December 11, 2023

EXMO company blog | News of the Week: Chinese Crypto Sales Hold BTC Rate

EXMO company blog | News of the Week: Chinese Crypto Sales Hold BTC Rate

</strong>News of the week - a source of information about key events in the crypto market.

</strong>Crypto market capitalization for 7days increased by 4.4% thanks to the recovery of bitcoin and altcoins, which began on December 20.The indicator is trying to gain a foothold at $2.3 trillion. The median value for the week was $2.2 trillion.

Trading activity continues to decline ahead of the New Year holidays.Average daily trading volumes for the week were $89 billion, down 6.7% from the week before, according to CoinMarketCap.

On December 22, the cryptocurrency index of fear and greed rose sharply to 45 points, having increased by 18 points in comparison with the previous day.Thus, the market is very close to exiting the “Fear” zone, where it has been stable since November 27th. Before this, the index stayed below 30 points all week.

Bitcoin dominance fell by 1.1% over the week to 40.4%.Ether's dominance was mostly above 21% during the week, but returned to 20.8% by December 22nd.

For a month now, there has been no trend towards ether's transition to a deflationary model.The last time daily ETH burning exceeded emission was on November 22. The burning rate has also decreased greatly.

TOP factors of market movement

▲ 12/15/2021 - First NFT on Dogecoin blockchain released.

▼ 12/16/2021 - Reuters: The Bank of Russia intends to ban investments in cryptocurrencies.

▼ 12/16/2021 - Santiment: In the past few days, there has been a surge in ETH transfers to exchanges, which may indicate a significant increase in seller pressure in the near future.

▲ 12/16/2021 - ConsenSys, in collaboration with Mastercard, has launched ConsenSys Rollups to scale the Ethereum network.

▲ ▼ 12/16/2021 - WhaleStats: On December 15, before Elon Musk announced the sale of Tesla merch for DOGE, a large transaction of 5.3 billion tokens (about $ 844 million) was recorded on the Dogecoin network.

▲ 17.12.2021 - Santiment: the share of USDT in exchange-traded wallets of the total supply increased to 22.5% - the maximum value in the last 6 months. The influx of stablecoins to trading floors indicates an increase in demand from buyers.

▼ 12/17/2021 - Glassnode: Unprecedented sales volumes during Asian trading hours have been a defining force in the current decline in bitcoin price. BTC tends to rise during US and European trading hours.

▼ 12/17/2021 - Tron Founder Justin Sun has announced that he will leave the Tron Foundation and take over as Grenada's Representative to the World Trade Organization.

▼ 12/19/2021 - Santiment: traders' sentiment towards Bitcoin has reached the most negative values ​​in the last 11 weeks, which may indicate an imminent reversal of the BTC rate.

▼ 20.12.2021 – CoinShares: Last week, the largest ever outflow of funds from cryptocurrency-based investment products in the amount of $142 million was recorded, breaking the trend of attracting investments, which was observed for 17 weeks in a row.

▲ 12/20/2021 - Glassnode: Unspent Bitcoin holdings in miners' wallets are just 500 BTC (about 0.03%) below their peak of 1.78 million BTC reached in December 2020.

▼ 21.12.2021 - Delphi Digital: USDT exchange balances are at annual highs of about 31%. The indicator may indicate the exit of traders from risky positions or profit taking by the end of the year.

▲ 12/21/2021 – WhaleStats: large ether holders bought 4 trillion Shiba Inu tokens ($136 million) over the past 24 hours.

EXMO news

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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.