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Weekly recap: crypto whales on a hunt

Tron Foundation announces the launch of the BitTorrent Chain cross-chain solution mainnet and the denomination of BTT token, another Latin American country may legalise bitcoin, while the threat of default looms over the United States. Read the Weekly recap to find out more about the main events of the crypto market that happened between 1st and 8th December 2021.

Crypto market in numbers

Over the past week, crypto market capitalisation fell by 14.5% to $2.3 trillion, according to CoinMarketCap. On 4th December, the indicator dropped to $2.1 trillion. Meanwhile less than a month ago, capitalisation reached almost $3 trillion.

The daily trading volumes decreased by 18% to $104 billion. The greatest recovery was observed on 4th and 5th December, when after a sharp drop in the market, daily trading volumes reached $219 billion. Such a jump has not been observed since 7th September, when the market collapsed by almost 14%.

The growth in BitTorrent (BTT) trading volumes on 6th and 7th December stands out: $2.45 billion and $2.62 billion, respectively. Since 1st December, when the indicator was at $0.42 billion, it has grown almost 6 times.

The Fear and Greed Index dropped from the “Fear” zone to the “Extreme Fear” zone on 4th December and remained there until 7th December. On 6th December, the index reached 16 points, which is the worst estimate of market sentiment since 21st July 2021. As of 8th December, the index value stood at 28 points.

Bitcoin dominance declined 0.7% over the week to 40%, according to CoinMarketCap. This is the minimum value ​​for three months. At the same time, ether’s share rose by 0.9% to 22%, renewing its highs during the last four years.

Bitcoin’s 30-day Volatility Index jumped sharply from 3.2% to 3.6% between 2nd and 4th December. On Wednesday, 8th December, the rate dropped to 3.29%.

Gainers of the week (2nd – 8th December 2021)

Coin Opening price
02.12, $
Opening price
08.12, $
BTT 0.0029 0.0043 45.7%
XTZ 5.28 5.97 13.2%
CRON 2.19 2.41 9.9%

Losers of the week (2nd – 8th December 2021)

Opening price
02.12, $
Opening price
08.12, $
PRQ 0.84 0.60 -28.5%
WXT 0.0059 0.0043 -27.2%
QTUM 15.39 11.67 -24.1%
CHZ 0.44 0.34 -23.3%
ZEC 234.45 182.53 -22.1%

Easily track gainers and losers within the Simple trade section on EXMO. Check real-time updates in the last 24 hours, week and month.

Most traded coins (1st – 7th December 2021)

Coin Trading volumes, $
BTC 55,441,477
ETH 50,268,846
XRP 14,014,962
LTC 3 350 885
IQN 2,949,936
ADA 2,514,311
TONCOIN 2,258,916
ROOBEE 2,062,925
DASH 1,965,446
ZEC 1,832,113

Top crypto market driving factors

Overall crypto market

▼ 01.12.2021 – Fed Chairman, Jerome Powell, reinforced his message that it would be appropriate to discuss winding up asset purchases at a faster pace.

▲▼ 01.12.2021 – The U.S. Congress has announced a hearing where crypto CEOs will testify on digital assets. The hearing is scheduled for 8th December 2021.

▼ 01.12.2021 – The first U.S. case of the Omicron Covid-19 variant has been detected in California.

▲ 01.12.2021 – Meta, formerly known as Facebook, has made it easier to run crypto-related ads on its platform.

▲ 03.12.2021 – Indian NDTV: cryptocurrencies may not be completely banned in India. Instead, they will be regulated by the Securities and Exchange Board of India (SEBI).

▼ 03.12.2021 – The U.S. national debt has exceeded $29 trillion. If Congress doesn’t agree on raising the debt ceiling, the county would be unable to pay its bills by 21st December 2021.

▼ 03.12.2021 – According to the U.S. labour market report, the U.S. economy created far fewer jobs than expected in November.

▼ 04.12.2021 – China’s second-largest real estate developer, Evergrande, warned it might not be able to repay its debts.

▼ 04.12.2021 – The Wall Street Journal: the Omicron variant of the Coronavirus has been detected in more than 40 countries and at least 10 U.S. states.

▲ 06.12.2021 – China’s Central Bank has expanded the supply of money for lending as Evergrande default fears rise.

▲ 06.12.2021 – CoinShares: digital asset investment products saw inflows totalling $184 million over the past week, despite suffering outflows of $40 million on Friday afternoon.

▼ 07.12.2021 – The Biden administration released the first-ever U.S. government strategy for countering corruption. The document mentions cryptocurrencies.

▲ 08.12.2021 – Visa announced the launch of crypto consulting and advisory services.

Bitcoin (BTC)

▲ 01.12.2021 – Jack Dorsey’s Square changes its corporate name to Block, as part of the rebrand. Square Crypto, a separate part of the company dedicated to advancing Bitcoin, will change its name to Spiral.

▼ 01.12.2021 – SEC Chairman Gary Fensler: bitcoin competes with the U.S. banking system and its worldwide consensus.

▼ 02.12.2021 – Santiment: on 1st December, bitcoin’s exchange inflows outpaced outflows by as much as 10,242 BTC (around $580 million). According to CryptoQuant, exchanges saw inflows of 18,000 BTC.

▼ 02.12.2021 – CryptoQuant: the open interest of bitcoin futures contracts has remained almost unchanged since mid-November, indicating only minor growth. This may indicate that an excessive debt load has been observed on the market.

▲ 02.12.2021 – Arcane Research: from 21st October to 1st December, Proshares Bitcoin ETF has seen a 34% growth in shares.

