Weekly Market Highlights #30: January 16 - January 22
✨Crypto Market still bull run in the past week, Aptos Explodes 95% Weekly to ATH, Bitcoin Calms Amid $23K
✨Over the past week, the crypto market increased ~$67B (from ~$978B to ~$1045B) of its total capitalization
✨Bitcoin's Recent Journey
✅Bitcoin’s 2023 sharply contrasts with 2022, especially at the end of last year. The cryptocurrency entered the new year at $16,5K, and it took around a week to reclaim $17K.
✅That turned out to be a significant breakout line as the asset exploded in the next two weeks. This resulted in breaking above $20K for the first time since December, but BTC only kept climbing.
✅The culmination, at least for now, came on Saturday morning and in the afternoon when bitcoin exploded to above $23,4K. Not only did this surge cause multi-million dollar losses for over-leveraged investors, and it helped BTC chart its highest price tag since early September 2022.
✅Bitcoin has retraced by a few hundred dollars and sits at just under $23K. Nevertheless, its market cap is still north of $435B, and its dominance over altcoins is above 42%.
✨APT Steals the Weekly Show
✅BSCS is currently trading at $0,01079: +20,59% from its 7-day all-time low of $0,008951.
✅Launched just months ago, Aptos has been among the best performers since the market rallied a few weeks ago. The past seven days were awe-inspiring for the native token, which has soared by 95% within this timeframe. As a result, APT charted an all-time high at over $14.
✅APE and OKB are the two other notable gainers from the larger-cap alts. Both have surged by around 7% to $5.5 and $37, respectively.
✅ADA is up by 4.5% and has neared $0.4. Most other top 10 altcoins are slightly in the red, retracing from yesterday’s explosion.
✅Still, the total crypto market cap is well above $1T on both CoinMarketCap and CoinGecko. The metric has added over $200B since the start of the year.
✨Bitcoin Fear and Greed Index is 53 - Neutral, higher than at the beginning of the week (45)
✨Dominance:
✅BTC: 42.0%
✅ETH: 19.2%
🔶 BSCStation Launchpad's Roadmap for 2023: A Year of Innovations, Integrations and Upgrades
🔥 We are thrilled to announce our upcoming roadmap for BSCStation Launchpad for the year 2023. Our team has been working tirelessly to bring new features and improvements to our platform, and we can't wait to share what we have in store for the coming year.
🌟 Let’s go through the details of our 2023 roadmap.
💠 Q1, 2023
🎯 Integrate Solana and AVAX networks
🎯 Open new Launchpools on BSCStation Launchpad
🎯 Optimize UX and contract upgrade for BSCStation GameHub
🎯 Upgrade the MStation platform
🎯 Integrate KYC into BSCStation Launchpad profile
🎯 Add BSCS token Utilities and Holder benefit
💠 Q2, 2023
🎯 Release DEX tools
🎯 Add Anti Sniper Bot
🎯 Introduce the Referral mechanism
💠 Q3, 2023
🎯 Provide DEX Aggregator
🎯 Add Liquidity Mining feature
💠 Q4, 2023
🎯 Provide NFT Aggregator
🎯 Launch NFT DAO
✨ The upcoming year is set to be an exciting one for BSCStation. We are working hard to develop new features and integrations that will make our platform more user-friendly, secure, and versatile. We look forward to working with our community to build a better future for decentralized finance.
🙌 We will keep you updated on our progress, and as always, we welcome your feedback and suggestions.
💕 Thank you for your continued support and stay tuned for a wonderful year ahead with many milestones we will conquer together!
📕Details:
📕 Better Than Yesterday With BSCStation #14: Safe Invest During Bear Market Part 2
🙌 Welcome back with “Better than yesterday with BSCStation”. In the previous part, we have introduced what the Bear Market is and suggested some Invest Strategies for you to consider during the tough time.
🌟 Today, let’s kick it up a notch and analyze these investment strategies, starting with Dollar-Cost Averaging, also known as DCA.
