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News recap: Brazil legalises bitcoin as a payment method

The market remains in the consolidation phase, MicroStrategy adds 2,500 bitcoins to its holdings, while a number of experts predict BTC’s growth in 2023. Read our News recap to learn more about the main crypto events that happened between 22nd December 2022 and 05th January 2023.

Crypto market in numbers

Between 22nd and 28th December 2022, the crypto market capitalisation gained a foothold above the $800 billion mark. By the end of the month, it fell to $790 billion, according to CoinMarketCap. However, already at the start of the new year, the indicator returned to the $818-$823 billion range. The sideways movement of the market continues.

Trading activity remained low. The average daily trading volumes did not exceed the $36 billion mark and even dropped to as low as $17 billion during the first few days of the new year.

The Cryptocurrency Fear & Greed Index remained in the “Fear” zone all this time. The indicator has been fluctuating between 25-29 points since the end of November 2022. Last time around, a similar situation was observed in April-May 2022.

Selling pressure on altcoins has eased slightly. BTC dominance failed to gain a foothold above 42%, according to TradingView. The indicator fell by 2% and stood at around 41.5%. As a result, altcoins showed local growth.

Crypto volatility continues to decline. Since 22nd December 2022, bitcoin’s 30-day volatility index has fallen by 23%, from 1.47% to 1.13%. The same indicator for ETH decreased by 27.4%, from 2.48% on 22nd December 2022 to 1.80% on 05th January 2023.

Gainers (30th December 2022 – 05th January 2023)

Coin Opening
30.12, $
05.01, $
SOL 11.08 14.82 33.7%
ETC 17.65 20.97 18.8%
NEAR 1.49 1.72 15.8%
GMT 0.10 0.11 10.1%
ALGO 0.19 0.21 9.8%

Losers (30th December 2022 – 05th January 2023)

Coin Opening
30.12, $
05.01, $
VLX 0.03 0.02 -10.0%
EXM 0.02 0.01 -4.2%
DCR 21.44 20.88 -2.6%
TRX 0.062 0.060 -2.3%
ECS 0.046 0.045 -2.0%

Most traded coins (30th December 2022 – 05th January 2023)

Coin Trading volumes, $
BTC 4,397,180
ETH 3,366,941
DEBT 1,938,322
XRP 1,332,472
ROOBEE 1,253,360
ALGO 427,844
LTC 345,395
ETC 200,227
CRON 170,362
TON 157,793

Top crypto market driving factors

Overall crypto market

▲ 22.12.2022 – The Brazilian president has finally passed a law that recognises Bitcoin as an accepted, legalised payment method in the country.

▼ 22.12.2022 – According to Deutsche Bank, in 2023, one should expect a stronger drop in the U.S. GDP rather than the market consensus.

▲ 23.12.2022 – Reuters: U.S. bitcoin miner, Core Scientific, has received court approval to access a $37.5 million loan from existing creditors to solve its liquidity issues.

▼ 27.12.2022 – British bitcoin mining firm, Argo Blockchain, suspended trading of its American depositary shares on Nasdaq due to an announcement scheduled for 28th December 2022.

▼ 30.12.2022 – Fortune: investments in the crypto industry decreased by $5 billion over the year.

▼ 31.12.2022 – The Italian parliament has introduced a 26% capital tax for cryptocurrency gains as part of its 2023 budget law.

▲ 04.01.2023 – Investment giant, BlackRock, has committed $17 million to bankrupt bitcoin miner, Core Scientific.

▼ 04.01.2023 – Coinshares: digital-asset funds saw inflows totaling $433 million during 2022, the lowest level since 2018.

Bitcoin (BTC)

▼ 24.12.2022 – Bitcoin mining hashrate plunged by about 32%, from 229 EH/s to 156 EH/s, amid America’s big winter storm that caused many miners to shut down.