▼ 03.12.2021 – The U.S. Securities and Exchange Commission (SEC) has denied WisdomTree’s application for a spot bitcoin exchange-traded fund (ETF).

▲ 03.12.2021 – CoinDesk: Goldman Sachs and a handful of other American banks are exploring ways to provide institutional cash loans using bitcoin as collateral.

▲ 03.12.2021 – The Chilean Senate has received a bill recognising bitcoin as a means of payment.

▲ 04.12.2021 – El Salvador bought an additional 150 BTC at an average price of $48,670.

▲ 04.12.2021 – Justin Sun, CEO of TRON, said he also bought an additional 150 bitcoins, following the example of El Salvador.

▼ 05.12.2021 – The Block: there appeared to be an institution that sold more than $500 million in bitcoin on the morning of 4th December.

▼ 06.12.2021 – Glassnode: bitcoin sell-off was triggered by long-term BTC holders, as well as deleveraging across crypto derivatives.

▲ 06.12.2021 – CoinShares: bitcoin saw inflows totalling $145 million last week, although it suffered at the end of the week with outflows of $42 million on Friday afternoon. ProShares ETF (BITO) attracted most of the funds – $83 million.

▼ 06.12.2021 – Glassnode: bitcoin holders made the third largest surrender on the chain in history over the weekend, with more than $ 2.18 billion in losses.

▲ 07.12.2021 – Santiment: after bitcoin’s fall to $43,500 on 4th December, addresses holding 100 to 10,000 BTC have accumulated 67,000 more BTC.

Ethereum (ETH)

▲ 01.12.2021 – skew: Ethereum options’ daily trading volume has been rising, crossing $1 billion on Deribit.

▲ 02.12.2021 – Vitalik Buterin has published an updated roadmap for the future development of the Ethereum network. No deadlines have been specified.

▼ 03.12.2021 – The investment firm Kelly has withdrawn its application for ether futures ETF, four days after filing for approval with the SEC.

▲ 06.12.2021 – Micro ether futures have become available for trading on the Chicago Mercantile Exchange (CME).

▲ 06.12.2021 – CoinShares: ether saw inflows totalling $25 million over the past week but, like bitcoin, suffered outflows of $4.7 million last Friday.

▲ 07.12.2021 – Brazilian investment bank, BTG Pactual, has launched a new multimarket fund with 20% exposure to ether.

▲ 07.12.2021 – Messari: ether net issuance continues to decline with only 37,000 ETH issued in November – down 67% compared with October and down 82% from August.

▲ 07.12.2021 – Nansen blockchain analysis service: 91,477 ETH were transferred from exchanges to Three Arrows Capital’s wallet in two days.

▲ 08.12.2021 – Fund management firm, Three Arrows Capital, acquired 156,000 ETH, 17 days after its CEO, Su Zhu, said he was disappointed in Ethereum and stopped supporting the project.

Cardano (ADA)

▲ 02.12.2021 – IOHK CEO, Charles Hoskinson, tweeted about Plutus smart contract security on the Cardano network amid DeFi projects MonoX and Badger DAO hacks.

▼ 06.12.2021 – CoinShares: over the past week, cardano saw outflows of $0.6 million, marking its third consecutive week of outflows. During this time, cardano assets under management (AUM) decreased by 23% to $84 million.

Polkadot (DOT)

▲ 02.12.2021 – Japan’s Astar Network won Polkadot’s third parachain slot auction.

▼ 06.12.2021 – Polkadot saw outflows totalling $3 million last week, with its assets under management (AUM) falling 12% to $117 million.

Shiba Inu (SHIB)

▲ 01.12.2021 – Canadian online medical service provider, Ask The Doctor, announced on Twitter that it had added $1.5 million worth of Shiba Inu (SHIB) to its balance sheet. The company is preparing to start accepting the token as a payment option from its partners within three days.

▼ 03.12.2021 – Bloxy: in November, the number of SHIB transactions on the network dropped to 800,000 – a 42% decrease from 1.38 million in October.

▲ 08.12.2021 – Travel website, Travala, has started accepting shiba inu as a payment method.

Zcash (ZEC)

▲▼ 01.12.2021 – Barry Silbert, CEO of Digital Currency Group, ​​announced on Twitter that Digital Currency Group bought $85 million worth of ZCash. In response, trader Hentai Avenger tweeted that they are going to dump $85 million more Zcash. Soon, the altcoin price pulled back down after seeing a sharp rise.

Uniswap (UNI)

▼ 03.12.2021 – Bancor Network: half of the users providing liquidity on Uniswap V3 are losing money due to a complex interface.

Tezos (XTZ)

▲ 07.12.2021 – Ubisoft launches its first NFT game platform based on the Tezos blockchain.

BitTorrent (BTT)

▲ 06.12.2021 – The Tron Foundation announced the launch of BTTC mainnet (BitTorrent) scheduled for 12th December along with the redenomination of BTT tokens.

EXMO news

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Sologenic (SOLO) airdrop on EXMO. We are supporting the upcoming airdrop for XRP and SOLO holders from the SOLO Core Team.

EXMO Coin’s (EXM) Birthday Meme Contest is over. We are pleased to announce the names of participants whose memes have been considered best.

EXM fun month is over. The names of the lucky ones who unlocked EXMfest achievements and won unique prizes are already known.

EXMO supports the monthly reports published by CryptoCompare. Read the Exchange Review of November 2021 and stay on top of cryptocurrency trends with access to proven insights from the global leader in digital asset analytics.

That’s all for this week! Follow EXMO on YouTube, Twitter and Telegram to stay tuned to the main events and trends in the crypto market.