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Weekly Report (27 Jun-3 Jul 2022): Bitcoin regains $19k after Thursday plunge, Addresses in loss hit ATH

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DeFi / Trading / Blog

Weekly Report (27 Jun-3 Jul 2022): Bitcoin regains $19k after Thursday plunge, Addresses in loss hit ATH

ApolloX

By ApolloX

Created 2 months ago, last updated 2 months ago
3 mins read
Weekly Report (27 Jun-3 Jul 2022): Bitcoin regains $19k after Thursday plunge, Addresses in loss hit ATH

Table of Contents

  • Top ApolloX Gainer: DYDXUSDT (+12.66%)
  • Top ApolloX Loser: WOOUSDT (-19.01%)

Crypto QuickSnap

Crypto derivatives exchange dYdX ($DYDX) saw a 9.30% price increase in the last 7 days, after announcing that it would move from Ethereum to its standalone blockchain in the Cosmos ecosystem. Meanwhile, trading platform WOO Network ($WOO) is feeling the pinch of a wider market downturn, dropping 23.72% in the last 7 days according to CoinMarketCap data.

Market Analysis

Bitcoin fell to $18.7k on Thursday following the US SEC’s rejection of two spot bitcoin ETFs and a reprimand for Three Arrows Capital by Singapore’s financial regulator. It then regained ground and closed the week on July 3 holding above $19k. In the derivatives market, open interest dropped by around $400 million, negating its previous week’s increase. However, funding rates remain positive. $94 million long positions and $68 million short positions were liquidated from June 30 to July 1 alone during bitcoin’s plunge and subsequent rebound.

CryptoBites

The Macro

  • El Salvador has spent another $1 million in Bitcoin, adding 80 BTC to its existing stash of 2,301 BTC. (Learn more)
  • Coinbase has denied a report that the US Immigrations and Customs Enforcement agency is using its tracking data to track and identify people based on their crypto transaction history. (Learn more)

Investment Talk

  • Bitcoin addresses in loss have hit an all-time high of 18.8 million on July 3, surpassing March 2020’s peak. (Learn more)
  • Singapore-based crypto hedge fund Three Arrows Capital (3AC) has filed for Chapter 15 bankruptcy under the US Bankruptcy Code, which allows foreign debtors to shield US assets. (Learn more)
  • Ethereum average gas fees have fallen down to $1.57, the lowest since 2020. (Learn more)
  • Crypto exchange KuCoin is rumored to be facing insolvency issues. Its CEO has denied the claims. (Learn more)

Projects

  • Crypto broker Voyager Digital is temporarily suspending all trading, deposits, withdrawals and loyalty rewards. It recently disclosed it had significant exposure to Three Arrows Capital. (Learn more)
  • USDT issuer Tether will slash its commercial paper portfolio by $5 billion by the end of July 2022 and increase its share of low-risk US treasury bills. (Learn more)
  • Two Ankr gateways for accessing Polygon and Fantom have been compromised by hackers, who presented users with a popup window trying to trick them into entering their wallet seed phrase. (Learn more)

Web3.0

  • Yuga Labs has sued conceptual artist Ryder Ripps for selling duplicates of its BAYC NFT collection. (Learn more)
  • Crypto exchange Binance has partnered soccer superstar Cristiano Ronaldo to produce Ronaldo NFT collections sold exclusively on Binance NFT Marketplace. (Learn more)

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Risk Reminder: Crypto trading carries a risk. All trading activities are done at your discretion and at your own risk. The information here should not be regarded as financial or investment advice from ApolloX. ApolloX will not be liable for any loss that might arise from your use of any financial product.
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