Weekly Market Highlights #22: November 21 - November 27
✨The Crypto Market has not experienced any more intense price movements as major coins are still looking for stability after what happened in the previous weeks.
✨Over the past week, the crypto market increased ~$22B (from ~$797B to ~$819B) of its total capitalization
✨Bitcoin stays calm above $16K
✅The primary cryptocurrency had a lousy working week, dropping to a two-year low of around $15,5K. However, the bulls stepped up at this point and didn't allow further declines.
✅They helped BTC reclaim $16K and pushed it to almost $17K a few days later, but the asset failed at that point
✅The lack of substantial trading volumes during the weekend didn't help. Bitcoin came back to a familiar sight at $16,5K and froze there.
✨Most altcoins outperformed bitcoin in the past few days, but that has changed for some.
✅BSCS is currently trading at ~$0,009405: +6,55% from its 7-day all-time low of $0,008827.
✅BNB was among the best performers lately, charting a three-week high on Saturday. However, BNB has declined by 6% and has slipped below $300.
✅LTC saw a six-month peak last week, but a 6.5% daily decrease has pushed it to $72. Among the poorest performers since the FTX fiasco unfolded, SOL is down by 6% on the day and trades well below $14.
✅ETH has lost the $1,2K line after a 3.5% decline. XRP, DOGE, ADA, MATIC, DOT, and SHIB are also in the red, with losses of up to 5% on the day.
✨Bitcoin Fear and Greed Index is 28 - Fear, higher than at the beginning of the week (21)
✨Dominance:
✅BTC: 38.1%
✅ETH: 17.5%
🔥 100M BSCS Tokens are REMOVED and LOCKED UP 🔥
💎 BSCStation always aims to provide the best benefits for our beloved community. Therefore, BSCStation will remove a total of 100M tokens from circulation and place them into a five-month lock-up, then vesting over 50 months to fuel the growth of our platform. The lock-up will be executed alongside BSCS token monthly burn to ensure the optimal value of our tokens.
🌟 We have already locked up 22,502,210 BSCS and aim to remove and lock up 100M BSCS tokens as soon as possible.
🔒 The Lock-up tokens are:
💠 Buy-back tokens
💠 BSCStation’s feature fee
💠 Unused unlock tokens
🔒 The lock-up contract address: https://bscscan.com/address/0xb2fc77ce797505e3adce47cb3ddfa8482fcf3799
🕛 The lock-up end: 12 AM, April 21st 2023 (UTC).
💠 Vesting: 2M tokens/ month for 50 months
📂 The tokens will be used for the following purposes:
✅ Ecosystem Expansion
✅ User Treasury
✅ Game reward
✅ Marketing activities
✅ Builders
✅ Stake payouts
✅ Bounty program
✅ and many other uses.
🙏 We want to be as transparent as possible about how we use these tokens. The community is always an important part of BSCStation, therefore we will always strive to bring the best experience and benefits for everyone.
🌸 Become a BSCS Holder, and you will be guaranteed the best experience and benefits with our valuable tokens.
📕 Details:
BETTER THAN YESTERDAY WITH BSCSTATION #8: Blockchain Attacks You Should Know
💰 Blockchain attacks are scorching right now for one simple reason: it’s where the money is.
💪 Understanding these attack vectors is very important for developers as well as investors to fully adapt and evolve with the Blockchain industry. Prevention is better than cure!
🌸 We will group the Blockchain security attacks into five categories:
🎯 Blockchain Network Attacks
🎯 User Wallet Attacks
🎯 Smart Contract Attacks
🎯 Transaction verification mechanism attacks
🎯 Mining Pool Attacks
💎 In this part of Better Than Yesterday With BSCStation, we will focus on the “Blockchain Network Attacks” vector.
⭕️ Distributed denial of service (DDoS)
⭕️ Transaction malleability attacks
⭕️ Timejacking
⭕️ Routing Attacks
⭕️ Sybil Attacks
⭕️ Eclipse Attacks
⭕️ Long range Attacks on Proof of Stake networks
👉 Details:
JP Morgan Registers Trademark For a New Cryptocurrency Wallet
💎Bitcoin has shown that it has a community willing to use its tokens no matter how much FUD they hear.
📅On November 21, U.S. Patent and Trademark Attorney Michael Kondoudis announced that JP Morgan & Chase Co, the largest bank in the United States— and one of the largest financial companies in the world— registered a patent to venture into the Web3 with a digital crypto wallet.
💥According to Kondoudis, the U.S. Patent and Trademark Office (USPTO) approved the application by JP Morgan & Chase Co. on November 15. The wallet will offer services like virtual currency transfer and exchange, crypto payment processing, virtual checking accounts, and financial services.
JP Morgan Goes Deeper Into The Cryptocurrency Scene
✔️Despite the controversial stance of its CEO against Bitcoin and cryptocurrencies in general, the bank continues to bet on crypto-related products to streamline its transactions. In early November, they took a “big step” by completing their first cross-border transaction using Polygon, a Layer-2 scalability solution for the Ethereum network.
✔️In late October 2020, the bank announced the launch of its stablecoin: JPM Coin, the first cryptocurrency to be backed by a U.S. bank used to send cross-border payments, demonstrating its position in favor of crypto innovation. On the same date, they launched Onyx, the world’s first bank-led blockchain platform, to develop innovative products, platforms, and marketplaces.
