Weekly Report (2-8 Jan 2023): Traders hopeful from falling economic indicators; Bitcoin tops $17k – Help Center

Top ApolloX Gainer: GALAUSDT (+110.79%)
Top ApolloX Loser: BNXUSDT (-12.34%)

Token QuickSnap

Gala Games token GALA saw a 106% increase in the last 7 days, seemingly steered by exciting project updates - its acquisition of a mobile gaming studio, "complete burns" for GALA tokens used in purchases on the platform and development of a Layer-1 blockchain that will use the GALA token as gas. Meanwhile, P2E project BinaryX saw its BNX token drop over 10% in the last 7 days.

*Data cited from CoinMarketCap

Market Analysis

Bitcoin was overall in the green this week, spiking twice as traders responded positively to hopeful signs that the U.S. Federal Reserve may further slow its pace of monetary tightening. The coin ended the week poised for a break out above $17k. In the derivatives market, BTC open interest marginally decreased this week as compared to last week, though aggregated funding rates continued positive, indicating optimism. A total of over $315 million shorts and $87 million longs were liquidated from the BTC gains.

Source:

CoinGlass, CryptoQuant

CryptoBytes

Investment Talk & Policy

Digital Currency Group (DCG) is being investigated by federal prosecutors in New York, along with the U.S. SEC, for internal transfers at its lending subsidiary Genesis. (Learn more)
Mexico’s proposed CBDC, a digital version of the peso, is delayed and unlikely to meet its 2024 launch date. Currently, Mexico’s central bank Banxico is working on legal, administrative and technological requirements. (Learn more)
FTX's U.S. leadership and the company's Bahamas wing's court-appointed liquidators have formed a cooperation agreement addressing how assets may be inventoried and disposed of, among other issues. (Learn more)
The U.S. SEC is examining whether investors in bankrupt crypto exchange FTX correctly followed due diligence procedures, focusing on whether the companies fulfilled their fiduciary duty to their own investors. (Learn more)

Projects

Crypto exchange Huobi confirmed plans to lay off 20% of employees as part of an ongoing restructuring, following Justin Sun’s acquisition of the firm. It also denied insolvency rumours. (Learn more)
Developers of the Ethereum network plan to release a public test network for the Shanghai upgrade, which will focus exclusively on ETH withdrawals, by end-February. (Learn more)
Crypto firm Juno has chosen Zero Hash to serve as its new crypto custodian in place of Wyre, after advising their clients to self-custody or sell their own crypto amid reports of trouble at Wyre. (Learn more)
Crypto payment provider Wyre announced that it will limit customers to withdrawing no more than 90% of the funds currently held in each account. (Learn more)

Digital Assets & Web3

The team behind NFT collections y00ts and DeGods stated that they were paid $3 million to move their collections off Solana and onto Polygon. (Learn more)
The crypto industry lost a total of 3.9 billion dollars in 2022, according to a report by bug bounty platform Immunefi. Hacks accounted for 95.6% of the total losses. (Learn more)
Executives from blockchain security firms HashEx, Beosin and Apostro said that DeFi investors should expect more hacks in 2023 as new projects enter the market and hackers become more sophisticated. (Learn more)

What’s New at ApolloX

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