- Top ApolloX Gainer: SKLUSDT (+47.51%)
- Top ApolloX Loser: FTMUSDT (-22.35%)
Skale Network’s SKL token rose 43% in the last 7 days, possibly driven by whale activity without any seemingly major news. Meanwhile, Fantom’s FTM retraced its steps from its previous week’s rally when it outlined plans to revive its native stablecoin. The coin has shed over 22% of its value in the last 7 days.
*Data cited from CoinMarketCap
Bitcoin fell from $23k to linger around $21.5k this week, as Coinbase CEO Brian Armstrong’s tweet on “rumors” the U.S. SEC wanted to get rid of crypto staking in the U.S. for retail customers spooked traders. This was expedited by Feb 9. news of Kraken’s shut down of its U.S. staking business and its $30 million settlement fine to the SEC just one day after. In the derivatives market, BTC open interest saw a sizable drop of around $648 million this week as aggregated funding rates dipped into negative territory for the first time since the start of 2023, indicating short-term bearish sentiment. Over $490 million long positions were liquidated this week, with $254 million on Thursday alone.
Investment Talk & Policy
- Nexo will stop its Earn Interest Product for all U.S. clients on April 1 following a settlement with the U.S. SEC. (Learn more)
- Brazil’s oldest bank, Banco do Brasil, will allow clients to use its app to instantly convert crypto in their account into local currency to pay taxes. (Learn more)
- Kazakhstan will put into effect new crypto regulation laws that will require digital assets issuers to have the government’s permission, and mandate 75% revenue sale from crypto mining for tax purposes. (Learn more)
- The U.S. SEC shutdown of crypto exchange Kraken’s U.S. staking business may certainly lead to a wider industry crackdown. However, “this is not a condemnation of staking writ large,” said Zachary Fallon, a former special adviser to the regulator’s general counsel. (Learn more)
- BNB Chain has deployed a security patch after Web3 infrastructure firm Jump Crypto discovered a vulnerability in the BNB Beacon Chain, which would allow the mint of an unlimited amount of arbitrary tokens. (Learn more)
- Ethereum developers have agreed on February 28 as the target date for pushing the Sepolia testnet through the Shanghai upgrade. (Learn more)
- The Polygon blockchain is exploring ways to bring ZK technology to its main chain, in addition to its previously disclosed plans to release a “ZK rollup”. (Learn more)
Digital Assets & Web3
- Europe’s largest modern art museum, Centre Pompidou, will feature NFTs including CryptoPunks and Autoglyphs projects, among works by 12 other digital artists, as part of its first exhibition focused on NFTs. (Learn more)
- Nearly 10 million of Reddit’s Collectible Avatar NFTs have been minted to date. Separately, about 1.3 million of its official Super Bowl LVII NFT avatars have been minted since Monday’s launch, another major milestone. (Learn more)
- Uniswap DAO has voted 66% in favour of deploying to BNB Chain using the Wormhole bridge, despite its largest investor a16z voting against this move. (Learn more)
- Friends With Benefits DAO is rolling out a social networking application to allow members to connect with each other, read governance proposals and discover upcoming in-person events. (Learn more)
What’s New at ApolloX
- New Contracts on Lite Mode - ApolloX Lite Mode has added MASKBUSD, OPBUSD, FTMBUSD & CAKEBUSD Perpetual Contracts with up to 25X leverage. (Trade now)
- AIBUSD Listing - ApolloX Lite Mode has added AI Token Index Perpetual Contract AIBUSD with up to 20X leverage. AI Token Index is a new crypto price index tracking the top AI tokens by market capitalization. (Trade now)
- ALP Staking Update - We hit $6 million in ALP's total amount staked as of Feb. 9! (Learn more)
- Updates to Perpetual Contracts - ApolloX has adjusted the leverage and margin tiers of multiple perpetual futures contracts. (Learn more)
- New DEX Engine Partnerships - ApolloX is pleased to announce the latest partnership for the DEX Engine with TokenBot DEX and Wolf Ventures! (Learn more)
- ApolloX & SafePal AMARecap - If you missed it, read this recap of ApolloX on SafePal’s DeFi Fireside Chat! (Read more)
- ALP Whitelist Pass Benefit Winners - The first round of winners for the ALP Whitelist Pass Benefit are out! (Check here)
- DEX Leaderboard Adjustments - Both Referral and PnL Leaderboard Rewards have been adjusted! (Learn more)
Trading & Competitions
ALP Content Competition - ICYMI, 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)
- BabySwap x ApolloX - Deposit & trade a minimum volume on BabySwap Perpetual to share a $1,000 prize pool! (Join now)
- BNBMyValentine x ApolloX - Complete simple tasks on Galxe and share a prize pool of 14,000 BUSD + limited edition BNB NFTs! (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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