✔ What Is Dollar-Cost Averaging?
✔ How Dollar-Cost Average work?
✔ Why consider Dollar-Cost Averaging?
✔ Is Dollar-Cost Averaging safe?
✔ How to start with Dollar-Cost Averaging?
✨ During the Bear Market, staking BSCS tokens with enticing APY to gain guaranteed allocation for IDO projects on BSCStation Launchpad is a recommended safe investment option.
👉 Details:
Bitcoin Fear and Greed Index Rises to ‘Neutral’ for the First Time in 9 Months
🪙The Bitcoin Fear and Greed Index – a metric that determines the community’s general sentiment on the primary cryptocurrency – spiked to a state of “Neutral” for the first time in nearly nine months. The increase comes as a result of BTC’s positive start in 2023.
At Last, out of the ‘Fear’ Zone
⭐️The Bitcoin Fear and Greed Index tracks multiple segments to display the momentary investor sentiment toward the leading digital asset, including price volatility, social media comments, surveys, and others. It provides results between 0 (“Extreme Fear”) to 100 (“Extreme Greed”).
⭐️The Index pointed at 52 on January 15, meaning it was in “Neutral” territory for the first time since April 5, 2022. It was either in the “Fear” or “Extreme Fear” zones during the past nine months, prompted by the prolonged bear market and the adverse events that surrounded the cryptocurrency industry (the Terra crash, 3AC’s bankruptcy, the collapse of FTX, and many more).
⭐️The main reason for the recent surge could be bitcoin’s price increase. The asset has added approximately 25% to its USD value since the start of the year, currently trading at around $20,800. BTC hit almost $21,500 earlier on January 16 - a 10-week high.
⭐️The digital asset sector has seen moments of revival over the last several days, with the global crypto market cap touching the $1 trillion mark during the weekend (on CoinGecko).
Bull Run on the Horizon?
⭐️The last time bitcoin started the year that well was at the beginning of 2021, which prompted some analysts, such as Glassnode’s James Check, to envision the end of the prolonged bear market. Such periods historically lead to “explosive market moves:”
“It is quite remarkable, and there are very few instances in history where bitcoin and any digital asset goes to sleep to this level on a volatility framework.”
Russia Partners With Iran to Release a Stablecoin Backed by Gold
Russia’s government and Iran’s central bank could supposedly team up and create a stablecoin called “the token of the Persian Gulf region.” The token will be pegged to the valuation of gold.
The Mutual Operation
⭐️According to a report by the Russian media outlet Vedomosti, the local authorities could collaborate with Iran’s central bank to launch a new crypto asset called “the token of the Persian Gulf region.”
⭐️Assuming it sees the light of day, it will replace fiat currencies such as the dollar, the euro, the ruble, and others in foreign trade transactions. Alexander Brazhnikov – Executive Director of the Russian Association of the Crypto Industry and Blockchain – said the coin would be backed by gold and employed in a special economic zone in Astrakhan.
⭐️The two nations recently signed a contract to facilitate trade through a transportation system in the Caspian Sea. The northern tip of the network is the Russian town of Astrakhan.
⭐️Anton Tkachev – a Duma Committee on Information Policy member – confirmed the rumors about the creation of the new stablecoin. However, he specified that such a move could be actively discussed only when Russia’s government implements an appropriate regulatory framework on its local crypto sector.
⭐️Anatoly Aksakov – Chairman of the State Duma Committee on the Financial Markets – stated at the end of 2022 that the authorities would apply such rules by the end of 2023:
“I assure everyone that we will have crypto as a legal product next year. There will be legislation… I can only say unequivocally that it cannot be used in the Russian Federation as a means of payment for internal settlements.”
National Australia Bank to Launch Stablecoin on Ethereum, Algorand
The stablecoin will be backed 1:1 by the Australian dollar (AUD)
⭐️The new Australian dollar-pegged stablecoin created by NAB, dubbed AUDN, is set to be launched on the Ethereum and Algorand blockchain networks. It is expected to be completed by mid-2023.
