Weekly Report (19 - 25 Sep 2022): BTC and other crypto struggle after Fed rate hike again – Help Center

Top ApolloX Gainer: XRPUSDT (+37.56%)
Top ApolloX Loser: LUNA2USDT (-20.53%)

Crypto QuickSnap

XRP has gained 39% over the last 7 days. Ripple Labs had filed a motion for a court to make a final decision based on the provided facts, rather than ordering a trial, and to decide whether XRP is a security by mid-December. Excitement over the news could be improving investor sentiment about the longer-term prospects for XRP. Meanwhile, LUNA has fallen 22% over the last 7 days, showing signs of weakness with consecutive lower highs.

*Data cited from CoinMarketCap

Market Analysis

Bitcoin (BTC) struggled to remain above $19k this week after the U.S. Fed’s interest rate hike on Wednesday sent BTC sliding towards $19k and later dipping below it. As compared to the previous week, in the derivatives market BTC open interest dropped $308 million and funding rates continued to stay negative. A total of $122 million BTC shorts and $225 BTC longs were liquidated this week. Ether (ETH) followed BTC price action, with open interest dropping $539 million this week. ETH shorts and longs saw a total of $170 million and $239 million in positions liquidated, respectively.

Source:

CoinGlass

CryptoBites

Investment Talk

Renewed strength from the U.S. dollar index, which jumped to 20-year highs due to interest rate hikes, have seen Bitcoin and other crypto struggling to stay above their June lows. (Learn more)
The U.K. government has introduced new legislation that will give the government greater power to "seize, freeze and recover cryptoassets" used in crime. (Learn more)
The U.S. Federal Reserve has increased interest rates by another 75 basis points, bringing the funds rate to between 3% and 3.25%. (Learn more)
Ethereum miners have dumped ETH in the week since the Merge. Their remaining hoard may become a source of near-term, downward pressure on ETH price. (Learn more)

Projects

The Cardano blockchain successfully completed the first phase of its Vasil hard fork on Friday. The final phase is expected to become fully active on the chain on September 27. (Learn more)
The CFO of crypto lender Voyager has resigned. Voyager filed for bankruptcy in July and its assets are currently being auctioned off by a bankruptcy court. (Learn more)
MEV gain, an Ethereum arbitrage trading bot built by MEVbots, has been actively draining its users’ funds via a fund-stealing backdoor. (Learn more)

Web3.0

NFT collection Fidenza, created by artist Tyler Hobbs, has seen a sudden spike in popularity over the last few days after a wallet snapped up 8 NFTs for close to $1 million. (Learn more)
The NFL All Day platform has seen NFT sales rise on NFL game days, topping the 24-hour sales charts among all NFT collections. (Learn more)
The U.S. CFTC's action to sue the founders of bZerox and associated DAO Ooki DAO could have far-reaching implications for the DeFi industry. (Learn more)

What’s New at ApolloX

ApolloX Supports Arbitrum - ApolloX DEX users can now choose to connect wallets and trade using the Arbitrum network. (Learn more)
DAO Proposal Voting - Vote if ApolloX should burn unclaimed Trading Rewards in our fourth DAO proposal. (Vote now)
New Pexpay Partnership - Users with ApolloX CEX accounts can now directly access Pexpay’s services and bi-directional transfers of crypto funds across both platforms. (Learn more)
MathWallet x ApolloX AMA - Catch our next AMA with MathWallet on September 27, 10:00 UTC. The 5 best questions will win $500 APX each! (Learn more)
DEX Engine Partnership - ApolloX is pleased to announce the latest partnership for the DEX Engine with Thecrypto.ooo. (Learn more)
ETHW Token Distribution - ApolloX has distributed the Ethereum proof-of-work (ETHW) token to eligible ETH holders. (Learn more)

Trading & Competitions

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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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