Crypto News: A Weekly Review

As investors continued to consider economic statistics that suggested the U.S. central bank still had work to do on the inflation front, the largest cryptocurrency by market value was lately trading just around $17,000, up a fraction of a percentage point over the last 24 hours and approximately around its level of the previous two weeks. When it appeared that the Federal Reserve was reversing its monetary policy earlier, BTC stuck to the $17,000 level it had gained.


Ether was traded at around $1,260, up marginally from Monday. With AXS, the token of gaming site Axie Infinity, climbing more than 4.5% to continue a recent rally, most of the major cryptocurrencies recently saw gains. The decentralised exchange Sushiswap’s token, SUSHI, was down by more than 10%.


Crypto prices diverged from U.S. equities indexes, which fell on inflationary concerns and macroeconomic uncertainty that have battered 2022, in an increasingly common occurrence. The S&P 500 fell 1.4% while the tech-heavy Nasdaq, fell 2%.


Despite the FTX filing for Chapter 11 bankruptcy protection and other contagions, institutions have been “increasingly focusing on the promise of blockchain and digital assets.”  On Tuesday, one of the biggest investment banks in the world, Goldman Sachs (GS), was considering investing tens of millions of dollars in cryptocurrency companies whose values have been severely impacted by the collapse of FTX.

Bitcoin Investor Cohorts Now Have Close Cost-Basis, What Does It Say About Market?


Data shows the different Bitcoin investor cohorts now have their cost-basis packed together in a tight range. The entire Bitcoin market can be split into two main investor cohorts, the “short-term holders” (STHs) and the “Long-term Holders” (LTHs). The LTH group is the cohort that’s least likely to sell their coins at any point since the longer investors keep their coins the less probable they become to break their dormancy. 


The cost-basis of the Bitcoin STHs has declined as the bear market has gone on. This means that the different investor groups in the current market have acquired their coins at similar prices. “As such, it is more likely that the aggregate market will start to behave in a more cohesive manner in response to volatility,” notes the report.


TRON Ecosystem To Undergo Changes – A Bane Or Boon To TRX Price?


Tron (TRX) is beginning to rebound from the market downturn that followed the FTX disaster. Improvements to the Tron ecosystem have boosted investor confidence in TRX. As the burn rate of TRX increases with the increase in fee limit, the deflection in the ecosystem would also grow. 


TradingView’s TRX shows a red candle at $0.05278, which indicates that the price decline has no actual impetus. Despite the fact that the market appears to favour buyers, bearishness can still be observed as the EMAs of the MACD indicator trend downwards. With Bitcoin’s price breaking past the $17K barrier and TRX’s increasing link to BTC, we can anticipate further bullishness.


This Crypto Exchange Terminates Half Of Its Employees Amid Bear Market


Crypto businesses are planning for effective cost-management strategies to prevent a collapse. The fear in the market for most crypto users is high since trusted firms have collapsed. In light of recent events, Australian cryptocurrency exchange Swyftx has shown 90 of its employees the exit door – it represents a layoff of around 40% of the entire workforce. Crypto exchange Swyftx has announced that it is laying off 10% of its workforce amid the ongoing crash in the crypto market. CEO Alex Harper believes that this will help the organization survive the chilly crypto winter.


Other exchanges such as Gemini, CryptCorn, BitMEX, and Bybit – reduced their numerical strength. Binance was one of the few exchanges that expanded operations during the bearish phase.


Elon Musk Lifts Twitter Ban On Dogecoin Accounts; DOGE Pumps 7% – Here’s What Happened


Twitter CEO Elon Musk responded to a Dogecoin community tweet within three hours. Billy Markus wrote that more than a dozen Twitter accounts were suspended last weekend, even though they were mainly just tweeting DOGE memes. Musk wrote that his Twitter team had been a bit too aggressive with the suspension of spam-bot accounts. 


The Dogecoin (DOGE) price initially showed no reaction to Elon Musk’s tweet. This is unusual, as Musk usually triggers a rally with every tweet about the meme coin. The DOGE price rose to $0.1118 at one point, recording an increase of around 7.5% within an hour. However, the FOMO quickly flattened out.


Russian Miners Buy More Bitcoin Mining Rigs In Q4: Report


Bitcoin and the entire crypto market bleed due to many challenges that have befallen the industry. As a result, the BTC price has continued to plummet even with the increasing electricity costs for miners’ operations. But, surprisingly, many miners in Russia will buy mining rigs now. This is because of cheaper electricity costs and the cheap offer for the equipment. Russia saw a surge in mining rig purchases in Q4, driven by the introduction of a bill to legalize mining and the sale of mined assets in the country.


Mining revenues in Russia have increased recently, even with the BTC price recording a near two-year low. Analysts believe lower ASIC mining rigs price, which is now close to the production costs, is a good encouragement for new investors.


FTX Crash Triggers Major Selloff In Solana Price – How Deep Will SOL Dive?


What this proves is that the wounds left by the demise of FTX have not been healed by Solana’s native token. Ever since FTX collapsed, SOL has been losing a huge amount of energy. As bearish signals continue to emerge from technical analysis, the price decrease is likely to continue. It’s possible that prices will fall down below the 61.80 Fibonacci level, which is now at $12.58.This may be because Alameda Research, FTX’s sibling in the business, had a significant role in the Solana ICO. Investor trust plummeted as concerns about Solana’s close ties to SBF and his company developed in the wake of the failing exchange’s holding of almost a billion in SOL. Is The Star Just Fading Or Dying?


Sam Bankman-Fried Addresses $8 Billion Balance Sheet Deficit, The Key Takeaway


SBF said he showed investors a separate balance sheet at an emergency bailout. According to the report, SBF listed $8.9 billion in debt, $9 billion in liquid assets, and $15.4 billion in less liquid assets.  In addition, crypto firms exposed to FTX got a fair share of the bitter pill. Investigations have been ongoing to determine the location of the $8 billion hole in FTX’s balance sheet, which caused the liquidity crunch. 


SBF and the remaining employees spent the previous weekend trying to raise funds to fill the balance sheet deficit and repay customers. The funds are to fill the $8 billion hole in FTX’s balance sheet and repay customers. Cause of FTX Collapse: Fraud Or Mismanagement?


Coinbase Drops XRP & Other Tokens, Cites Low Activity


As the FTX saga continues, all eyes are on crypto exchanges. As more threads unravel around the saga, consumer trust is impacted in immeasurable ways. That could lead to exchanges at large preparing for increased regulatory oversight. Coinbase, once notorious for being too lenient on its coin adoption policy, is tightening the belt and cutting the fat. The move may surprise those that pay attention to tokens not named Bitcoin and Ethereum.


XRP is generally seen as a low-cost token that is easy for cross-exchange swaps with its low fees. Bitcoin Cash and ETC are both the result of forks and will be recognizable to more legacy crypto users.



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