News of the week - a source of information about key events in the crypto market.
Crypto market capitalizationheld above $2 trillion for most of the week, according to CoinMarketCap.On January 18, the figure began to decline, decreasing over the week by 1.9% to $1.9 trillion, as of Wednesday morning.
Trading activity in the market remains low.Average daily trading volumes over the previous 7 days amounted to $81 billion, which is 21.4% lower than the previous week.
The Fear and Greed Cryptocurrency Index has not left the “Extreme Fear” zone for more than two weeks, since January 4th.On January 19, its value was 24 points.
By the end of the week, the dominance of bitcoin almost did not change and on January 19 it was 40.25%.The rate stayed mostly below 40% for 7 days, falling to 39.24% on January 16, according to CoinMarketCap.
The share of ether during the same time decreased from 19.2% to 18.76%.Part of the market was taken over by cardano, whose share increased from 2.01% to 2.37%. At the time of the maximum increase in the price of ADA on January 18, its share increased to 2.69%.
The 30-day bitcoin volatility index has maintained a downward trend since mid-December.Since January 16, its value has been 2.45%, according to CryptoCompare. Over the past week, the figure decreased by 0.33%.
TOP factors of market movement
</strong>▲ 12.01.2022 – US Department of Labor: the consumer price index for December increased by 7% compared to the results a year earlier. The growth of the indicator has become a record for the last 40 years. The Fed is preparing to begin raising interest rates in March to combat inflation.
▼ 01/12/2022 – Hearings of the US Congress are scheduled for January 20 on the impact of cryptocurrency mining on the energy system.
▲▼ 01/12/2022 - skew: Bitcoin's 90-day volatility has reached its lowest level in a year.
▲ 01/13/2022 - Visa survey: 24% of small businesses are ready to accept payments in cryptocurrencies.
▲ 13.01.2022 – Fidelity Digital Assets: The Bitcoin bull cycle has a strong chance of continuing. Miners make investments for the long term. Since 2022, the period of adoption of bitcoin by states will begin.
▲ 13.01.2022 - Bloomberg strategist Mike McGlone: against the backdrop of rising bitcoin, the commodity market has a minimal chance of being profitable. The expert notes that bitcoin is becoming more stable compared to copper.
▲ 01/13/2022 – Rapper and video blogger Morgenstern supported the developers of The Open Network and acquired TONCOIN for 10 million rubles.
▲ 01/14/2022 – Glassnode: On December 14, the bitcoin hashrate updated its historical maximum, exceeding 215 Eh / s.
▼ 01/14/2022 - Bloomberg: The IRS believes billions of dollars are being hidden from taxes by NFT investors.
▲ 01/14/2022 – From December 13, 2021 to January 13, 2022, the number of projects using smart contracts on the Cardano network increased by 8% to 969.
▲ 01/14/2022 - Elon Musk announced the start of sales of Tesla merchandise for Dogecoin. Some products on the website of the manufacturer of electric cars can only be purchased for DOGE.
▲ 01/15/2022 – The volume of coins burned in the ether network exceeded 1.5 million coins.
▼ 17.01.2022 - UBS Investment Bank: The situation with the prices of digital assets will worsen, leading to a “crypto winter”. The market will be adversely affected by higher interest rates by the Fed, increased regulation and technological shortcomings.
▼ 17.01.2022 – CoinShares: the outflow of funds from cryptocurrency funds continues for the fifth week in a row and reached a total of $535 million. A record $73 million was withdrawn in the last week. The largest inflow of investments of $6 million was recorded in multi-asset investment products.
▲ 01/17/2022 - CoinShares: against the background of the general outflow last week, the most funds were raised in investment products based on solano - $5.4 million.
▼ 01/18/2022 - Invesco investment company: the price of bitcoin may fall to $30,000. The decline in quotes from highs to $42,000 in early January is exactly in line with the bubble pattern.
▲ 01/18/2022 - JPMorgan: Ethereum is losing market share in non-fungible tokens (NFTs) due to high network fees. One of the main competitors of Ethereum is Solana, analysts say.
On EXMO Solana (SOL) is already available in currency pairs: SOL/BTC and SOL/USDT.
EXMO news
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On January 4th, the planned burning of EXMO Coin (EXM) took place.We burned 599,300 ECM, after which their total quantity in circulation decreased to 221.4 million.
This is a short summary of the top crypto news of the week. Follow the link to read the full version of the weekly cryptocurrency review.
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