HitBTC Digest - the week of Feb 13, 2023

HitBTC Team

• 4 min read
HitBTC Digest - the week of Feb 13, 2023

AI and big data projects, liquid staking protocols were the big winners last week.

The hype around ChatGPT spilled over into crypto resulting in a crazy surge of investments in the tokens of AI and big data projects. GRT, the largest AI token by market cap, at one point gained over 100% in 24 hours.

HitBTC offers trading in all popular AI and big data cryptocurrencies. Check out our latest article describing top projects in that space and their coins and tokens.

Liquid staking protocols' tokens soared after the SEC fined Kraken for not registering its staking program as a security. According to a widespread belief, DeFi “self staking” is immune to regulators, as opposed to any staking-as-a-service programs offered by centralized exchanges.

Unfortunately for American traders, HitBTC does not operate in the US. Fortunately for traders from the rest of the world, we have one of the best staking programs on the market with no lock-up period.

Market indices and prices:

  • Fear and greed index is 48 today, which indicates a neutral investor sentiment. The current level is the lowest during the past week, when it was 53 on average.
  • Crypto Volatility Index (CVI) is currently 55.16. Volatility has been decreasing resulting in the CVI drop from 62.10 on February 6, or 11%.
  • Total market capitalization is $1,005 at press time (09:00 am UTC), a decline of 5.4% from $1,063 at the start of the previous week.
  • The bitcoin dominance is 41.70% (09:00 am UTC), in line with 41.50% 7 days ago.

BTC price as of today (9:00 am UTC) is $21,695.3, down from $22,838.0 a week ago (-5.0%). The 7-day VWMA (volume weighted moving average) is currently $22,182.0. Last week’s highest price was on February 8, when BTC reached $23,452.4.

ETH price as of today (9:00 am UTC) is $1,481.8, which is 9.1% lower than the $1,630.0 as of last Monday. The 7-day VWMA is $1,566.5. On February 8, the ETH price hit a weekly high of $1,697.9.

The best performing altcoins in the past 7 days were:

  • ROSE (Oasis Network) price has increased by 33.0%, fueled by a strong interest in AI and big data projects. Oasis is the leading privacy-enabled and scalable layer-1 blockchain network. It combines high throughput and low gas fees with secure architecture to provide a next-generation foundation for Web3 and will power DeFi, GameFi, NFTs, Metaverse, Data tokenization and Data DAOs.
  • MINA (MINA) is up by 21.5%. Mina Protocol is a minimal “succinct blockchain” built to curtail computational requirements in order to run DApps more efficiently. Mina has been described as the world’s lightest blockchain since its size is designed to remain constant despite growth in usage. Furthermore, it remains balanced in terms of security and decentralization. MINA is up on the news of Binance adoption of zk-SNARKs, MINA technology, which ensures confidentiality and security of information during proof-of-reserve verification.
  • HBAR (Hedera) price has surged 17.4% in the past 7 days. Hedera (HBAR) is the native cryptocurrency of Hedera Hashgraph, a platform that is positioned as an alternative to traditional blockchain technology and aims to excel in speed, efficiency and security. HBAR is up on the news of a new metaverse fund worth $1 million through the AfroFuture DAO.

Top 3 losers of the last week included: OP (-27.0%), FTM (-24.4%) and DyDX (-21.8%).

  • OP price returned to the level of February 1, 2023, after a quick but impressive bull run of the past two weeks.
  • FTM price has been increasing since early December 2022. The token was also one of the top performers in the month of January, reaching its peak price on February 4. FTM price has declined since then; it is currently trading at the price levels of the last week of January 2023.
  • DyDX was the top 3 performer in the last week of January, the current decline represents a long anticipated correction.

What else happened:

  • Kraken paid a $30 million fine to SEC, the US financial regulator, for not registering its staking program as a security. The program was discontinued for the US users upon the news but it is still available for users from the rest of the world.
  • LocalBitcoins, one of the oldest bitcoin P2P exchange platforms, announced that it will cease operations. The platform launched in 2013 and has been very popular in the early days of crypto. As of 2022, it offered P2P exchange for users in 189 countries. LocalBitcoins will stop accepting deposits on February 16, and users will have 12 months to claim their funds back.
  • Metaverse gaming platform, The Sandbox, signed a memorandum of understanding with the Saudi Arabia Digital Authority. The terms of the partnership are not yet clear, but the memorandum indicates that Saudi Arabia is trying to catch up with UAE, its neighbor, in attracting metaverse projects. UAE remains slightly ahead. In January 2023, Dubai announced metaverse strategy, and its Virtual Asset Regulatory Authority is actively helping metaverse projects to settle and thrive in Dubai.

What’s new on HitBTC:

  • CAPA (Cappadocia Token) is now available for trading in CAPA/USDT pair. CAPA is the TRC20 token created by a team of Turkish crypto experts with the aim to provide fast, reliable and easy-to-use payment solutions for tourists in the Cappadocia region and beyond. Several major Cappadocia merchants have already started accepting Capa tokens as payment, and Capa is actively working on adding new merchants to its network.

Coming Soon to HitBTC:

  • MFT - > HiFi swap is finally scheduled for this week. We expect the swap to be finalized this week, so stay tuned!

For details, refer to HiFi Tokenomics Lite Paper. As a result of the swap, we will have a new HiFi token that will replace existing MFT. MFT holders will get an equivalent of their MFT holdings in new HiFi tokens.

If you have not done so yet, please do not forget to download our trading app on Android and iOS.

Cheers,

HitBTC team