<ul><li>Top ApolloX Gainer: TRXUSDT (&#43;24.10%)</li><li>Top ApolloX Loser: KNCUSDT (-47.17%)</li></ul><h3 id="crypto-quicksnap">Crypto QuickSnap</h3><p>The Tron DAO Reserve revealed on Saturday that it <a href="https://news.bitcoin.com/tron-dao-reserve-purchases-38-million-in-trx-to-safeguard-the-stablecoin-usdd/" rel="noopener noreferrer nofollow">purchased 504.6 million tron (TRX) — around $38 million</a> — to back its algorithmic stablecoin USDD. Altcoins like multichain token Kyber Network (KNC) saw red after bitcoin fell below $35k.</p><h2 id="header-0">Market Analysis</h2><p>Bitcoin price fell from $39k to the $36k levels on Thursday, erasing short term gains from earlier this week. BTC open interest drastically dropped over $708 million from last week as spooked traders closed their positions. A total of $351 million BTC long positions were liquidated this week. $114 million were liquidated on May 5 alone following the coin’s price drop.</p><p>Source:</p><p><a href="https://cryptoquant.com/" rel="noopener noreferrer nofollow">CryptoQuant</a></p><h2 id="header-1">CryptoBites</h2><h3 id="the-macro">The Macro</h3><ul><li>The US Fed hiked interest rates by 50 basis points (0.5%) in an effort to combat inflation. This is the second of an expected seven rate adjustments this year. (<a href="https://cointelegraph.com/news/fed-hikes-interest-rates-by-50-basis-points-in-effort-to-combat-inflation" rel="noopener noreferrer nofollow">Learn more</a>)</li><li>Thieves are targeting crypto investors in a wave of “crypto muggings,” UK police said. Victims reported large sums stolen after their mobile phones were seized. (<a href="https://www.theblockcrypto.com/linked/145696/crypto-muggers-in-london-target-digital-investors-by-taking-phones-report" rel="noopener noreferrer nofollow">Learn more</a>)</li><li>Argentina’s central bank stepped in to block new crypto offerings from banks only days after two of Argentina’s biggest banks opened up to crypto trading. (<a href="https://cointelegraph.com/news/argentina-s-central-bank-steps-in-to-block-new-crypto-offerings-from-banks" rel="noopener noreferrer nofollow">Learn more</a>)</li></ul><h3 id="investment-talk">Investment Talk</h3><ul><li>Crypto futures liquidations exceeded $400 million on Thursday alone as bitcoin dropped to as low as $35,700. (<a href="https://www.coindesk.com/markets/2022/05/06/bitcoin-liquidations-lead-400m-in-futures-losses-after-drop-to-357k/" rel="noopener noreferrer nofollow">Learn more</a>)</li><li>Bitcoin fell below $35K for the first time since January on Sunday. Downward pressures began after the Federal Reserve announced it would raise interest rates. (<a href="https://decrypt.co/99617/bitcoin-falls-below-35000-first-time-since-january" rel="noopener noreferrer nofollow">Learn more</a>)</li><li>Robinhood has added Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE) on its platform for trading. (<a href="https://decrypt.co/99651/robinhood-adds-grayscale-bitcoin-ethereum-trusts" rel="noopener noreferrer nofollow">Learn more</a>)</li></ul><h3 id="projects">Projects</h3><ul><li>Terra’s UST stablecoin briefly lost its dollar peg on Saturday, falling to $0.987 before bouncing back on Sunday. Sister token LUNA fell 10%. (<a href="https://www.coindesk.com/business/2022/05/08/ust-briefly-loses-peg-luna-drops-10/" rel="noopener noreferrer nofollow">Learn more</a>)</li><li>OpenSea confirmed a hacker posted a phishing link in its Discord on Friday. The link directed users to mint fake “YouTube Genesis Mint Passes”. 