Weekly Market Highlights #23: November 28 - December 4
✨The US job report, which beat expectations, didn't result in massive price movements for BTC as it has done in the past.
✨Over the past week, the crypto market increased ~$52B (from ~$819B to ~$871B) of its total capitalization
✨Bitcoin stays calm above $16K
✅Following last weekend's lack of volatility, bitcoin headed straight south on Monday, dipping to $16K. The bulls stepped up at this point and pushed it north to almost $17K.
✅More volatility was expected mid-week when the US Fed Chair Jerome Powell announced the latest interest rate hike, as well as the country's job report, which came out on Friday. However, both events didn't deliver a lot of price action, unlike previous occasions. Bitcoin remained relatively calm at around $17K, except for a price pump above that $17,4K - a two-week high.
✨Larger-Cap Altcoins Stand Still
✅Had a great week of growth: BSCS is currently trading at ~$0,01194: +26,67% in the last 24 hours, +32,28% from its 7-day all-time low of $0,009023.
✅In the past several days, ETH went from under $1,2K to above $1,3K. XRP, ADA, MATIC, DOT, TRX, and AVAX all have slight gains.
✅BNB is down 8% from $318, now trading below $300.
✅DOGE is up 23% in the past week, and it is currently trading above $0.1.
✅Overall on CoinMarketCap, the crypto market cap has remained at the same place at ~$870B.
✨Bitcoin Fear and Greed Index is 26 - Fear, lower than at the beginning of the week (28)
✨Dominance:
✅BTC: 38.3%
✅ETH: 18.3%
The Eighteen BSCS Token Burning Event
🔥🔥 BSCStation has completed the 18th burning of 103,105 BSCS tokens. Now the total supply is: 400,049,873 BSCS.
✅ Detailed transaction:
https://bscscan.com/tx/0x831427c34d9d87a30ea063e65e4efe0a594cb270c500523ab228d70461f276cc
✅ BSCS were burned via smart contract: 0x0000000000000000000000000000000000000000
💥 As promised, we will continue burning BSCS tokens monthly until the total supply reaches 100M BSCS.
▶️ Alongside the token burn, BSCStation is REMOVING and LOCKING-UP a total of 100M tokens from circulation to ensure the optimal value for our token.
🎗 BSCS Holders are granted numerous privileges and benefits when accessing BSCStation. We will constantly improve to provide more benefits to our beloved community, so don't hesitate to become our BSCS Holders, and you will be well rewarded!
BETTER THAN YESTERDAY WITH BSCSTATION #9: Blockchain Attacks You Should Know Part 2
🧩 We covered the “Blockchain Network Attacks” vector in the last part of "Better Than Yesterday with BSCStation". So today, let’s dive into another vector of “Blockchain Attacks You Should Know” to gear up with precious knowledge and submerge yourself in the fast-paced, developing Blockchain industry.
🌟 The topic of this week will be “User Wallet Attacks".
💎 Blockchain and cybersecurity go together like salt and pepper until people interact with them. Blockchain users pose the greatest security threat. They know about the use of blockchain in cybersecurity and overestimate the security of the blockchain. Therefore, user wallet credentials are the main target for cybercriminals.
💎 Here’s an overview of the most common ways of attacking user wallets.
⭕️ Phishing Attacks
⭕️ Dictionary Attacks
⭕️ Vulnerable signatures
⭕️ Flawed key generation
⭕️ Attacks on cold wallets
⭕️ Attacks on hot wallets
👉 Details: HERE
Over 90% of Australians Have Heard About Bitcoin.
🎧According to a study conducted by Independent Reserve, more than 25% of Aussies are crypto HODLers.
💎Bitcoin remains the most recognizable digital currency, as 90.8% of the participants admitted being aware of its existence.
The Latest Figures in Australia
✔️Crypto awareness is high among Australians, with only 8% admitting they have never heard of digital currencies. Nearly 91% are aware of Bitcoin's existence, while 42.9% have some knowledge about Ethereum.
✔️Digital assets remain more popular among the younger demographic groups. Over 40% of the respondents aged 25-34 have some crypto owning.
✔️DOGE, XRP, ADA, SOL, and USDT are the other most famous digitals assets in the Land Down Under.
What about BTC's Future Price?
✔️The respondents who own crypto were much more bullish on Bitcoin's future valuation than the non-HODLers. Only 5.60% of the former think BTC will be worth $0 by 2030, while 18.1% see the asset trading between $100,000-$250,000.
✔️Many locals view BTC as a value/digital gold store. Less than 18% supported that stance in 2019, while the figure has risen to 21% this year.
✔️Almost 30% of the Australian participants believe the leading digital currency could be an investment asset. Around 25% in 2021 and less than 20% in 2019 thought of it this way.
✔️The galloping prices in Australia could be one reason the ruling party wants to focus on crypto. The local inflation rate reached 7.3%, a record for the past 32 years, which triggered an increased appetite for bitcoin and altcoins.
Brazil Legalizes Crypto as a Method of Payment
💫While Brazil has not made Bitcoin legal tender as El Salvador did last year, the South-American nation has passed a law that legalizes crypto payments throughout the country.
▶️The Chamber of Deputies of Brazil, a federal legislative body, has passed a regulatory framework that legalizes using cryptocurrencies as a payment method within the country. While this makes significant progress for crypto within Brazil, the law still requires the signature of the president of Brazil for it to be enacted.
⭐️The bill's passing does not make any cryptocurrencies legal tender within the country. However, the bill will include digital currencies and air mileage programs in the definition of payment methods under the supervision of the country's central bank.