Institutional Investors Are Still Buying Crypto
▶️In its Institutional Investor Digital Assets Outlook Survey published on Nov. 22, Coinbase reported that many professional investors had increased their allocations during the crypto winter.
Institutions Looking Long-Term
⭐️The survey found that 62% of the participants already invested in crypto increased their allocation over the past year. Just 12% of those surveyed reported a decrease in digital asset allocation. This is evidence that institutional investors have continued to take a long-term view of the asset class even as prices have fallen.
⭐️Furthermore, 58% expect to increase their crypto portfolios over the next three years. Only 6% said they would decrease their asset class exposure.
Coinbase also reported an overall positive sentiment despite the bear market. 72% of respondents believed that digital assets are here to stay. “Given the current climate, this is a strong signal of the acceptance of crypto as an asset class,” it noted.
⭐️When asked about aims and goals, the top three reasons for investing in crypto were cited as “improving funded status, accessing yield opportunities, and investing in innovative technology.”
⭐️Coinbase concluded that most institutional investors are taking a long-term view, adding that continued interest is likely to help raise standards and make the asset class more accessible.
South Korea To Change Its Legal Framework To Better Control Crypto Projects
▶️On the heels of the Terra LUNA meltdown and the bankruptcy of FTX, authorities from South Korea are proposing new amendments to the Digital Assets Bill seeking greater control over cryptocurrency exchanges.
⭐️Congressman Yoon Chang-Hyun is preparing an amendment to expand financial authorities’ control capabilities to prevent the repetition of events such as the FTX collapse.
South Korea Wants to Protect Investors from Another FTX-Like Crash
✔️The new amendment to the Digital Assets Act calls for the mandatory separation of customer deposits. It also gives greater control to financial authorities against unfair trading practices.
✔️This means that regulators can supervise and inspect cryptocurrency projects and exchanges to protect investors from million-dollar losses such as those caused by Terra LUNA.
Exchanges Won’t Be Able To Use Their Clients’ Money
✔️Another significant amendment to the Digital Assets Law is that cryptocurrency trading platforms will not be able to arbitrarily seize their users’ deposits once they have been sent to a custodian institution, which happened with FTX and Alameda Research.
✔️In addition, the new law eliminates the “self-regulatory” power of cryptocurrency exchanges to take “appropriate measures” in case of irregular fluctuations in the price or trading volume, passing the control of such activities into the hands of financial authorities.
✔️Exchanges will now be required to immediately report any unfair activity to the Governor of the Financial Supervisory Service, who will be responsible for taking appropriate measures to prevent fraud, money laundering, or any other crime.
Russia Inches Closer to Launching a National Crypto Exchange
💥The lower chamber of Russia's parliament – State Duma – has reportedly started working on a draft bill that could aid the creation of a "national crypto exchange." The platform needs the approval of the country's central bank and the Ministry of Finance.
Russia's Potential Crypto Move
✔️According to a recent local report, the State Duma plans to make certain amendments to the existing legislation "On digital financial assets" that could help establish a "national crypto exchange in Russia." The lawmakers have already discussed the initiative with market participants in the middle of November.
✔️Sergey Altuhov – a State Duma's Committee of Economic Policy member – confirmed the rumors and suggested that the largest country by landmass should embrace the digital asset sector.
"It makes no sense to deny the existence of cryptocurrencies, and the problem is they circulate in a large stream outside of state regulation. These are billions of tax rubles of lost tax revenues to the federal budget."
✔️Anatoly Aksakov – an executive at the State Duma – hinted in June that Russia could introduce a crypto platform based on the Moscow Exchange standards. He also opined that such a trading venue should only exist if the central bank carefully monitors it.
"And this division, which will work within the framework of a respected organization with great traditions, accustomed to actively interacting with the central bank, will best of all cope with the task of carrying out operations with cryptocurrency.’’
Despite Crypto Winter, Bitwise Files for Bitcoin Futures ETF in the US
💥BITC will trade BTC futures contracts on the Chicago Mercantile Exchange if approved.
💥Over a year after the first Bitcoin futures ETF went live in the States, Bitwise has filed to launch its product.
✔️Citing a filing with the US regulators, the Bloomberg report informed that Bitwise’s product would be called Bitcoin Strategy Optimum Yield ETF, under the ticker BITC.
✔️Similar to the previously approved ETFs in the US, this one would not hold the asset directly. Instead, it would offer managed exposure to BTC futures contracts on the Chicago Mercantile Exchange (CME) and investments in short-term debt securities.
✔️The first Bitcoin futures ETF was approved by the US Securities and Exchange Commission in October last year and generated over $1 billion in trading volumes during its first day.
✔️A few more such ETFs hit the market in the following months. However, the market condition was entirely different back then.
✔️Bitcoin and the rest of the crypto assets were riding high, charting ATHs frequently, and the interest in the industry was significantly more obvious.
📣Stay tuned! The market's highlights will be updated by BSCStation 😎
About BSCStation
BSCStation - The fully decentralized protocol for launching new ideas. An all-in-one Incubation Hub with a full-stack Defi platform across all main blockchain networks. We provide exclusive services including IDO/INO Launchpad, Yield farming, NFT Auction, Marketplace, and BSCSwap
BSCStation operates on top of the all main blockchain networks and is designed to offer maximum value to consumers and institutions.
BSCStation platform uses the Sharing Economy Model for the purpose of profit-sharing, helping users to access DeFi platforms in the easiest, safest, and most cost-effective way. BSCStation is the most convenient bridge to connect users and application products on all main blockchain networks.