News recap: the crypto market is awaiting new driving factors

Crypto market in numbers

Since 23rd November 2022, the crypto market capitalisation has recovered to the levels observed in mid-November. The indicator managed to gain a foothold above the $800 billion mark. Between 23rd and 05th December, it grew by 8%, but then dropped by 3% and stands at $842 billion, as of 08th December. The market’s consolidation within the $800-$900 billion level continues. Investors are waiting for the interest rate to be determined by the Fed; as well as inflation data for November.

Trading activity remained low. Average daily trading volumes decreased by 50% by the end of November, dropping from $60 billion to $30 billion. Since 05th December, the indicator has risen slightly and remains within the $35-$40 billion zone currently.

The market briefly escaped from the “Extreme Fear” zone into the “Fear” zone. On 24th November, the Cryptocurrency Fear & Greed Index stood at 20 points, but then rose to between 25-29 points, the level observed in early November. Investors are slowly recovering from a series of bankruptcies.

Bitcoin’s dominance hit a new low on 12th November, dropping to 39.61%. Starting 27th November, the indicator rose by 3% to above 40%, according to TradingView. Analysts note that further growth of the indicator is very likely. According to CoinMarketCap, the market share of ether stands at around 18%, the level seen in early to mid-November.

The volatility of cryptocurrencies has decreased. The 30-day BTC volatility index stood at 2.72%, which has not been recorded since the end of August. The same indicator for ETH also fell to the lows of August, amounting to 4.24%. A decrease in volatility is facilitated by the absence of breaking news.

Gainers (24th November – 08th December 2022)

Coin	Opening price 24.11, $	Opening price 08.12, $	Change
ROOBEE	0.000363172	0.000567366	56.2%
DOGE	0.09	0.11	20.6%
YFI	6,765.50	7,860.62	16.2%
VLX	0.027	0.030	12.5%
UNI	6.05	6.71	11.0%

Losers (24th November – 08th December 2022)

Coin	Opening price 24.11, $	Opening price 08.12, $	Change
WXT	0.006537	0.004917	-24.8%
CHZ	0.20	0.17	-13.0%
ATOM	11.00	10.00	-9.1%
DEBT	13.23	12.18	-8.0%
ALGO	0.27	0.25	-7.4%

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 (24th November – 08th December 2022)

Coin	Trading volumes, $
BTC	15,322,934
ETH	8,608,524
DEBT	5,199,632
XRP	3,312,220
ROOBEE	3,239,228
GMT	1,187,327
CRON	1,030,714
LTC	966,131
ALGO	675,085
TON	641,272

Top crypto market driving factors

Overall crypto market

▲ 25.11.2022 – An independent analyst confirmed that Grayscale Bitcoin Trust owns approximately 633,000 BTC.

▼ 25.11.2022 – New York has banned certain types of cryptocurrency mining to address environmental worries.

▼ 27.11.2022 – WBTC and stETH tokens lost their pegging to BTC and ETH.

▲ 28.11.2022 – El Salvador’s government established a National Bitcoin Office (ONBTC) to oversee local projects related to crypto assets.

▼ 28.11.2022 – Crypto lender, BlockFi, filed for Chapter 11 bankruptcy.

▼ 30.11.2022 – According to Morgan Stanley, the current crypto winter has led to less interest in digital assets among retail investors.

▲ 30.11.2022 – The US economy grew at an annual 2.9% pace in the third quarter of 2022, beating forecasts of a 2.7% growth.

▲ 30.11.2022 – In November 2022, the dollar recorded the biggest monthly fall since 2009.

▼ 01.12.2022 – Miners, who raised $4 billion from mining equipment financing, are defaulting on loans and sending machines that served as collateral back to lenders.

▼ 02.12.2022 – The unemployment rate in the USA was unchanged at 3.7 percent in November 2022. Markets are waiting for an even stricter decision on Fed rates.

▲ 02.12.2022 – Tether, the issuer of USDT, called the news made by The Wall Street Journal “the hypocrisy of the mainstream media sleeping on the information wheel”.

▼ 05.12.2022 – USDC stablecoin issuer, Circle, and special-purpose acquisition company, SPAC, mutually terminated their merger.

