- Top ApolloX Gainer: DOGEUSDT (+95.14%)
- Top ApolloX Loser: APTUSDT (-20.02%)
ApolloX Token QuickSnap
Elon Musk’s acquisition of Twitter has boosted optimism for Dogecoin (DOGE), Musk’s favourite memecoin. DOGE has surged 98% in the last 7 days, tipping 62% of Dogecoin investors into profit. Meanwhile, Aptos (APT) has fallen 15% in the last 7 days after a rebound to $9.83 at the start of the week. APT has much in-built selling pressure as it has a relatively small circulating supply and a fairly small airdrop, according to research analyst at crypto data firm Kaiko Riyad Carey.
*Data cited from CoinMarketCap
Bitcoin (BTC) pushed past $20k and remained there most of this week — the biggest weekly gain in three months — turning the market mood more bullish. The oldest cryptocurrency topped $20k on October 26 as investors showed optimism from a few big brands’ positive third-quarter earnings reports. In the derivatives market, BTC open interest decreased $168 million this week as compared to last week while aggregated funding rates remained positive. Over $1.9 billion shorts were liquidated, more than double the amount of $546 million longs liquidated. The majority of shorts were liquidated from October 26-27 ($1.3B) and on October 29 ($457M) when the coin rose after a U.S. government report showed the Federal Reserve’s preferred inflation gauge rose slower than expected last month.
- Latest forecast from crypto services provider Matrixport projects that Bitcoin could rally to $63k by March 2024 when the coin is likely to undergo mining reward halving. (Learn more)
- The average daily trading volume of institutional crypto products had fallen 34.1% to a record low of $61.3 million in October, according to data from CryptoCompare. (Learn more)
- The Central Bank of Turkey plans to launch a digital Turkish Lira CBDC in 2023. (Learn more)
- The National Bank of Kazakhstan will integrate its CBDC on Binance-associated blockchain BNB Chain to test use cases. (Learn more)
- Hong Kong plans to legalize retail trading of crypto as it looks to become a crypto hub. Crypto platforms will be required to apply for a license to offer retail trading. (Learn more)
- DeFi and stablecoin protocol Frax Finance now offers ether liquid staking with a two-token model that supposedly allows users to earn above-average staking yields. (Learn more)
- The THORChain network was halted on October 27 for more than 20 hours after a bug had caused “non-determinism between individual nodes.” (Learn more)
- Crypto lobbying organization The Blockchain Association filed for permission to support Ripple as a friend of the court in its ongoing defence against the U.S. SEC. (Learn more)
- Payments giant Visa has filed two trademark applications related to digital wallets, NFTs and the metaverse. In 2020, it filed a patent application for a process for turning physical fiat currency into a newly digitized version. (Learn more)
- Data from Layoffs.fyi found that over 700 tech startups have experienced layoffs this year, impacting at least 93,519 employees globally, leading to tech talent migration to early-stage Web3 companies. (Learn more)
What’s New at ApolloX
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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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