Weekly Report (30 Jan-5 Feb 2023): BTC closes week above $23k, Open interest increased $369M – Help Center

Top ApolloX Gainer: MASKUSDT (+44.85%)
Top ApolloX Loser: APTUSDT (-15.84%)

Token QuickSnap

Mask Network’s MASK token is up 43% in the last 7 days, seemingly influenced by news that Twitter’s payments product could support crypto in the future. Meanwhile, L1 blockchain Aptos’s APT token is down 16% in the last 7 days even after posted gains on Thursday following a stock market rally driven in part by the U.S. Federal Reserve’s modest interest rate hike, suggesting that the token retraced its steps.

*Data cited from CoinMarketCap

Market Analysis

Bitcoin (BTC) spent most of the week in negative territory aside from Wednesday’s rally to close to $24.2k following a moderate interest rate hike from the U.S. Federal Reserve. While it had sunk below $22.6k at one point on Monday before the Fed meeting, it ultimately closed the week above $23k. In the derivatives market, BTC open interest increased around $369 million this week as compared to the previous week while funding rates continued positive. A total of close to $247 million short positions and over $396 million long positions were liquidated this week, with $143 million longs liquidated on Jan. 30 alone.

Source:

CoinGlass, CryptoQuant

CryptoBytes

Investment Talk & Policy

FTX's new management is seeking to recover political donations made by Sam Bankman-Fried and other FTX executives by the end of the month. (Learn more)
Emergent Fidelity Technologies, which was co-founded by FTX founder Sam Bankman-Fried and former executive Gary Wang and held 56 million shares of Robinhood stock, has filed for Chapter 11 bankruptcy protection. (Learn more)
A seven-member committee to represent unsecured creditors has been established in the U.S. bankruptcy case of Genesis Global. The committee will serve as a voice for creditors in court. (Learn more)
The U.S. CFTC is “working towards another strong year of precedent-setting cases,” in relation to crypto enforcement actions, according to Chairman Rostin Behnam. (Learn more)

Projects

Blockchain scaling solution StarkWare announced plans to open source its core cryptographic software tool, Starknet Prover. (Learn more)
Protocol Labs, the company behind decentralized file storage network Filecoin, is laying off 21% of its staff. (Learn more)
According to a report by Messari, BNB Chain is aiming to be competitive in 2023 by focusing on growth strategies and new tech developments including scaling solutions and boosting throughput, along with implementing Ethereum Virtual Machine execution. (Learn more)

Digital Assets & Web3

Web3 community NounsDAO will create a comic book series with book publisher Titan Comics and NFT community ComicsDAO for its Nouns NFT collection. (Learn more)
Venture capital firm a16z has voted against a final proposal to deploy Uniswap v3 on the BNB Chain using the Wormhole bridge, expressing its intention to vote for rival bridge LayerZero. (Learn more)
Benjamin Bathgate, partner at Canadian-based law firm McMillan LLP, says the lawsuit against Mango Markets exploiter Avraham Eisenberg could impact DAOs to implement legal structures for the purpose of making legal settlements. (Learn more)

What’s New at ApolloX

New Contracts on Lite Mode - ApolloX Lite Mode has added APTBUSD, SOLBUSD, DOGEBUSD, MATICBUSD and AVAXBUSD Perpetual Contracts with up to 20X leverage. (Trade now)
ApolloX Community AMA Recap- Missed ApolloX’s first ever Telegram Community AMA with CaptainX on Jan. 30? Read the recap here! (Learn more)
ALP Staking Update - We hit $3 million in ALP's total amount staked as of Jan. 30! (Learn more)
Updates to Perpetual Contracts - ApolloX has adjusted the margin tiers of multiple perpetual futures contracts. (Learn more)
ApolloX & BNB Chain AMA - Catch ApolloX on BNB Chain’s Weekly Digest AMA to learn more about the new ALP and on-chain derivatives trading! (Join here)

Trading & Competitions

ALP Content Competition - To celebrate the launch of ApolloX ALP and Lite Mode, ApolloX is hosting a content competition with a total of $3,000 APX in prizes! Qualifying creators get a sure-win prize from the pool! (Join now)
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)
ALP-PERP Zero-Fee Trading Campaign - ApolloX has implemented zero-fee trading for ALP-PERP contracts on Lite Mode! Ends Feb. 10. (Trade 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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