- Top ApolloX Gainer: CHZUSDT (+10.14%)
- Top ApolloX Loser: LUNA2USDT (-28.81%)
Crypto QuickSnap
Chiliz’s CHZ token has increased 11% over the last 7 days on positive network growth and buying pressure. While this movement is normally mundane, CHZ is trading against the wider market downturn. Meanwhile, LUNA has dropped 48% over the last 7 days after news broke out that South Korean authorities issued an arrest warrant for Terra founder Do Kwon.
*Data cited from CoinMarketCap
Market Analysis
Despite initial buoyancy in the market from the Ethereum Merge, both bitcoin (BTC) and ether (ETH) dropped this week, with BTC closing the week below $20k and ETH closing below $1.5k, its lowest level since late July. In the derivatives market, BTC open interest dropped $1.5 billion compared to last week and funding rates turned from positive to negative. A higher than expected U.S. consumer price index for August caused BTC price to fall below $21k on September 13, giving up an unsustainable relief rally and causing over $104 million long positions to be liquidated. A total of $224 million BTC longs were liquidated this week.
Similarly, ETH open interest dropped $1.3 billion as compared to last week. ETH price stumbled twice this week, following BTC’s September 13 drop and lacklustre reactions after the September 15 Merge, causing over $219 million ETH long positions to be liquidated on the two dates. A total of $442 million ETH longs were liquidated this week.
Source: CoinGlass
CryptoBites
Investment Talk
- The White House has published the first framework on regulating the digital assets space with a focus on protecting consumers, preventing crypto-related crime, and maintaining the United States’ standing as a global financial powerhouse. It is still researching the potentials of a CBDC. (Learn more)
- 82.77% of all relay blocks on Ethereum have been found to be built by a single server, Flashbots, alone — contributing heavily to Ethereum centralization. (Learn more)
- EthereumPOW, the dominant Ethereum forked blockchain, is struggling to execute. Users have complained about glitches and crypto exchange Poloniex, which TRON founder Justin Sun has invested in, has decided to support a rival PoW fork. (Learn more)
- The U.S. SEC and Ripple Labs are awaiting a federal judge to make an immediate ruling on whether Ripple’s XRP sales violated U.S. securities laws. (Learn more)
Projects
- 1inch Network issued a warning after identifying a vulnerability in Profanity, an Ethereum vanity address generating tool. However, hackers were still able to steal $3.3 million. (Learn more)
- Do Kwon, founder of Terra, asserted on Twitter that he’s “not on the run” after South Korean authorities issued an arrest warrant and attempted to revoke his passport. (Learn more)
- Cardano founder Charles Hoskinson revealed that the Vasil hard fork implementation is now in its final stage and scheduled to go live on September 22. (Learn more)
Web3.0
- Japanese gaming giants like Bandai Namco, Sega and Square Enix are looking at developing brand new blockchain games instead of integrating blockchain tech with current games. (Learn more)
- Adobe’s acquisition of web design application Figma, may mean more NFT initiatives alongside its NFT authenticity function on Photoshop. (Learn more)
What’s New at ApolloX
- New DEX Engine Partnerships - ApolloX welcomes Velo and Land Chronicle to the ApolloX DEX Engine! (Learn more)
- 27th Epoch Trading Rewards - Trade on ApolloX DEX and earn from a 9,000,000 APX Total Trading Rewards Pool! (Trade now)
- Day Mode Trading Interface - Users can now switch between Day and Night mode while trading according to their preferences. (Trade now)
- Venus Protocol x ApolloX - All DEX traders who hold vUSDT are eligible to participate in a $2,000 airdrop! (Learn more)
Risk Reminder: Crypto trading carries a risk. All trading activities are done at your discretion and at your own risk. The information here should not be regarded as financial or investment advice from ApolloX. ApolloX will not be liable for any loss that might arise from your use of any financial product.
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