Weekly Digest - December 26, 2022

Merry Christmas!

Past week was reasonably quiet. The CVI is down (66.6 astatine property time), fearfulness and greed scale is level (29) and full marketplace headdress has not changed from past Monday ($809 cardinal arsenic of today). BTC and ETH prices stay astir the aforesaid (0.3% and 2.2% summation successful the past 7 days) and adjacent 2 of the apical gainers and apical losers are the aforesaid arsenic successful our digest a week ago. But a fewer absorbing things inactive happened and we noticed astatine slightest 1 Christmas miracle!

Market indices and prices:

• Fear and greed index is astatine 28 today, 1 constituent beneath the level arsenic of past Monday, December 19, 2022. The scale declined to 26 successful anticipation of the US GDP 3rd 4th 2022 figures release, but chiefly stayed astatine 29 implicit the past week.
• Crypto Volatility Index (CVI) is 66.6 astatine property clip connected December 26. The CVI declined during the past week by 10%. The scale is substantially little than the 90-day mean of 80.2 and 180-day mean of 84.5.
• Total marketplace capitalization is $809 cardinal astatine property time. Total marketplace headdress fluctuated successful the scope of $790 to $812 cardinal during the past week.
• The bitcoin dominance connected December 26 is 39.95%, an summation of 1.08% from 38.87% arsenic of December 12.

BTC terms arsenic of contiguous (4:00am UTC) was $16,900, which is lone 0.5% disconnected from the 7-day VWMA (volume weighted moving average) of $18,838.3. During the past week, BTC experienced small volatility, with the highest terms of $17,013.1 connected December 20, and the lowest terms of $16,398.1 connected December 19. The 20-day EMA (exponential moving average) is presently astatine $16,926.1.

ETH terms arsenic of contiguous (4:00am UTC) was $1,222.2. The 7-day VWMA is presently astatine $1,218.4 and the 20-day EMA level is astatine $1,228.

Two of the top-3 gainers from the past week’s digest, XDC and OKB, stay connected this week’s list, but we besides person a newcomer:

• XDC (XDC Network) continued to rally. This week the terms accrued by 12.2% compared to 15.5% past week. A large boost to the terms was last week’s announcement that EURS stablecoin had been added to the XDC network. The XDC terms has accrued astir by 20% since December 1, 2022.
• OKB (OKB) terms surged by 5.91% compared to 4.6% summation past week. OKB is the currency of our competitor, the OKEX cryptocurrency exchange. The OKB terms has accrued by 7.1% since December 1, 2022.
• LTC (Litecoin) terms went up by 6.1%. LTC is 1 of the oldest cryptocurrencies successful existence. It is besides 1 of the largest PoW (proof-of-work) coins by the marketplace cap. Similar to BTC, LTC is taxable to halving, which is the 50% simplification of rewards earned by miners each 4 years. As a effect of halving, little coins are minted astatine each block, hence the proviso of coins grows astatine a slower pace. Prices person historically been rising successful anticipation of halving events. The adjacent halving of LTC is expected successful the archetypal fractional of 2023.

The apical 3 losers were XCN, TWT and USDN. TWT (Trust Wallet Token) and XCN (Chain) were successful the losers’ database past week.

• XCN terms declined by 32.8%. Overall, XCN terms has been successful the reddish for the past 90 days with a diminution of astir 80% from the terms level connected September 1,2022.
• TWT terms declined by 20%, compared to 36.4% diminution a week before. The cryptocurrency mislaid each of its November and December gains. As we noted successful our erstwhile blog post, the terms surge had been mostly attributed to the increasing popularity of self-custody wallets, but arsenic we could spot implicit the past 2 weeks, it was not long-lasting.
• USDN is an algorithmic stablecoin issued by Waves. USDN started losing its dollar peg successful aboriginal November and it is presently trading astatine $0.53. The Waves founder, Sasha Ivanov, announced past week a program to revive USDN on with the instauration of a caller stablecoin.

What other happened:

• Elon Musk decided to discontinue his CEO job astatine Twitter aft the canvass helium created suggested users bash not privation him successful this role.
• Sam Bankman-Fried (“SBF”), a disgraced erstwhile CEO of FTX, signed extradition papers and arrived successful New York past Wednesday. On Thursday, helium was released connected $250 bail by the US Federal Judge and successful 3 days was spotted successful 1 of the NYC airports chilling earlier his concern people flight to San Francisco.
• $1.7 cardinal worthy of bitcoins were transferred from the acold wallets of now-defunct Quadriga speech to a crypto mixer. Quadriga, erstwhile the largest Canadian exchange, went bankrupt aft its founder, Gerald Cotton, died successful India nether mysterious circumstances. The backstage keys to Quadriga’s acold wallets were gone with the founder, arsenic were each the customer’s funds stored connected them. The caller transportation of funds revived the thought that Mr. Cotton faked his ain death arsenic portion of a fraudulent exit scam.
• Despite each the atrocious quality astir crypto for astir of the year, determination is astatine slightest 1 excitement - a caller study from Coinmetrics indicated that successful 2022 stablecoins acceptable a caller grounds for full colony measurement this year, beating retired each large recognition paper supplier but for Visa.

What is caller connected HitBTC:

• Last week we launched 150+ pairs with USDC arsenic a quoted currency. We program to proceed adding them until each currencies with USDT pairs volition person the USDC brace arsenic well. While USDT remains the astir fashionable stablecoin connected the market, the deficiency of transparency indicates to america that successful existent marketplace conditions, we person to diversify our stablecoin exposure. Circle, which issues USDC, releases monthly audits into their reserves and keeps them successful the apical database of the US-based banks.
• We person completed the integration of the Optimism layer-2 blockchain connected apical of Ethereum and expect OP (Optimism) to look connected HitBTC soon.

Optimism benefits from the information of the Ethereum mainnet and helps standard the Ethereum ecosystem by utilizing optimistic rollups. That means transactions are trustlessly recorded connected Optimism but yet secured connected Ethereum. Optimism is 1 of the biggest scaling solutions for Ethereum with implicit $300 cardinal successful TVL. It is location to 35 protocols, with the largest being Synthetix (SNX), a derivatives exchange, Uniswap (UNI), a DEX, and Velodrome (VELO), an AMM.

• Check retired our latest article astir investing successful the carnivore market! Crypto is presently successful carnivore territory and galore investors are frightened and fleeing the market. But we powerfully judge that determination is nary amended clip to put than now, since prices mightiness beryllium astatine their lowest levels. Our nonfiction volition assistance you devise the close strategy.

New listings connected HitBTC:

• 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.
• LOKA (League of Kingdoms Arena) 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.

Coming soon to HitBTC:

• Radix (XRD) is the autochthonal cryptocurrency of Radix, which is simply a furniture 1 astute declaration platform. The platform’s astute contracts run connected the Scrypto programming connection developed by the in-house team. To pull DeFi dApp developers, Radix rewards them with royalty fees each clip their codification is utilized successful the transaction. The creators besides assertion that the underlying blockchain has unlimited scalability.
• BitDAO (BitDAO) is simply a governance token by the BitDAO enactment built connected the ERC-20 standard. BitDAO aims to physique halfway products that volition assistance the functionality and effectiveness of BitDAO and different DAOs. The halfway merchandise includes a acceptable of on-chain and off-chain governance solutions and products, with the DAO’s treasury absorption capable to deploy and show assets to gain yield.
• 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.

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 crypto portfolio! (And our latest nonfiction whitethorn assistance you with that!)

Cheers,

HitBTC team