COIN360 5 minutes reading from Bitcoin

Price of Bitcoin, CFX, NFT, U.S. Collapse: Market Touches Post-FTX

0/ The crypto market finished last week on the upside thanks to Powell's apparently dovish comment.

BTC climbed 17,000 on Nov. 30, followed by a surge over 17,367 on Monday (its highest level post-FTX), but then retraced.

BNB XRP led the drop while LTC gained another 5%.

1/ In the long term, BTC price is affected by macro forces. But in the short term, investors' optimism outweighed the FTX concerns.

The FTX dust seemed to settle, but the market is still in a downtrend with @GenesisTrading as the next firm to watch closely.

2/ Given that it owes @gemini customers 900M & another 900M to a group of assorted creditors, the company state looks not good at all even if it doesn't officially file for bankruptcy.

U.S. CPI numbers on Dec. 13 & FOMC meeting on Dec. 14 are expected to make some noise.

3/ CEL (+38%) soared on the day @nexo announced to leave the U.S.

But a competitor's pullback shouldn't make sense as @CelsiusNetwork is nearly dead, so it's likely to test the lower range (0.5) next.

AXS (+32%) received positive reactions from the community following

4/ @AxieInfinitys plan for decentralization starting with council, on-chain voting & treasury activations.

Axie Contributors will see loyal community members gather together for the project's direction.

But AXS is still posting losses over the past month (-13% since Nov. 6).

5/ GMX surged 21% in the last week when @GMX_IO won @Uniswap in daily trading fees for the first time.

On Nov. 28, GMX earned 1.15M while Uniswap only got 1.06M in trading fees, as per a @Delphi_Digital report.

Earlier this month, GMX recorded a new daily high of 1.17B in

6/ trading volume (as per @DuneAnalytics

GMX spiked due to: - GMX increasing adoption in users' shift to DEXes - Tokenomics which gives holders ~30% of all trading fees

UNI was down 20% last month despite 🆙 user activity. Its holders don't share trading fees w/ @uniswap

7/ Small NFT collections seemed to outperform larger ones in trading volume.

@yugalabs family: @BoredApeYC MAYC, @OthersideMeta & BAKC saw less engagement.

@GodsUnchained marked nearly 4B in weekly trading volume while @artblocks_io got 2.3B.


8/ Notable news:

Revealed: the @AlamedaResearch venture capital portfolio:

U.S. Department of Justice's watchdog seeks independent review of FTX bankruptcy:
DOJ watchdog seeks independent review of FTX bankruptcy

9/ @Bybit_Official reducing workforce as bear market deepens:

@GoldmanSachs on hunt for bargain crypto firms after FTX fiasco:

Fir Tree sues @Grayscale for details on battered Bitcoin trust:

Bybit reducing workforce as bear market deepens
Exclusive: Goldman Sachs on hunt for bargain crypto firms after FTX fiasco
Hedge Fund Sues Grayscale for Details on Battered Bitcoin Trust

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