Australia’s Second Stablecoin Initiative
🔸According to the Australian Financial Review (AFR) report, the AUDN will enable users to settle transactions on blockchain technology in real time with the help of Australian dollars. The NAB also said the stablecoin is designed to serve multiple purposes, such as carbon credit trading, cross-border money transfers, and repurchase agreements. Furthermore, the bank will be in charge of holding the Australian fiat-backed stablecoin.
🔸In a statement, NAB Chief Innovation officer Howard Silby was quoted saying,
“We certainly believe there are elements of blockchain technology that will form part of the future of finance. From our point of view, we see blockchain has the potential to deliver instantaneous, transparent, inclusive financial outcomes.”
🔸The current infrastructure for overseas transactions is dominated by the SWIFT network, which is undoubtedly a legacy system. However, AUDN’s launch could provide an effective alternative for many users.
🔸The development comes four months after Australian Senator Andrew Bragg drafted a bill to put the domestic cryptocurrency sector under strict supervision. The bill required digital asset exchanges and stablecoin issuers to reveal their operations to authorities. It also targeted Chinese banks dealing with digital yuan in the country.
OKX Releases Proof-of-Reserves Report With $7.5B "Clean Assets"
The reserves do not contain OKX's native token
🪙Popular crypto exchange OKX released its third Proof-of-Reserves (PoR), revealing holding "clean assets" worth $7.5 billion in BTC, ETH, and USDT
♾OKX's Chief Marketing Officer Haider Rafique said:
"Security, transparency, and trusts are core tenets of the OKX business process and customer service philosophy. We've already taken a leadership position by publishing our PoR monthly. As industry standards for PoR continue to take shape, we expect our reserve asset quality to be one of many key differentiating factors for OKX in the market."
OKX's Third PoR Report
⭐️According to the latest data, OKX's wallets held 123,914 BTC against a user balance of 117,682 BTC as of January 18th. The exchange is overcollateralized with a Bitcoin reserve ratio of 101%, unchanged since last month's PoR report
⭐️Similarly, the reserve ratio for Ethereum stood at 105%, a slight increase from 103% over the past month. OKX held 1,178,993 ETH against a user balance of 1,233,714 ETH. At 101%, Tether reserves also remained unchanged. OKX had 2,979,866,301 USDT holdings against 2,955,696,824 USDT in user balance
⭐️The exchange further revealed publishing over 23,000 addresses for its Merkle Tree Proof-of-Reserves program. It will continue to use these to make viewing asset flows accessible to the community
Clean Assets
⭐️Citing blockchain analytics firm CryptoQuant's findings, OKX assured the community this is the "largest clean asset reserves among major exchanges." For context, CryptoQuant stated that 100% of OKX's wallets are clean. Contrastingly, it found that 87.67% of Binance, 60.1% of Huobi, 69.85% of Bitfinex, 81.26% of Kucoin, and 95.49% of Crypto.com are clean
⭐️OKX explained that asset reserves are deemed "clean" when a third-party analysis establishes the reserves do not include a crypto exchange's native token and constitute exclusively of high-market cap "traditional" crypto-assets such as BTC, ETH, and USDT
John Ray Says Reviving FTX is on the Table
John Ray said they might try to restart the FTX international exchange if this makes sense for making creditors whole.
✅The acting Chief Executive Officer of FTX, John J. Ray III, who is in charge of ensuring that the bankrupt exchange's creditors receive as much compensation as possible, said that the platform might restart.
✔️In an interview with The Wall Street Journal, John J. Ray III said that restarting the exchange is on the table.
✔️Everything is on the table. If there is a path forward, we will not only explore that, we will do it.
✔️FTX filed for Bankruptcy back in November 2022, using Chapter 11.
✔️Mr. Ray further clarified that he would be looking into whether restarting the international exchange would recover more value for the company's creditors than his team could potentially get from simply liquidating the assets or selling the entire thing.
"There are stakeholders we're working with who've identified what they see as a viable business."
📣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.