▼ 27.12.2022 – According to Intotheblock, the number of new addresses created on the Bitcoin network decreased by 8.16% over the past seven days.

▼ 28.12.2022 – Tom Dunleavy, a senior research analyst at Messari, revealed that miners have sold off almost all of their mined Bitcoin throughout 2022, putting downward pressure on BTC’s price.

▲ 28.12.2022 – Michael Saylor: MicroStrategy has increased its bitcoin holdings by 2,500 BTC. The company now holds 132,500 BTC, acquired for about $4.03 billion at an average price of $30,397 per bitcoin.

▲ 29.12.2022 – MicroStrategy is set to launch a number of software apps and solutions powered by the Bitcoin Lightning Network in 2023.

▲ 29.12.2022 – Capriole Investments: Bitcoin will outperform all other assets in 2023.

▲ 29.12.2022 – Ryan Selkis, Messari CEO and founder: both fundamental and technical analysis point to the growth of BTC in the medium term.

▼ 30.12.2022 – According to QCP Capital, weak activity is a bearish signal for BTC. At the beginning of 2023, another strong drop in bitcoin is expected, as capital will go into US government bonds.

▼ 03.01.2023 – Glassnode: the number of addresses holding more than 1,000 BTC hit a three-year low of 2,031.

▲ 04.01.2023 – Bernstein analysts think that now is the perfect time to buy bitcoin and predict that Bitcoin and other cryptocurrencies could reach new heights.

▲ 04.01.2023 – BTC addresses holding between 0.1 BTC and 100 BTC have been in one of their most aggressive accumulation cycles in history, adding 9% to their holdings in just the past six months.

Ethereum (ETH)

▼ 25.12.2022 – Most staked ETH are handled by only four providers.

▼ 29.12.2022 – Ethereum whales sold around 1 million ETH in December 2022, causing the coin’s price to drop.

▲ 30.12.2022 – Ultra Sound Money: Ethereum’s inflation rate has decreased by 99.6%, to 0.014% per annum, after its transition to a Proof of Stake consensus algorithm.

▲ 02.01.2023 – Over 2.2 million domains were registered on the Ethereum Name Service (ENS) in 2022.

Dogecoin (DOGE)

▲ 22.12.2022 – Elon Musk stated his willingness to talk to the DOGE army via Twitter live on a date closer to Christmas.

▼ 29.12.2022 – Dogecoin core developer revealed that the meme coin has no plans to move to Proof of Stake, contrary to the opinions of some influencers.

▲ 03.01.2023 – The Dogecoin Foundation has allocated five million DOGE to the development of the ecosystem.

Cardano (ADA)

▲ 27.12.2022 – Cardano leads in terms of development activity over the past 30 days.

▲ 28.12.2022 – Santiment: wallets holding between 10,000 and 100,000 ADA have been actively accumulating ADA over the past six weeks, increasing their collective holdings by over 10%.

Litecoin (LTC)

▲ 04.01.2023 – Santiment: wallets holding at least 1000 LTC have been actively accumulating Litecoin since the summer of 2022.

Solana (SOL)

▼ 28.12.2022 – Santiment: traders do not believe in the success of SOL amid revelations of fake network activity.

▼ 28.12.2022 – Solana’s TVL (total value locked) fell from an ATH of $10 billion more than a year ago to just $213 million.

▲ 04.01.2023 – The number of daily wallets on the Solana DEX continues to grow.

Toncoin (TON)

▲ 22.12.2022 – The TON Diamonds NFT marketplace completed two record-high auctions. Two non-fungible tokens from the Annihilation collection – Hida and Pearly stones – were sold for 10,000 TON and 9,860 TON, respectively.

EXMO news

We burned over 150 million EXM worth $2,237,366! This is the second-largest burning event of the EXMO Coin (EXM) token.

We’ve reduced fees for depositing EUR via EMBank UAB SWIFT from €30 to €0. Enjoy more benefits by trading on!

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