Weekly Report (31 Oct - 6 Nov 2022): BTC hit seven-week high, Funding rates stay positive – Help Center

Top ApolloX Gainer: MASKUSDT (+113.72%)
Top ApolloX Loser: GALAUSDT (-18.00%)

Token QuickSnap

MASK token, which rhymes with billionaire and owner of Twitter, Elon Musk, surged 128% in the last 7 days. It rallied immediately after Elon Musk’s $44 billion takeover of Twitter and after it was added to a new Binance Bluebird Index, which tracks the performance of Binance’s own BNB token and Dogecoin along with MASK. That said, Binance has clarified that Binance Bluebird Index “is not related to Binance's investment in Elon Musk's acquisition of Twitter”. Meanwhile, blockchain gaming firm Gala Games saw its GALA token drop over 12.5% in the last 7 days after a white hat attack by cross-chain system pNetwork on pGALA (pNetwork’s wrapped version of GALA) caused chaos and fears of a multi-billion dollar hack.

*Data cited from CoinMarketCap

Market Analysis

Bitcoin (BTC) hit a seven-week high of $21.2K on Nov. 4 after a better-than-expected U.S. jobs report and other economic indicators. It remained steady above $21k for the rest of the week. In the derivatives market, BTC open interest increased $482 million from last week while aggregated funding rates continued positive. On Nov. 4 alone, BTC’s price surge to above $21K led to more than $193 million of shorts liquidated. This week, the total short liquidations was over $446 million while total long liquidations was over $467 million.

Source:

CoinGlass, CryptoQuant

CryptoBytes

Investment Talk

Data from mevWatch confirmed that the minting of U.S. OFAC-compliant blocks on a daily basis on Ethereum has grown to 73% as of Nov. 3, adding to the community’s growing censorship concerns. (Learn more)
After a CoinDesk scoop about trading firm Alameda Research’s balance sheet, Binance’s CEO tweeted that Binance will sell the remaining FTT tokens held that it took on as part of its exit from Alameda sister company FTX last year. (Learn more)
Foreign exchange transactions could drop from a two-day process to less than 10 seconds if CBDCs and distributed ledgers were involved, according to an experiment conducted by the Federal Reserve Bank of New York. (Learn more)

Policy

Web3 Foundation, the research and development entity of Polkadot, has argued that the U.S. SEC should not consider the DOT token a security, but a ‘software’, under its regulatory purview. (Learn more)
EU lawmakers will not vote on the Markets in Crypto Assets regulation (MiCA) until February 2023, likely meaning further delays in the legislation within the bloc. (Learn more)
Canada's federal government announced it was launching a consultation on "cryptocurrencies, stablecoins and central bank digital currencies”. This includes a legislative review addressing financial stability and security, as well as other digitalization. (Learn more)

Projects

Google Cloud is now running a validator on the Solana blockchain and plans to bring its node hosting service, Blockchain Node Engine, to the Solana chain in 2023. SOL rose 12% on the news. (Learn more)
Crypto wireless 5G network Helium Mobile — created in partnership with major wireless service T-Mobile — will be available as an option for Solana’s Saga smartphone. (Learn more)
Crypto exchange Huobi drew criticism for automatically converting users’ GALA tokens into pGALA and continuing to accept deposits of pGALA after the pNetwork white hat attack. (Learn more)

Web3.0

Japan's Digital Ministry will create a DAO to further explore and understand Web3 technology. The ministry also wants to look at the legal position of governance tokens used for voting. (Learn more)
NFT artist Beeple will branch out to Solana via Reder Network and Metaplex, the creator of Solana’s NFT standard, to create “immersive 3D NFTs”. (Learn more)

What’s New at ApolloX

ApolloX & BNB Chain Twitter Space -Join ApolloX and other speakers for a derivatives AMA on Nov. 7, 1:00 (UTC)! (Learn more)
New Perpetual Contract - Users can now trade BANDUSDT perpetual with up to 50x leverage on ApolloX. (Trade now)
DEX Engine Partnership -ApolloX is pleased to announce the latest partnership for the DEX Engine with Multiverse Futures. (Learn more)
6th DAO Proposal - ApolloX DAO has opened voting to adjust the amount of trading rewards, whereby the amount will be decided by voters. (Vote now)
ApolloX & PancakeSwapPerpetuals - Grid trading is now available on PancakeSwap Perpetuals, powered by ApolloX DEX Engine. (Trade now)
Trading Fee Discounts - Lock APX in DAO to enjoy trading fee discounts. (Learn more)

Trading & Competitions

HAY $4000 Welcome Promotion - All ApolloX DEX users who use $HAY as collateral to trade futures can join a $2000 airdrop and a $2000 trading competition! Ends Nov. 7, 23:59 (UTC). (Trade now)
ApolloX & PancakeSwap Rewards Program - PancakeSwap Perpetual traders can win up to $50,000 with a minimum trading amount of $8,000 USDT. (Learn more)
ApolloX & BabySwap Referral Campaign - BabySwap Perpetual users who invite friends with their unique referral links & trade with a minimum will share a $2,500 prize pool. (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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