Weekly Report (21-27 Nov 2022): Market remains calm through World Cup kickoff and Thanksgiving week – Help Center

Top ApolloX Gainer: HTUSDT (+76.35%)
Top ApolloX Loser: CHZUSDT (-13.57%)

Token QuickSnap

Crypto exchange Huobi saw its HT token rally over 50% in the last 7 days on rumours that it would merge with crypto exchange Poloniex, under the leadership of TRON founder Justin Sun. Huobi later announced that these rumours were untrue. Meanwhile, CHZ fell over 14% in the last 7 days despite having generated some attention due to it being a blockchain-based sports project, bolstered by the World Cup.

*Data cited from CoinMarketCap

Market Analysis

Bitcoin (BTC) started the week falling to a low of $15.6k amid fears about the future of crypto firm Genesis Global Capital and further contagion from the FTX fallout. However, it soon recovered to surpass its weekly opening price, staying above $16.2k for the rest of the week. Even the U.S. Federal Reserve's last monetary-policy meeting on Nov. 24 failed to cause significant waves.

In the derivatives market, BTC open interest marginally increased this week by $41 million as the market starts to calm but remains cautious. Aggregated funding rates slipped to slightly negative from slightly positive. A total of $243 million short positions and $280 million long positions were liquidated this week, with $122 million longs liquidated on Nov. 21 alone when BTC fell toward $15.5k.

Source:

CoinGlass, CryptoQuant

CryptoBytes

FTX Collapse

Alameda Research allegedly withdrew $204 million — a majority in stablecoins — from FTX.US before it filed for bankruptcy, according to Arkham Intelligence analysis. (Learn more)
Digital Currency Group disclosed that it has about $2 billion in debt, most of them intercompany loans. It owes $575 million to its own Genesis Trading arm, and owes Genesis $1.1 billion on a promissory note related to the default of Three Arrows Capital. (Learn more)
Crypto Twitter influencers are reportedly searching the Bahamas for former CEO Sam Bankman-Fried. One YouTuber Gabriel Haines successfully crowdfunded $10,000 to fly him and his family to the Bahamas. (Learn more)
Crypto exchange Binance will delist three Serum (SRM) trading pairs, SRM/BNB, SRM/BTC and SRM/USDT, as a result of the FTX fallout. (Learn more)

Investment Talk & Policy

According to a Bloomberg report, crypto lender Matrixport hopes to raise US$100 million at a valuation of US$1.5 billion. This comes at a time when the industry is dealing with the aftershocks of FTX’s collapse. (Learn more)
Crypto exchange Binance has released its proof of reserves for Bitcoin and will add other tokens and networks over the next few weeks. (Learn more)
Kraken CEO and co-founder Jesse Powell called proof-of-reserves “pointless” without liabilities included after Binance released its proof-of-reserves system. Binance CEO Changpeng Zhao reiterated that Binance will involve third-party auditors to audit the proof-of-reserve results. (Learn more)
Several U.S. state regulators are looking into whether crypto trading firm Genesis Global Capital may have violated securities laws, according to a report from Barron’s. (Learn more)
Belgium’s Financial Services and Markets Authority said Thursday that cryptocurrencies without an issuer like BTC and ETH are not securities. (Learn more)

Projects

South Korea’s leading blockchain game developer Wemade’s crypto token WEMIX tumbled 70% on Friday after the country’s four largest digital asset exchanges announced that WEMIX will be delisted. (Learn more)
Singapore authorities have launched a probe into troubled crypto lender Hodlnaut for “possible cheating and fraud,” likely related to former algorithmic stablecoin UST. Hodlnaut also had about 72% of assets deposited in FTX. (Learn more)
ConsenSys, operator of MetaMask, responded to online critics that only the wording of its updated privacy policy — and nothing else — had changed. (Learn more)
Crypto exchange Huobi has said rumours that it will merge with Poloniex are "categorically untrue.” (Learn more)
Coinsquare, one of Canada’s largest crypto exchanges, suffered a data breach which exposed customers’ personal data. It claims customer assets are “secure in cold storage and are not at risk.” (Learn more)

Web3

Web3 game publisher Fenix Games has raised $150 million in funding to acquire, invest and distribute blockchain games. (Learn more)
ApeCoin DAO has launched its own white-label NFT marketplace built by NFT infrastructure company Snag Solutions. The new marketplace lists for-sale NFTs from Yuga Labs-owned NFT collections and Otherdeed NFTs. (Learn more)

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