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COIN360 5 minutes reading from Bitcoin

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin: Price Weekly Wrap-Up

0/ The week of Dec. 14-20 saw volatility come back, with BTC reaching both its highs and lows in December.

BTC crossed 18,000 for the first time since FTX, topping 18,294 post-CPI.

But it soon retraced to 16,394 on Dec. 16 as the Fed planned more interest rate hikes ahead.

1/ ETH followed BTC closely but saw more downside while maintaining the 30-day ETHBTC correlation.

Santa rally seems less likely, but more volatility can come due to macro forces.

BoJ’s decision made investors less confident of a near-term pivot from the U.S. Fed.

2/ A better-than-expected CPI release and a priced-in 50 bps hike, couldn't save the market from Fed's hawkish comment.

Fed would: - Increase rates to 5% in 2023 & keep that level - Set the stage for tight conditions next year - Hinted at smaller hikes (25 bps next meeting)?

3/ TON (+16%) kept its bullish momentum from last week. The token climbed to its highest level since Feb 2022 at 2.84 on Dec. 14.

IMX (+7%) rose following @illuviumio public beta launch. It also surged before the GAM3 Awards, dropped the next day & quickly rebounded then.

4/ BNB (-10%) continued to dump as @binance proceeded 78,000 BTC withdrawals.

The exchange seemed to pass its "stress test" while Reuters kept attacking it w/ criminal charge claims, but no evidence so far.

BNB was under the water till Dec. 17 when it bounced back from 222.

5/Binance:

- Agreed to buy @investvoyager assets & 40% stake in @tokocrypto - Joined the Chamber of Digital Commerce, a U.S. lobby group for the blockchain industry - Saw its market share up from 82.7% in Sept to 87% in Dec

Yet the key lesson is "not your keys, not your coins."

6/ USDN (-26%) has been in a downtrend due to a massive sell-off throughout 2022, pushing its price to 0.51 at one point.

@wavesprotocol founder promised to stabilize USDN & unveil another stablecoin, but the demand looks limited as people fear UST & USDN.

7/ @collecttrump was one of the most controversial NFT collections last week.

45,000 items priced at 99 each sold out in 24h, generating >4M in total revenue.

But 🚩 was detected as:

- Donald Trump Admin wallet minted 1,000 NFTs to a Gnosis Safe Wallet, the rarest ones

8/ - CT criticized it for stolen art, relying heavily on allegedly unpaid stock images - Trading activity & management problems

But it's still the largest collection by sales volume this week, with approx. 8M recorded at the time of writing.

Details:

NFT Heatmap – Coin360

9/ Notable news:

@0xPolygon Founder Unveils Web3 Accelerator Beacon:

Embattled crypto lender @AmberGroup_io raises 300M:

@FTX_Official seeks to claw back @SBF_FTXs political donations:

Polygon Founder Unveils Web3 Accelerator Beacon
Embattled crypto lender Amber Group raises 300 million
archive.vn

10/ @Visa proposal would bring @Ethereum users one step closer to being their own bank:

@Grayscale will explore returning 20% of investor capital if SEC refuses spot Bitcoin ETF:

Visa Proposal Would Bring Ethereum Users One Step Closer To Being Their Own Bank
Grayscale Will Explore Returning Portion of Investor Capital if SEC Refuses Spot Bitcoin ETF

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