▲ 05.12.2022 – The Hong Kong authorities started developing a system to safeguard crypto investors.

▼ 06.12.2022 – Orthogonal Trading has defaulted on eight loans totaling $36 million on lending protocol Maple Finance.

▲ 06.12.2022 – Goldman Sachs is set to spend tens of millions of dollars to buy or invest in crypto companies hit by the FTX collapse.

Bitcoin (BTC)

▲ 25.11.2022 – Bitcoin exchange balances have reached their lowest in four years.

▼ 25.11.2022 – According to IntoTheBlock, over 50% of Bitcoin addresses are now in the red.

▼ 29.11.2022 – According to Glassnode, bitcoin investors are capitulating.

▲ 29.11.2022 – Wallets with a balance of less than 1 BTC are actively buying the dip.

▼ 29.11.2022 – Whales sold more bitcoins than they bought in the last month. As a result, 6.5 thousand BTC were taken from them.

▼ 30.11.2022 – November saw the fourth-largest capitulation event on record.

▲ 05.12.2022 – Billionaire investor, Mike Novogratz, revealed that he still believes Bitcoin will trade at $500,000.

▼ 05.12.2022 – Standard Chartered predicted that bitcoin could fall to $5,000 in 2023.

▼ 06.12.2022 – Bitcoin mining difficulty fell by 7.32% to 34.24 T following the latest recalculation.

▼ 06.12.2022 – Bitcoin miners brought in about $472.64 million in revenue in November, down 19.9% from the previous month.

▼ 06.12.2022 – Riot Blockchain produced a record 521 Bitcoin in November, achieving a new all-time high hashrate capacity of 7.7 EH/s.

▼ 07.12.2022 – Euro Pacific Capital CEO, Peter Schiff, says Bitcoin can drop as low as $5,000.

Ethereum (ETH)

▲ 29.11.2022 – Total staked Ethereum has reached a new all-time high, surpassing 15 million ETH.

▲ 30.11.2022 – The number of active Ethereum addresses reached a six-week high of 500,000.

▲ 02.12.2022 – Ethereum Foundation: the Ropsten network has been deprecated and will be shut down in the coming weeks.

▲ 02.12.2022 – According to Santiment, ether’s latest rally was the result of the ETH whale and shark addresses surge. Whales and sharks resume buying the second-largest cryptocurrency for the first time since the FTX collapse.

▼ 05.12.2022 – HashEx warned ETH stakers that they are in a financial pyramid of more than $10 billion which will collapse at any moment.

▼ 06.12.2022 – ETH inflation started rising again for the first time since November.

▲ 06.12.2022 – Ethereum addresses with at least 10 ETH hit a new all-time high of 343,000 units.

Ripple (XRP)

▲ 05.12.2022 – Ripple filed final submission against SEC as landmark two-year case nears the end.

Dogecoin (DOGE)

▲ 28.11.2022 – Dogecoin’s price jumped by over 22.5% in the previous week after Musk’s Twitter takeover. Some investors suggest that Twitter may soon accept Dogecoin as a payment method.

Cardano (ADA)

▼ 25.11.2022 – Cardano-based DeFi project, Ardana, halted development, citing funding and timeline concerns.

▲ 28.11.2022 – The number of Cardano smart contracts has grown by over 300% year-to-date.

▲ 02.12.2022 – Cardano recorded 18% more GitHub development activity than Polkadot (DOT), which followed it.

Litecoin (LTC)

▲ 25.11.2022 – Addresses holding from 1 to 100,000 LTC have accumulated $43.4 million worth of coins.

▲ 30.11.2022 – CoinGlass: open interest on Litecoin futures hit a record $584 million.

Toncoin (TON)

▲ 30.11.2022 – Telegram is to build a set of decentralised tools, including non-custodial wallets and decentralised exchanges.

▲ 30.11.2022 – The Ton Foundation has set up a $126 million “rescue fund” to encourage projects to switch to TON.

▲ 07.12.2022 – Telegram enabled its users to create no-sim accounts using blockchain-based anonymous numbers which can be purchased on the Fragment platform via Telegram’s affiliated token TON.

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