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News recap: the crypto market is awaiting new driving factors

Whales resumed buying ETH after the FTX crash, New York banned certain crypto mining operations while El Salvador launched a National Bitcoin Office. Read our News recap to learn more about the main crypto events that happened between 24th November and 08th December 2022.

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
24.11, $
08.12, $
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
24.11, $
08.12, $
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.

EXMO news

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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.