Weekly Market Highlights #32: January 30 - February 5
The first week of February 2023 saw the excitement return to the cryptocurrency market.
✨Over the past week, the crypto market decreased ~$10B (from ~$1075B to ~$1065B) of its total capitalization
✨Bitcoin Calm Around $23K
✅The primary cryptocurrency experienced some enhanced volatility at the start of the month after the US Federal Reserve announced raising the key interest rates by 25 basis points.
✅At first, the asset remained calm, around $23K. However, it dipped a few hundred dollars hours later before it shot up by over $1,5K and tapped a new five-month high well above $24K.
✅The bears intercepted the move at this point and pushed the asset south. As a result, BTC slipped by around $1,000 and has calmed to around $23K since then.
✅Its market capitalization is still approximately $445B, while its Dominance over the alts is down to 41.5% as several alts have surged notably in the past week.
✨Altcoins Have Performed More Impressively
✅BSCS is currently trading at $0,01409: +15,88% from its 7-day all-time low of $0,01216.
✅SHIB's massive daily increase of over 10%. However, the second-largest meme coin is in the green once again on a daily scale. SHIB is up by another 7.5%, while its weekly gains are almost 30%, making it one of the best performers for the past seven days.
✅Among the few alts that have done better is another meme coin – BabyDoge. The Dogecoin spin-off has soared by roughly 150% within the same timeframe.
✅OKX’s native cryptocurrency has soared by almost 7% in the past 24 hours and has tapped another high at nearly $45. ETH, BNB, XRP, ADA, DOGE, and MATIC are also slightly red from the larger-cap alts.
✅SOL, DOT, and AVAX, in contrast, have registered minor daily declines.
✅The total crypto market cap has added a few billion in a day and sits close to $1.06T on CMC.
✨Bitcoin Fear and Greed Index is 56 - Greed, lower than at the beginning of the week (61)
✨ Dominance:
✅BTC: 41.5%
✅ETH: 18.8%
BSCStation has completed the 20th burning of 101,123 BSCS tokens. Now the total supply is: 399,845,870 BSCS.
✅ Detailed transaction: https://bscscan.com/tx/0xd5ace1f0590330a20335b91dbcdf8a1d80411b72303cac2774b4feb7df5fb723
✅ 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!
Innovate, Launch & Success: BSCStation Launchpad Empowers AI Projects
🔥 Following the success of Open GPT and the growing demand for AI-related projects, BSCStation Launchpad is proud to announce that we are now offering support for AI projects to launch IDOs on our platform.
💕 This new initiative is a testament to our commitment to providing the best support for innovative projects in the blockchain ecosystem as well as bringing the finest experience and benefits to the community.
💎 We understand that launching AI projects on the blockchain network requires a high level of trust and security, and we are committed to providing the necessary support and resources to make it a success. Our goal is to make BSCStation Launchpad the premier platform for AI projects to launch their IDOs and bring new solutions to the market.
🤖 If you are an AI-related project ready to take the next step and launch your IDO, we are happy and encourage you to cooperate with BSCStation. Our team is available to assist you with any questions you may have, and we look forward to supporting you on your journey to success.
👉 APPLY HERE 👈
🙌 Prepare for a new blockchain revolution with cutting-edge AI projects on BSCStation Launchpad!
BSCStation New IDO Pool Open!
🌟 Dear beloved BSCSians, as you all know, become a BSCS Holder and you will have numerous special privileges. Stake BSCS for a Guaranteed IDO Allocation is definitely one of the super attractive benefits we offer our supporters.
✨ BSCStation is proud to announce the launch of a brand new IDO Pool. This is a fantastic opportunity for our members to get in on the action and earn rewards by staking BSCS tokens.
1. Pool details: Stake BSCS - Earn BSCS
💥 Start Time: 2 PM February 2nd, 2023 (UTC)
💥 Close Time: 2 PM August 2nd, 2023 (UTC)
💥 Lockup period: 180 days
💥 Contract Address: 0xbcb24afb019be7e93ea9c43b7e22bb55d5b7f45d
💥 Chain: Binance Smart Chain (BEP-20)
💥 Total Rewards: 2,000,000 BSCS
💥 Daily emission: 11,111 BSCS per day
💥 Token rewards per block: 0.385 BSCS
2. How to stake:
▶️ Access IDO Pools on BSCStation website
▶️ Select the IDO Pool
▶️ Connect Wallet
▶️ Enter the BSCS amount
▶️ Approve
👍 STAKE NOW to earn profit with fascinating APY and receive many benefits when becoming a BSCS Holder!
