Weekly Digest - January 23, 2023

Weekly Digest - January 23, 2023

The market rally continued during the past 7 days, resulting in the market cap firmly above $1.0 trillion and prices for most of the crypto assets in the green zone.

See below for the market update and HitBTC platform news!

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Market indices and prices:

  • Fear and greed index is 50 today, which is higher than 45 as of last Monday. On Sunday, the index was 53, the highest since March 2022. The index was in the mid 20s for most of the past year, reaching its peak of 60 on March 28, 2022.
  • Crypto Volatility Index (CVI) opened today at 67.56. The index steadily declined during the past week from the 75.18 as of last Monday.
  • Total market capitalization has consistently been above $1.0 trillion since January 20. It is at $1,044 billion at press time (9:00 am UTC).
  • The bitcoin dominance has been increasing since the start of the bull run two weeks ago. It is 41.92% at press time (9:00 am UTC), an increase of 0.53% from 41.39% at the start of the day on January 16.

BTC price as of today (9:00 am UTC) is $22,782.1, which is higher than the 7-day VWMA (volume weighted moving average) of $21,898.7. BTC price has increased by approximately 9.15% in the past 7 days.

ETH price as of today (9:00 am UTC) is $1,634.8, while the 7-day VWMA is $1,585.3. ETH price has increased by 5.7% in the past 7 days.

The best performing altcoins in the past 7 days were:

  • APT (Aptos) price has increased by 60.1%. APT is the native currency of the Aptos blockchain, which is a Layer 1 Proof-of-Stake blockchain with its own smart contract programming language. The APT price has increased from $3.5 on January 1 to $13.5 today, an increase of more than 3x in the past three weeks.
  • AXS (Axie Infinity) price surged by 39.0%. AXS is the governance token built on ERC-20 standard of the Axie Infinity, a gaming universe. Players can earn AXS when playing different games within the Axie Infinity, participate in key governance votes and stake it to earn rewards. Check out our AXS staking program with an APY of 38.5%.
  • HBAR (Hedera) price has gone up by 31.8%. HBAR is the base coin of Hedera blockchain. It is used to pay transaction fees and protect the network from attack using the proof-of-stake mechanism. Hedera is an innovative Layer-1 blockchain and one of the main Ethereum rivals.

Top 3 losers of the last week included: XCN (-7.3%), SLP (-5.7%) and TWT (-4.0%).

What else happened:

  • FTX’s current CEO John J. Ray III, who was appointed by the bankruptcy court in November, noted in his recent interview with the Wall Street Journal that his team is exploring the option to restart the exchange. FTT, FTX native token, surged 48.3% on the news but subsequently lost all of its gains and is currently trading at 20% discount to its price as of last Monday.
  • Genesis, a crypto lender, became another victim of the crypto winter after filing for bankruptcy in New York on Thursday, January 19. Genesis' liquidity problems emerged after the collapse of the Three Arrows Capital in June 2022 but the final blow came in with the FTX shut down in November. Gemini, the largest creditor of Genesis, claims that the bankrupt lender owes $900 million to its customers.
  • The parent company of Genesis, Digital Currency Group (DCG), considers selling CoinDesk to raise cash amid financial troubles. The asking price for the crypto media is reportedly $250 million.
  • The US authorities proudly announced the arrest of a Russian national, who appears to be the owner of Bitzlato crypto exchange. According to the US Department of Justice, Bitzlato accepted funds from criminals and facilitated money laundering  A major fuss about such a small exchange sparked a flurry of funny memes, mainly pointing out to its size relative to FTX, which collapsed in November and the US authorities failed to prevent it.
  • In order to boost digital yuan, the Chinese monetary authorities allowed to launch smart contract functionality in the Meituan app, which offers retail and food delivery services, and Soochow Securities app, a popular platform to buy stocks and bonds. Based on the recent report from the People’s Bank of China, digital yuan constitutes only 0.13% of approximately 10 trillion yuan in circulation.

What is new on HitBTC:

  • We have supported KRRX swap. Deposits and withdrawals of KRRX are currently online and trading is available in KRRX/USDT pair.

New listings on HitBTC:

  • Cult (CultDAO) is a governance token of CultDAO, a decentralized investment platform. The CultDAO aims to invest in developing decentralized technologies and its treasury is funded by the CultDAO transaction fees, which is 0.4% from each transaction.

Coming soon to HitBTC:

  • OP (Optimism) is a base currency of the Optimism layer-2 blockchain built on top of the Ethereum ecosystem. Optimism is one of the biggest scaling solutions for Ethereum with over $300 million in TVL (Total Value Locked). It is home to 35 protocols, with the largest being Synthetix (SNX), a derivatives exchange, Uniswap (UNI), a DEX, and Velodrome (VELO), an AMM. Optimism has been one of the top performers in the past week with a gain of 22.3%.
  • XRD (Radix) is the native cryptocurrency of Radix, which is a layer 1 smart contract platform. The platform’s smart contracts operate on the Scrypto programming language developed by the in-house team. To attract DeFi dApp developers, Radix rewards them with royalty fees each time their code is used in the transaction. The creators also claim that the underlying blockchain has unlimited scalability.

If you have not done so yet, please do not forget to download our trading app on Android and iOS. And remember: bear market is the best time to start building your crypto portfolio! (And our latest article may help you with that!)


HitBTC team