related article: He was bullied at school but now lives a lavish lifestyle thanks to trading in Bitcoin and other cryptocurrency
News of the week - a source of information about key events in the crypto market.
Cryptocurrency market capitalization held above $2 trillion for most of the week, according to CoinMarketCap. From January 18, the indicator began to decline, falling by 1.9% over the week to $ 1.9 trillion, according to Wednesday morning data.
related article: Australian investor bought a 2,800sqm property in Charleville with money he earned by innovative financial tool
Trading activity in the market remains low. Average daily trading volumes for the previous 7 days were $81 billion, down 21.4% from the previous week.
The Fear and Greed Cryptocurrency Index has not left the “Extreme Fear” zone for more than two weeks, since January 4th. 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%. For 7 days, the rate has been predominantly below 40%, dropping to 39.24% on Jan. 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 rose to 2.69%.
The 30-day bitcoin volatility index has maintained a downward trend since mid-December. Since January 16, its value is 2.45%, according to CryptoCompare. Over the past week, the indicator fell by 0.33%.
TOP factors of market movement
</strong>▲ 12.01.2022 - U.S. Department of Labor: The CPI for December is up 7% from a year earlier. The growth rate has become a record for the last 40 years. The Fed is preparing to start raising interest rates in March to fight 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 ether burned in the 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.
Solana (SOL) is already available on EXMO in SOL/BTC and SOL/USDT currency pairs.
EXMO news
We have partnered with Gambit Esports, one of the leading esports organizations in the world. EXMO became the general partner of Gambit Esports CS:GO, Dota 2 and Apex Legends rosters, as well as AS Monaco Gambit Dota 2 and Fortnite rosters.
On January 4th, the planned burning of EXMO Coin (EXM) took place. We burned 599,300 EXM, after which the total number 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.
Read this:
EXMO company blog | News of the week: BTC panic sale
EXMO company blog | Weekly news: crypto market resistance
EXMO company blog | Weekly news: new altcoin price highs
EXMO company blog | News of the Week: Chinese Crypto Sales Hold BTC Rate
EXMO company blog | Weekly news: cryptokits on the hunt
EXMO company blog | News of the week: tension on the crypto market grows