💎 2023 will be a blow-up year of BSCStation Launchpad! Keep an eye out for more thrilling updates on the way.
BSCStation Incubation Program - Powering Future Blockchain Innovation
🌟 The journey from an idea to a successful project is not always straightforward. That's why BSCStation will launch the Incubation Program 2023 to help early-stage startups bring their ideas to life.
💎 The BSCStation Incubation Program aims to become the premier destination for entrepreneurs and developers seeking to bring their blockchain visions to life.
✨ So what can startups expect from the BSCStation Incubation Program 2023? Here are some of the key benefits:
💠 Fundraising Support
💠 Investment Funds
💠 Initial DEX Offering (IDO) Support
💠 Token Listing Support
💠 Community Building
💠 Marketing Assistance
💠 Technical, Business, and Tokenomics Consulting
👉 APPLY HERE 👈
🚀 Don't hesitate to apply if you have a visionary idea in this space and take your blockchain idea to the next level!
Digital Asset Inflows Hit $117M Last Week, Largest in Six Months
Digital-asset products saw inflows totaling $117M last week, according to the crypto investment firm CoinShares. This marks the largest inflow recorded since July 2022.
Subsequently, the total asset under management (AuM) increased to $28M, recovering by 43% since the lows of November 2022.
⭐️Bitcoin-tied investment funds alone recorded $116M in inflows last week. Minor inflows into short-bitcoin of $4.4M were also noted during the same time frame.
⭐️Strong inflows came as Bitcoin climbed above $23,000 after surging by over 40% year-to-date.
⭐️Altcoins such as Solana, Cardano, and Polygon recorded inflows, while Bitcoin Cash, Stellar, and Uniswap saw minor outflows.
⭐️The report further said that investment product volumes were up by 17% compared to the YTD average and are improving. Data shows that $1.3 billion were traded for the week.
⭐️A similar trend was seen by the broader digital asset market, which witnessed average weekly volumes surge by 11%.
⭐️Germany dominated with the largest inflows in terms of geography, recording $46 million. Trailing behind was Canada, the United States, and Switzerland, with $30 million, $26 million, and $23 million in inflows, respectively.
Binance Taps Mastercard to Introduce Crypto Prepaid Card in Brazil
The Binance card is still being tested and should become widely available in the next few weeks.
🔶The world’s largest cryptocurrency exchange – Binance – joined forces with the multinational financial services giant – Mastercard – to launch a prepaid card in Brazil.
💎As reported by Reuters, the Binance card is still in beta testing and should be available to users in the following weeks.
💎It comes from the exchange’s goal to “broaden the connection between traditional finance and crypto.”
💎Binance said Brazil is among its key markets, while new and existing customers will be allowed to use the card in every shop that employs Mastercard’s payment services.
💎The entities teamed up last summer for a prepaid cryptocurrency card in Argentina, which provides up to 8% cashback in BNB for specific purchases.
💎Clients can withdraw a maximum of 45,000 pesos ($241) per day or up to 180,000 pesos ($964) per month. Daily purchases are limited to 90,000 pesos ($482), while monthly buys can be at most 360,000 pesos ($1,929).
💎Despite being the largest financial market in South America, millions of Brazilians lack access to basic monetary services. On the other hand, locals are among the global leaders in cryptocurrency adoption, with 41% of the surveyed admitting they are HODLers.
💎The situation is similar with its South-Western neighbor – Argentina. Digital assets, specifically bitcoin and stablecoins, have become increasingly popular due to the country’s political turmoil, galloping inflation, and general financial issues.
dYdX Users Traded $466 Billion In Crypto Derivatives During 2022
💥dYdX - the largest crypto derivatives trading exchange, recorded $466.3 billion in cumulative transaction volume and generated $137.8 million in fee revenue in 2022, according to a dYdX Foundation report.
💎The platform's cumulative volume rose 140% year-over-year (YoY) compared to $322 billion in 2021, per official data.
▶️Additionally, it received 521 grant applications, approved 17% of which 69% have been completed.
⭐️dYdX also significantly succeeded in growing its social presence within the crypto communities. Its Discord community grew by over 390%, while its Twitter followership increased by 62%. Also, its workforce increased from a three-person team to 12 full-time employees plus seven other contract staff.
