HitBTC Weekly Digest - November 28, 2022

HitBTC Weekly Digest - November 28, 2022

Crypto market is slowly recovering from the shock following the FTX fallout but the dust hasn’t settled yet. While last week’s main markets indicators improved, the current week has already started with another bump on the road.

BlockFi, a crypto lender, halted withdrawals on November 10 and later hired restructuring advisors citing substantial exposure to FTX. Today, November 28, it filed for bankruptcy, sparking another sell-off in the crypto market.

Market indices and prices:

  • Fear and greed index is currently at 28, up from 21 on November 21.
  • Volatility continued to decline. At the time of the press, Crypto Volatility Index (CVI) is 83.3, compared to 96.0 at closing on November 20, and 116.7  - on November 14. In two weeks, the index declined by 28%.
  • During past week, total market capitalization increased from $820 billion to $843 billion, or 3%. But on Monday, November 28, another liquidity drain resulted in a decline of $23 billion. At the time of the press, the total crypto market cap stands at $820 billion.

In the past seven days, BTC price hovered around the $16,000 mark. On November 21 and 22, the price dropped below $16,000 during intraday trading, but by the end of the week it bounced back, closing at $16,445 on November 28. Overall, in 2022, there were five days so far when BTC price was below $16,000 - all in the month of November, after the FTX bankruptcy filing on November 10.

ETH performed slightly better, and showed 8.75% increase from $1,108 to $1,206.

Last week's altcoins performance improved compared to the week before. Gainers added substantially more and losers were not as pessimistic:

  • Top gainers: HT (60.0%), CELO (52.0%), CRV (34.0%).
  • Top losers: XCN (15.9%), CHZ (14.4%), XDC (8.1%).

What else happened:

What’s new on HitBTC:

  • EthereumPOW (ETHW) is now open for deposits and withdrawals
  • HitBTC is in process of StormX (STMX) swap. Expect official announcement soon.

Coming soon to HitBTC:

  • Standard Protocol (STND) - the governance token of Standard, self-sovereign decentralized reserve bank.
  • World Mobile Token (WMT) - the utility token of an ambitious World Mobile Project. World Mobile aims to build a worldwide mobile network powered by blockchain technology and incorporating sharing economy principles. Local business owners in various regions can operate affordable nodes on World Mobile network and bring their community online while sharing the rewards in WMT tokens. WMT is on Cardano blockchain and the mainnet launch is expected in Q1 2023.
  • Bloktopia (BLOCK) is the native utility token of Bloktopia metaverse backed by and built on Polygon. It can be used to buy property and advertising space or vote in the metaverse’s governance. Bloktopians can use BLOK to purchase avatars and create a personalized version of the metaverse on the marketplace.
  • DeRace (DERC) is a native token of the DeRace "complete NFT horse racing ecosystem" that wants to set a new standard for the GameFi industry. DeRace provides an opportunity to buy and breed NFT horses with unique characteristics, equip NFT horses, and build your own NFT hippodrome to host races.

If you haven't already done so, please don't forget to download our trading app on Android and iOS. And remember: bear market is the best time to start building your portfolio!


HitBTC team