💫After being passed into law, the government's executive branch must decide which office will supervise. Still, tokens that will be considered securities will remain under the Brazilian Securities and Exchange Commission (CVM) jurisdiction.
✔️Apart from designating crypto as a payment method, the law enables the creation of licenses for crypto exchange platforms and custody and management of crypto by third parties. In addition, the law will require exchanges to make a clear distinction between company and user funds, to avoid another incident like the FTX collapse.
Bear Market Length Has Now Matched Previous Cycles, Is Trend Reversal Imminent?
Bear markets always appear to be long, drawn-out affairs, but the steep downtrend lasts only a year or so.
🎧The crypto industry hit its all-time high of just over $3 trillion in market capitalization in November 2021. Almost a year later, on November 22, they hit a cycle low of ~$800B, marking a 75% drawdown.
💎In its recent “Ahead of the curve” report, Arcane Research observed that this bear cycle now matches 2014 and 2018 in terms of length.
Bear Market Bottom?
⭐️In the previous cycle, markets fell 87% from $830B in January 2018 to just over $100B market cap in December of the same year. The magnitude of this current one could have been better despite the collapse of Terra/Luna and FTX.
▶️The low cycle followed a long consolidation and slow accumulation, which we can see now.
🔎The report noted that the current Bitcoin market (not total crypto cap) had seen 376 days from peak to trough. In 2018, that period was 364 days, and in 2014 it lasted 407 days.
📈Last week, markets lifted around 10% from the current bear market bottom. Roughly $80 billion has gone back, lifting total capitalization over $900B.
🪙Bitcoin has reclaimed $17K this week, and Ethereum has topped $1,3K again, so a longer-term trend change could begin.
Telegram to Build a Decentralized Crypto Exchange to Prevent Another FTX Crash, Says CEO
✅Pavel Durov – Founder and CEO of the messaging application Telegram – thinks the FTX crash occurred because the blockchain industry has recently deviated from its decentralized nature. He argued that a few individuals abused their power, leading to a spectacular collapse.
▶️The Russian-born entrepreneur said Telegram’s next goal is to create non-custodial wallets and decentralized exchanges so crypto traders could have maximum protection when operating in the sector.
The Main Problem is the ‘Excessive Centralization’
✔️Durov is yet another person to comment on the recent decay of the crypto exchange FTX, saying the entity was entirely centralized, and the control was in the hands of a few people. He believes they “began to abuse their power,” which prompted the crash and the colossal investor losses.
✔️According to Durov, such adverse events will be eliminated if blockchain-based projects go “back to their roots – decentralization.”
“Cryptocurrency users should switch to trustless transactions and self-hosted wallets that don’t rely on any single third party,” he claimed.
✔️Durov urged developers to establish “fast and easy-to-use decentralized applications for the masses.” He said it took him a small team and only five weeks to build Fragment – a fully decentralized blockchain platform based on The Open Network (TON). He added that Fragment has been quite successful, selling around $50,000 worth of usernames in less than 30 days.
✔️The Russian assured that Telegram’s next step is to introduce various decentralized tools, such as non-custodial wallets and decentralized exchange for “millions of people.”
“This way, we can fix the wrongs caused by the excessive centralization, which let down hundreds of thousands of cryptocurrency users,” he stated.
Animoca Brands Unveils $2B Metaverse Fund.
💎According to co-founder and executive chairman Yat Siu, Hong Kong-based blockchain gaming giant Animoca Brands is all set to roll out a massive $2 billion fund, dubbed “Animoca Capital,” to invest in metaverse businesses.
✅While speaking to Nikkei Asia, the exec revealed that the upcoming metaverse fund, which will make its first investment in 2023, will focus on digital property rights. It also seeks to provide opportunities to access Web3 companies.
✅The fund’s investment targets will have no geographical restrictions. Siu, who will lead the initiative with a partner, believes that Animoca Capital will be a good entry point for Web3 businesses and investors.
✅The exec, in a statement, said: “The long-term goal for us, and frankly for myself, is creating a way where we all have digital property rights. I’m hoping this will also drive a scenario where the digital property will be recognized like physical property in the legal system.”
✅Animoca Brands has established itself as one of the most prominent investors in NFT, blockchain gaming, and metaverse-focused firms.
✅In September, the company announced raising $110 million in a funding round led by Temasek, Boyu Capital, and GGV Capital. Animoca previously stated that it would deploy the freshly infused funds for strategic acquisitions, investments, and product development, securing licenses for popular intellectual properties, advancing the open metaverse, and promoting digital property rights for online users.
✅Meanwhile, its portfolio boasts over 380 investments, including Colossal, Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Alien Worlds, and Star Atlas.
Harvard Researcher Tells Central Banks to Start Buying Bitcoin
✍️According to a report by Politico, Matthew Ferranti, a fifth-year Ph.D. candidate in Harvard’s economics department, has published a new working paper arguing that central banks should start buying up Bitcoin.
💎The paper, overseen by Ferranti’s Harvard advisor and former IMF economist Ken Rogoff, claims that central banks would benefit from holding a small amount of Bitcoin. The paper says that countries facing sanctions, or the potential for economic sanctions, should hold even more Bitcoin as a hedge substitute for gold.
✔️In an interview, Ferranti stressed that countries could use crypto to circumnavigate sanctions imposed by the U.S. and other world powers.
🤵♂️Ferranti said that countries would benefit from holding crypto in addition to gold due to the lack of correlation between the two assets and to increase diversification. He also noted that countries at risk for sanctions tend to have poor infrastructure and are, therefore, less likely to be able to obtain enough gold to hedge their risk adequately.
📣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.