Weekly Report (23-29 Jan 2023): BTC open interest falls $371M though funding rates remain positive – Help Center

Top ApolloX Gainer: AUDIOUSDT (+57.75%)
Top ApolloX Loser: LUNAUSDT (-5.12%)

Token QuickSnap

Web3 music platform Audius saw its AUDIO token rise over 52% in the last 7 days after crypto exchange Coinbase listed the token. Meanwhile, Terra’s token LUNA fell 7% in the last 7 days.

*Data cited from CoinMarketCap

Market Analysis

The world’s largest crypto by market capitalization was volatile this week, but generally held steady over $23k and closed the week higher than it opened. In the derivatives market, BTC open interest fell $371 million this week as compared to the previous week, though aggregated funding rates continue positive for the sixth consecutive week to indicate bullish sentiment. A total of $392 million short positions and $485 million long positions were liquidated, the majority of which happened during Tuesday’s market pullback to $22.3k and Wednesday’s comeback past $23.7k.

Source:

CoinGlass, CryptoQuant

CryptoBytes

Investment Talk & Policy

The U.S. Justice Department announced that the FBI had infiltrated the activities of the Hive ransomware group, blocking over $130M in crypto ransomware. (Learn more)
South Korea plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities. (Learn more)
The White House has urged the U.S. Congress to step up on efforts to regulate the crypto market and “expand regulators’ powers to prevent misuses of customers’ assets … and to mitigate conflicts of interest.” (Learn more)
Sam Bankman-Fried’s legal team is seeking to remove a bail condition that prevented him from accessing FTX funds. (Learn more)

Projects

North Korean exploiters behind the Harmony bridge attack in June 2022 moved 17,278 Ether to six different crypto exchanges. According to Twitter sleuth ZachXBT, the exchanges were notified and part of the stolen assets were frozen. (Learn more)
A $10M pay and bonus package for crypto lender BlockFi employees was approved by New Jersey bankruptcy court Judge Michael Kaplan. This deal applies to around 130 staff who will mostly get a bonus worth 42.5% of salary. (Learn more)
Developers behind Mango Markets say they will push forward with a relaunch of the project even as the U.S. SEC alleges the project’s native token, MNGO, is a security. (Learn more)
Aave protocol has eliminated its bad debt of 2.7M CRV tokens from a botched November trade by Mango Markets exploiter Avi Eisenberg. This comes after Aave’s community approved the purchase of the outstanding CRV tokens via ParaSwap in a governance vote. (Learn more)

Digital Assets & Web3

Amazon is planning a new gaming initiative using NFTs that could be launched in the spring, Blockworks reported. One example could involve a push to get Amazon customers to play crypto games and claim free NFTs. (Learn more)
Popular NFT collection Azuki had its Twitter account compromised on Friday. Over $750k worth of USDC, 11 NFTs, and over 3.9 ETH were stolen through malicious links feigning as a “land mint”. (Learn more)
Bored Ape Yacht Club recording artist’s NFT collection Shilly sold out on OpenSea in minutes on Friday morning, leaving many fans empty-handed and angry. (Learn more)

What’s New at ApolloX

ApolloX Community AMA - Join ApolloX’s first ever Telegram Community AMA with CaptainX on Jan. 30 to learn more about ALP and Lite Mode! (Learn more)
New DEX Engine Partnership - ApolloX is pleased to announce the latest partnership for the DEX Engine with Swapsicle DEX! (Learn more)

Trading & Competitions

ALP Whitelist Benefit - Buy and hold at least 100 USDT worth of ALP for a minimum of 15 days to earn up to 1,000 APX! Ends Feb. 28. (Buy now)
Helio & ApolloX Campaign - ApolloX is proud to partner with Helio for the Lunar New Year Campaign. Win up to 9,000 HAY by completing simple tasks on Galxe! (Join now)
Mint $88 ALP, Win $88 APX - Mint and hold at least $88 ALP for 8 days to win $88 APX! (Learn more)
ALP-PERP Zero-Fee Trading Campaign - ApolloX has implemented zero-fee trading for ALP-PERP contracts on Lite Mode! Ends Feb. 3. (Trade now)
CMC 100K Followers Giveaway - Join ApolloX’s first ever giveaway on CMC Community to win APX! (Join now)

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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