Weekly Crypto Market Insights – 12th December
Some of the most notable news from last week were Gnosis chain moves to proof-of-stake with 100,000 validators; crypto exchanges’ proof-of-reserves auditor’s trustworthiness is being scrutinized; Amber Group lays off 40% of employees; SBF to testify on Dec 13th; and Ethereum’s Shanghai upgrade planned for March 2023.
As the new week begins, we can expect updates related to the Fed’s interest rate decision, Neon Labs mainnet launch that will allow Ethereum applications to build on Solana, Uniswap fee switch, and more.
Bitcoin is trading at $16,937, down by -1.59%, and ETH is down by -3.48% WoW, trading at $1,246.
Key Market Metrics
Global Crypto Market Cap decreased by -1.22% WoW, valued now at $886 Billion. The total value locked in DeFi is at $41.92 Billion, a decrease of -1.66% WoW.
Crypto exchanges leaderboard by 7 Day trading volume:
- Binance down by -14.96%
- Coinbase down by -20.20%
- Kraken down by -34.51%
- KuCoin down by -36.96%
- Bitstamp down by -28.78%
BTC dominance at 40.88%, up by +0.49% WoW, ETH dominance at 19.14%, down by -0.07%.
Top Gainers & Losers
Top gainers and losers in price, ranked by their total market cap, are mentioned below.
Top gainers in price this week were: STX by +22.25%, TWT by +10.36%, TON by +8.89%, AXS by +7.65%, and EOS by +4.98%.
Top losers were: CELO by -18.73%, CHZ by -18.66%, IMX by -17.83%, FLOW by -16.43%, and APT by -16.07%.
Recap of the Most Noteworthy News of the Past Week
- Some of the top stories to look out for this week
- Three biggest stories in crypto from last week by The Block
- Amber Group raises just half of $100M goal & cuts 40% of staff
- The auditor providing proof-of-reserves reports for Binance, Crypto.com, and KuCoin has been called into question about their audits’ trustworthiness
- Questioning Tether’s reserves & to gain stablecoin market share, Coinbase removes fees for USDT to USDC trades
- Ethereum’s Shanghai upgrade that will allow withdrawals by stakers & validators is tentatively set for March 2023
- Music NFT platform LGND Music just signed a deal with Warner Music Group and will drop songs as digital collectibles starting January 2023
- Goldman Sachs is conducting due diligence to become a buyer or investor in distressed crypto firms. Experts suggest at least a 50% discount
- Gnosis chain moves to proof-of-stake, claiming now to be 3rd most decentralized network
- Ripple is optimistic about carbon credit and gaming NFTs
- Money stuck in FTX? Credit investment firms are buying claims from FTX’s customers wanting to cash out at a cents on the dollar
- SBF to testify in front of the congress on Dec 13th
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