Weekly Digest - December 6, 2022

Weekly Digest - December 6, 2022

Last week crypto markets evolved around discussions about regulations, the health of the US economy and financial problems of the three G's: Genesis, Gemini and Galaxy.

On December 5th, we burned a new batch of 19,527,994 Hit tokens valued at $2.4 million. We determined the amount of burn based on HitBTC's November trading fees, Hit token price and market conditions. Transaction link

Market indices and prices:

  • Fear and greed index in the past 7 days was in the range between 25 and 28. On December 6, 2022 it stands at 25.
  • Crypto Volatility Index (CVI) is 72.1 at the press time on December, 6. CVI is down 13.7% from 83.7 a week ago. The current level is below the average for 11 months 2022, which is 79.9.
  • Total crypto market capitalization fluctuated between $815 billion on November 28, when BlockFi announced bankruptcy, and $870 billion on December 5, when it was bouyed by depreciating US dollar and the recent strength of the US stock market.

On November 30, BTC price broke $17,000 and since then it has been trading within the range of $16,500 - $17,200. Analysts point out to the reduction in the factors that may trigger a sharp sell-off.

ETH price at the end of the day, December 5, was $1,251.5, which is slightly below it's 5-day moving average ($1,273.8) but higher than 20-day moving average ($1,222.8).

The top 3 performing altcoins in the past 7 days were AXS, TWT and FTM.

  • AXS (Axie Infinity) is at the top of the list with the price increase of 39.0%. AXS is the native token of the Axie Infinity blockchain game.  The rise in AXS was followed by other gaming tokens: SAND (9.3%), MANA (6.5%) and ENJ (5.0%). Check out our latest article about gaming tokens to learn more about top blockchain gaming projects.
  • TWT (Trust Wallet Token) price increased by 15.4%. TWT is a token of Trust Wallet. Wallet tokens saw a price surge as users moved to self-custody post-FTX collapse.
  • FTM (Fantom) increased by 13.6% after its founder, Andre Cronje, commented that the DeFi project should have solid reserves to weather the current storm. Mr. Cronje, a prolific developer widely regarded as a “Father of DeFi”, quit the crypto industry several times, the last time - in May 2022. Rumors are spreading, he is coming back to Fantom soon.

The top 3 losers were XCN, 1INCH and HT.

What else happened:

  • Regulation was a hot topic last week.

The week kicked off with a controversial speech of Bahamas’ Attorney General, who defended his country's regulatory regime and blamed “internal failures” for the FTX collapse. Then, the US senator Ron Wyden reached out to several exchanges, asking them to reveal more information about the way they manage customers’ deposits and assets and explain their policies in the event of a crisis, such as bankruptcy. He also requested their balance sheets. Few days later, the US CFTC Chairman, Rostin Behnam, testified in Congress. Mr. Behnam pleaded the US lawmakers to make a thorough review of the upcoming Digital Commodities Consumer Protection Act (DCCPA) and grant his committee more authority in regulating crypto. And finally, Sam Bankman-Fried, a former CEO of FTX, was called to testify before Congress on December 13. SBF so far shows no interest in doing so but a bi-partisan group of congressmen are urging him to show up.

New listings on 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

What’s new on HitBTC:

  • HitBTC supported StormX (STMX) swap.

Coming soon to HitBTC:

  • 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 them, 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