDC Network. The XDC Network, formerly known arsenic XinFin Network, is an enterprise-grade, EVM-compatible blockchain equipped with interoperable astute contracts. A highly optimized, bespoke fork of Ethereum, the XDC Network reaches statement done a delegated proof-of-stake (dPoS) mechanism, which allows for two-second transaction time, adjacent zero state fees, and implicit 2,000 transactions per 2nd (TPS).
• OKB (OKB) is the currency of our rival, the OKEX cryptocurrency exchange. It was the 3rd best-performer past week with a terms surge of 4.6%.

The apical 3 losers were TWT, XCN and FIL.

• TWT (Trust Wallet Token) successful the past 7 days mislaid each its November and December gains. The terms dropped by 36.4% going backmost to the terms level of November 12. As we noted successful our erstwhile blog post, the terms surge was mostly attributed to the increasing popularity of self-custody wallets, but arsenic we tin spot this week, it was not long-lasting.

What other happened:

• Sam Bankman-Fried (SBF) did not person a accidental to attest astatine the US House proceeding connected Tuesday, since helium was arrested successful the Bahamas astatine the petition of the US Government. He volition surely walk Christmas clip successful prison, awaiting extradition hearing. The indictment charges SBF with 8 counts of fraud that travel with a maximum situation condemnation of 115 years.
• The crypto critics successful the US House did not discarded clip and chose a cleanable infinitesimal to clang the emerging industry by introducing the Digital Asset Anti- Money Laundering Act of 2022. Crypto assemblage responded harshly by labeling it unconstitutional, opportunistic and “the astir important onslaught connected integer state ever seen”.
• And portion the advent of crypto skeptics seems scary, December cannot spell without miracles. Mr Donald Trump, who called bitcoin a scam astir a twelvemonth ago, unleashed his ain NFT collection. The postulation was sold successful little than a time bringing Mr. Trump $4.5 cardinal successful revenue. If you deliberation it’s a batch successful 1 day, bash not beryllium amazed if you perceive that helium volition proceed to marque wealth from his NFT income connected a secondary market. The underlying astute declaration implies 10% committee to the writer from each consequent merchantability connected NFT marketplaces.
• Trump's occurrence was not the lone affirmative infinitesimal of the week. On Friday, Aztec Network, which calls its exertion arsenic VPN for Ethereum, raised $100 cardinal successful a circular led by a16z. The concern indicates that crypto is inactive successful the absorption of ample VCs.
• Despite each the positives, Binance experienced outflows of much than $1.2 cardinal past Tuesday. While the magnitude of withdrawals declined subsequently, the speech inactive experiences nett outflows. Investors were frightened aft Reuters reported that Binance and its executives are nether probe by the US Department of Justice (DOJ) for imaginable wealth laundering and transgression sanctions violations.

While astir analysts judge that Binance might beryllium capable to upwind the storm, it is simply a bully clip to diversify. If you were 1 of those who fled Binance, you program to bash it soon, oregon possibly you are inactive not definite which level to usage for crypto trading, effort retired HitBTC! We are not lone the oldest speech connected the marketplace that has ne'er been hacked, but we are besides 1 of the fastest and technologically advanced. Sign up oregon login here.

Coming soon to HitBTC:

• League of Kingdoms Arena (LOKA) is simply a governance token of the League of Kingdoms Massive Multiplayer Online (MMO) strategy game. During gameplay, users tin physique kingdoms, rise armies, signifier alliances and vie connected the battlefields for powerfulness and wealth. The crippled supports player-versus-environment (PvE), player-versus-player (PvP) and party-play (MMO) gaming modes. LOKA allows holders to instrumentality portion successful the decision-making process connected the level and acquisition in-game items.

HitBTC is arrogant to denote the upcoming listing of 2 GALA games tokens:

• Town Start (TOWN) is simply a token that was created by Gala Games exclusively arsenic a reward for playing-to-earn with Town Star NFTs. Town Star is simply a competitory farming game. Players apical the leaderboard with the accidental to triumph large prizes, and implicit challenges to cod Town Points. The extremity of the crippled is to grow, stitchery and trade your mode to gathering the astir businesslike and productive municipality imaginable. Uses of TOWN see in-game purchases, upgrades and benefits and, of course, trading since TOWN has already been listed by respective large exchanges.
• SILK (SILK) is the crippled token of Spider Tanks, which is simply a Play and Earn (P&E) Ecosystem that revolves astir playing Spider Tanks matches and receiving Victory Points that tin beryllium submitted for crippled token reward distribution.

If you person not 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