6 wallets have been affected so far. (<a href="https://cryptobriefing.com/latest-opensea-attack-sees-hacker-infiltrate-discord/" rel="noopener noreferrer nofollow">Learn more</a>)</li></ul><h3 id="web3-0">Web3.0</h3><ul><li>Instagram is planning pilot NFT integrations for Ethereum, Polygon, Solana and Flow. The pilot will feature a small group of NFT enthusiasts based in the US. (<a href="https://www.coindesk.com/business/2022/05/08/metas-instagram-to-support-nfts-from-ethereum-polygon-solana-flow/" rel="noopener noreferrer nofollow">Learn more</a>)</li><li>Crypto exchange Binance has committed $500 million to help finance Elon Musk&#39;s $44 billion takeover of Twitter. (<a href="https://www.coindesk.com/business/2022/05/05/binance-commits-500m-for-elon-musks-takeover-of-twitter/" rel="noopener noreferrer nofollow">Learn more</a>)</li><li>Google’s cloud unit has formed a Web3 team to build back-end services for developers running blockchain applications. (<a href="https://www.cnbc.com/2022/05/06/googles-cloud-group-forms-web3-product-and-engineering-team.html" rel="noopener noreferrer nofollow">Learn more</a>)</li></ul><h2 id="header-2">What’s New at ApolloX</h2><ul><li><strong>Adjustments to DEX Leaderboard</strong> - From 9 May, the top 30 users of PnL Leaderboard share a $20,000 prize pool while the top 100 users on Referral Leaderboard share a $10,000 prize pool. (See leaderboard)</li><li><strong>New perpetual contracts</strong> - Trade GALUSDT, OKBUSDT, ENSUSDT and ALGOUSDT with up to 50x leverage on ApolloX now. (Trade now)</li><li><strong>Tick size adjustment</strong> - Tick size for FILUSDT has been adjusted to 0.001 from 0.01. (Read more)</li><li><strong>ApolloX &amp; Leonicorn</strong> - ApolloX has partnered with Leonicorn Swap to offer perpetual trading to Leonicorn users! (Learn more)</li><li><strong>30,000 APX holders</strong> - As of 3 May, we are over 30,000 APX holders strong! (<a href="https://twitter.com/ApolloX_com/status/1521502654387601413" rel="noopener noreferrer nofollow">See more</a>)</li></ul><h2 id="header-3">Trading &amp; Contests</h2><ul><li><strong>Predict &amp; Win $1000</strong> - Be the most accurate guess of Bitcoin price on 12th May and win APX tokens! (Join now)</li><li><strong>14th Epoch Trading Rewards</strong> - The rules are consistent with 13th Epoch Trading Rewards Program. (Learn more)</li><li><strong>Telegram Giveaway</strong> - Invite friends to join ApolloX Telegram communities to win rewards! (Learn more)</li></ul><p>--</p><p><strong>Risk Reminder</strong>: 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.</p><p>The ApolloX app is available on Apple Store or Google Play <a href="https://apollox.onelink.me/rf4R/MAblogdl2022" rel="noopener noreferrer nofollow">here</a>.</p><p>Stay up to date with ApolloX!</p><p><a href="https://t.me/apollox_com" rel="noopener noreferrer nofollow">Telegram</a> |<a href="https://twitter.com/ApolloX_com" rel="noopener noreferrer nofollow"> Twitter</a> |<a href="https://www.facebook.com/ApolloXcom" rel="noopener noreferrer nofollow"> Facebook</a> |<a href="https://www.instagram.com/apollox_com/" rel="noopener noreferrer nofollow"> Instagram</a> | <a href="https://apollox.link/blog-discord" rel="noopener noreferrer nofollow">Discord</a> |<a href="https://www.reddit.com/r/ApolloX_com/" rel="noopener noreferrer nofollow"> </a><a href="https://apollox.link/blog-APXNewsStation" rel="noopener noreferrer nofollow">ApolloX News Station</a></p>

Weekly Report (2 May-8 May 2022): Bitcoin drops below $35k

Table of Contents

APX

Other articles published on May 9, 2022

BECOMING AN INTELLIGENT AND AMBITIOUS HOLDER

FIRO upcoming tokenomics change

Identity on the Edge: Introducing the Zebra-IOTA Edge SDK

Amazon Web Services (AWS) Becomes Technology Partner To VeCarbon, Enabling (Inter)National Scale ...

SpartanDev: 28MAR22 - 03APR22

ArtRino: Web 3.0 Art Democratization

Join our free newsletter for daily crypto updates!