Weekly Report (3 - 9 Oct 2022): BTC open interest increased $1.3 billion but downward pressure on price still expected – Help Center

Top ApolloX Gainer: ENSUSDT (+26.81%)
Top ApolloX Loser: ALGOUSDT (-5.13%)

Token QuickSnap

ENS surged over 23% in the last 7 days as most crypto remain slightly in the red. Increasing development activity that would help onboard more users could have contributed to its performance. Meanwhile, ALGO has chalked up a 5% drop in the last 7 days following price action of major coins.

*Data cited from CoinMarketCap

Market Analysis

Bitcoin (BTC) broke past $20k at the start of the week but declined sharply to trade at $19.4k on October 7 following the release of the U.S. September jobs report, which hinted at another rate hike in the U.S. Fed’s next meeting. It closed the week trading flat. In the derivatives market, BTC open interest increased by $1.3 billion this week as compared to last week, indicating increased risk appetite from traders. However, aggregated funding rates remain negative showing support for short-term bearish price action and continued downward price pressure. This week, a total of $171 million shorts and over $196 million longs were liquidated. Bitcoin and other cryptos have yet to show optimistic price movements in what has historically been a strong month.

Source:

CoinGlass

CryptoBites

Investment Talk

Iranian Bitcoin advocate Ziya Sadr was arrested by Iranian security forces last month and has not been released, according to Sadr’s friend. It is unclear if Sadr was arrested for his Bitcoin advocacy. (Learn more)
India will pilot a CBDC called the e-rupee, a digital version of the rupee, in phases. It intends to implement the e-rupee as an additional form of currency and an alternative to cryptocurrencies. (Learn more)
The EU Council has endorsed the Markets in Crypto Assets (MiCA) legislation, which will regulate the European crypto space. The European Parliament will vote on its approval this week. (Learn more)

Projects

The Luna Foundation Guard has cited legal reasons for pausing its $100 million treasury distribution plans, which it has pledged to remaining users of failed stablecoin UST. (Learn more)
Activity on the BNB Chain was briefly suspended after a cross-chain exploit on October 7. Current estimates of exploited funds are around $70–80 million, with $7 million successfully frozen. (Learn more)
MakerDAO is reallocating $500 million of the funds currently collateralizing the Dai stablecoin to U.S. Treasury bills and corporate bonds. It aims to provide the protocol with low-risk additional yield. (Learn more)
Solana co-founder Anatoly Yakovenko believes work-in-progress validator client Firedancer will be a “long-term fix” to its network outages. (Learn more)

Web3.0

A court-appointed liquidator for investment fund 3AC will sell more than 300 NFTs previously held by the bankrupt firm’s NFT investment arm Starry Night Capital. The collection’s value has dwindled to $4.2 million by July as compared to $35 million last year. (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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