🔹DYDX Foundation noted in the annual report that it would launch version four of its mainnet this year. Additionally, there were over 82 million votes in favor of dYdX publishing a DAO playbook and opening a fiat bank account.
Toyota Taps Astar Network for Web3 Hackathon
Astar will develop the first Proof-of-Concept DAO tool for Toyota’s employees.
⭐️Japan’s largest conglomerate – Toyota Motor Corporation – will sponsor the world’s first global Web3 hackathon. Polkadot’s leading parachain, Astar Network, has been roped into making Web3 use cases for Toyota’s employees.
💎The car giant is looking to embrace the Web3 space to improve the company’s operations. The latest online hackathon is expected to be an initial step in the process.
Toyota – Astar Web3 Hackathon
⭐️As part of the event, developers from around the world are invited. The theme will be to build an intra-company DAO support tool on the Astar Network to enable anyone to create teams, issue governance tokens, and vote without requiring them to understand the details of Web3.
⭐️While the multinational automotive manufacturer could use the tools developed during the hackathon for operational transparency and efficiency, on the other hand, Astar Network will offer the necessary environment for devs. It will be tasked with product development support.
⭐️Astar Network and Toyota said they could manage projects as DAO, where the decision-making is distributed among participants.
⭐️Following the announcement, Sota Watanabe, the Founder of Astar Network, noted that blockchain integrations in cars would transpire in the near future. The exec also said that even though the industry is still at an exploratory stage, he is “very excited about the various possibilities.”
Bitcoin Breaks $24,000 Ceiling After Fed Says ‘Disinflationary Process’ Started In U.S. Economy
📈Bitcoin rose above $24,000 for the first time since mid-August in Thursday morning trading in Asia before sliding back slightly. It gained along with Ether and most other top 10 non-stablecoin cryptocurrencies after the U.S. Federal Reserve raised interest rates by the expected 25 basis points overnight. Fed chair Jerome Powell said the “disinflationary process” has started in the economy.
⭐️Powell’s announcement that the Fed was raising interest rates by 25 basis points – the smallest increase since March last year – had been priced into markets and reflected economic data in recent months that showed inflation had begun to cool.
⭐️U.S. equities rose on Wednesday. The S&P 500 Index added 1.1%, the tech-heavy Nasdaq Composite Index gained 2%, and the Dow Jones Industrial Average closed up less than 0.1%.
⭐️Labor costs are slowing, with the Employment Cost Index released Tuesday adding 1.0% last quarter, the smallest gain since the end of 2021. In December, the U.S. consumer price index rose 6.5% year-on-year, well below the 7.1% in November and the largest monthly decline since April 2020.
⭐️However, Fed officials on Wednesday said they did not think they had finished raising rates entirely and have indicated before that they could raise rates as high as 5%. Interest rates are currently at 4.5% to 4.75%, the highest level in 15 years.
⭐️The crypto market cap rose 3.7% to ~$1.09 trillion, with total trading volume up 28.9% to $60.8 billion.
Retail giant Pick n Pay to accept Bitcoin in 1,628 stores across South Africa
South African grocery retailer Pick n Pay accepts Bitcoin in all its 1,628 stores following a three-month pilot testing phase in 39 locations.
⭐️As part of its nationwide rollout, store customers will be able to pay for items using cryptocurrency via smartphone apps or by scanning a QR code and accepting the South African rand’s conversion rate at the time of payment.
🔹To pay with BTC, customers will need a Bitcoin Lightning Wallet and the CryptoQR scanner app from CryptoConvert, which is linked to the Bitcoin Lightning Wallet. The payment process requires users to scan an item’s QR code through the CryptoQR app and then proceed to the Lightning Wallet to confirm the rate and complete the transaction.
🔹Twitter users shared their experience with using Bitcoin to pay for everyday items at Pick n Pay stores.
🔹The move came after the country’s financial regulator, the Financial Sector Conduct Authority (FSCA), amended its financial advisory legislation in October to classify crypto assets as financial products, bringing cryptocurrencies under regulation for the first time in South Africa and allowing financial service providers to offer crypto-assets both domestically and internationally.
🔹The retail chain disclosed plans to roll out crypto payments nationwide in November.
🔹Among the African nations, South Africa is making considerable progress in adopting cryptocurrency. South Africa ranks 30th globally in terms of cryptocurrency adoption according to Chainalysis’ 2022 Global Crypto Adoption Index. It has been estimated that about 10% to 13% of the South African population holds crypto assets.
📣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.