Weekly Report (26 Sep - 2 Oct 2022): $19k BTC starts historically strong October, Funding rates remain negative – Help Center

Top ApolloX Gainer: LUNA2USDT (+12.97%)
Top ApolloX Loser: CHZUSDT (-15.62%)

Token QuickSnap

LUNA rose at the start of the week, rallying 14.85% over the last 7 days to reach a high of $2.83. It has since retraced back to $2.42 at time of writing. Whale activity may be spurring price action, alongside a burn tax implemented on sister token Luna Classic (LUNC) as well as bearish news of Interpol issuing a red notice for terra co-founder Do Kwon. Meanwhile, CHZ may be experiencing a significant correction after upward price movement since June. It has fallen 16.85% over the last 7 days.

*Data cited from CoinMarketCap

Market Analysis

This week, Bitcoin (BTC) price spiked on September 27 from strong demand for below $20k BTC and September 30 following a speech on global financial stability by U.S. Federal Reserve Vice Chair Lael Brainard. Despite the spikes, BTC started October — a historically strong month — at only slightly above $19k. In the derivatives market, BTC open interest dropped $275 million as compared to last week while funding rates remained negative, indicating continued short-term bearish sentiment. Over $159 million longs were liquidated on September 27-28 when BTC did a sudden plunge back below $19k. A total of $274 million shorts and $377 longs were liquidated this week.

Source:

CoinGlass

CryptoBites

Investment Talk

A judge has ordered the U.S. SEC to hand over internal emails regarding the regulatory status of Ethereum. However, legal experts remain dubious about the likelihood that this will help Ripple win its SEC lawsuit. (Learn more)
Bitcoin’s long-term profitability has declined to levels last seen during the previous bear market in December 2018. Crypto analytic firm Glassnode found that BTC holders are selling their tokens at an average loss of 42%. (Learn more)
Uzbekistan now requires licensed cryptocurrency companies in the country to pay monthly fees that will mostly go towards the state budget. (Learn more)

Projects

Circle, issuer of the USDC stablecoin, will expand USDC to five new blockchains. (Learn more)
Alex Mashinsky, the former CEO of Celsius Network, reportedly removed $10 million from the now bankrupt crypto lender to pay state and federal taxes, weeks before Celsius halted customer withdrawals in June. (Learn more)
Digital asset management platform Safe will offer SAFE governance token to steward its newly formed DAO. 43k Safe users will be airdropped SAFE between September 28 and December 27. (Learn more)
The Solana network suffered another major outage on October 1, its fourth since January this year. (Learn more)
Crypto exchange Coinbase has temporarily halted transactions from U.S. customers, citing a bug that restricts U.S. bank accounts from making withdrawals, deposits or buys on the platform. (Learn more)

Web3.0

Meta’s Facebook and Instagram have enabled NFTs for all U.S.-based users. (Learn more)
NFT data and trading platform Flip will allow NFT traders to pretend-buy NFTs and create mock portfolios in the first NFT fantasy league. (Learn more)

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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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