<ul><li>Top ApolloX Gainer: OPUSDT (+58.15%)</li><li>Top ApolloX Loser: BELUSDT (-3.51%)</li></ul><h3 id="crypto-quicksnap">Crypto QuickSnap</h3><p>Optimistic rollup Optimism’s OP token has jumped 30% in the last 7 days on news that staking platform <a href="https://www.coindesk.com/markets/2022/07/19/lido-finance-will-soon-offer-staked-ether-on-layer-2-networks-proposes-to-sell-ldo-for-dai/" rel="noopener noreferrer nofollow">Lido Finance will expand into Layer 2s, starting with Optimism and Arbitrum</a>. Meanwhile, Bella Protocol’s BEL token declined following bitcoin’s price drop on 21 July.</p><h2 id="header-0">Market Analysis</h2><p>Bitcoin moved between $21k and $24.5k this week, trading sideways to end below $23k on Sunday. In the derivatives market, BTC open interest increased by over $493 million as compared to the previous week. While aggregated funding rates remained positive overall, a sign of BTC buying strength, they dropped from 0.007 to 0.0002. This could be attributed to news of Musk’s Tesla selling off 75% of its bitcoin holdings over the second quarter of 2022, a move investors are struggling to make sense of. This week, around $292 million long positions and around $289 million short positions were liquidated.</p><p>Source: <a href="https://cryptoquant.com/" rel="noopener noreferrer nofollow">CryptoQuant</a></p><h2 id="header-1">CryptoBites</h2><h3 id="investment-talk">Investment Talk</h3><ul><li>Deposits of crypto lender Nexo have declined in recent months, contradicting its positioning in recent months as a potential acquirer of ailing crypto firms. (<a href="https://www.coindesk.com/markets/2022/07/22/nexo-crypto-lender-on-prowl-for-ailing-rivals-faces-declining-deposits/" rel="noopener noreferrer nofollow">Learn more</a>)</li><li>Citi said it is likely crypto contagion fears have ceased, citing how stablecoin outflows have been stemmed and outflows from crypto ETFs have also stablized in recent weeks. (<a href="https://www.coindesk.com/markets/2022/07/22/citi-says-crypto-contagion-appears-to-have-ceased/" rel="noopener noreferrer nofollow">Learn more</a>)</li><li>Crypto lender Voyager has rejected an offer from FTX and its investment arm Alameda Ventures to buyout its digital assets on the grounds that the actions potentially "harms customers." (<a href="https://cointelegraph.com/news/voyager-rejects-alameda-buyout-offer-as-it-harms-customers" rel="noopener noreferrer nofollow">Learn more</a>)</li><li>Following rising sentiment from the Ethereum Merge date reveal, the crypto market cap climbed 15% in a week as the market saw a broad recovery in crypto prices. (<a href="https://cointelegraph.com/news/crypto-market-cap-climbs-15-in-a-week-following-etheuerm-merge-date-revelation" rel="noopener noreferrer nofollow">Learn more</a>)</li></ul><h3 id="projects">Projects</h3><ul><li>Synthetix’s SNX token rose over 14% after the protocol’s DAO renewed a deal with liquidity provider Jump Crypto, which will provide liquidity across listed assets on Synthetix network and product feedback. (<a href="https://www.coindesk.com/markets/2022/07/22/synthetixs-snx-rises-14-on-liquidity-deal-renewal-with-jump-crypto/" rel="noopener noreferrer nofollow">Learn more</a>)</li><li>Curve CEO and founder Michael Egorov has indicated the protocol has plans to issue an over-collateralized stablecoin. (<a href="https://cryptobriefing.com/curve-to-launch-over-collateralized-stablecoin-founder/" rel="noopener noreferrer nofollow">Learn more</a>)</li><li>Three Arrows Capital's Su Zhu and Kyle Davies have spoken out in a new Bloomberg interview to clear their names of several alleged wrongdoings. (<a href="https://www.bloomberg.com/news/articles/2022-07-22/three-arrows-founders-en-route-to-dubai-describe-ltcm-moment" rel="noopener noreferrer nofollow">Learn more</a>)</li></ul><h3 id="web3-0">Web3.0</h3><ul><li>Uniswap is integrating NFT DEX Sudoswap, which allows users to buy or sell NFTs in a decentralized manner through creating their own NFT liquidity pools. (<a href="https://cryptobriefing.com/uniswap-will-offer-full-sudoswap-support-dev/" rel="noopener noreferrer nofollow">Learn more</a>)</li><li>A malicious Audius governance proposal requesting the transfer of 18 million AUDIO tokens worth $6.1 million was approved via an exploit. (<a href="https://cointelegraph.com/news/hacker-drains-1-08m-from-audius-following-passing-of-malicious-proposal" rel="noopener noreferrer nofollow">Learn more</a>)</li><li>An alliance of Web3 companies led by Animoca Brands has created a DAO, the Open Metaverse Alliance for Web3. The group aims to solve key challenges of the metaverse. (<a href="https://decrypt.co/105791/new-interoperability-alliance-launches-dao-to-develop-metaverse-standards" rel="noopener noreferrer nofollow">Learn more</a>)</li></ul><h2 id="header-2">What’s New at ApolloX</h2><ul><li><strong>ApolloX DEX Engine </strong>- Read about our one-stop derivatives trading solution designed to help businesses unlock additional revenue streams and more token use cases. (Read more)</li><li><strong>AmpleSwap x ApolloX</strong> - ApolloX is pleased to announce our latest DEX Engine partnership with AmpleSwap! (<a href="https://apollox.zendesk.com/hc/en-us/articles/8612805478809" rel="noopener noreferrer nofollow">Read more</a>)</li><li><strong>DEX Leaderboard Adjustments</strong> - Grab your share in a $10,000 APX Referral and $15,000 APX PnL bonus. (<a href="https://apollox.finance/en/leaderboard" rel="noopener noreferrer nofollow">Enter now</a>)</li><li><strong>Tick Size Adjustments </strong>- Tick size for APEUSDT, GMTUSDT and DOTUSDT have been adjusted. (<a href="https://apollox.link/tick-size-update" rel="noopener noreferrer nofollow">Learn more</a>)</li><li><strong>40K on CoinMarketCap</strong> - We’ve reached 40k followers on CoinMarketCap’s Community! (<a href="https://coinmarketcap.com/community/profile/ApolloX" rel="noopener noreferrer nofollow">Follow us</a>)</li></ul><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://apollox.link/blog-APXNewsStation" rel="noopener noreferrer nofollow">ApolloX News Station</a></p>

Weekly Report (18-24 Jul 2022): BTC falls below $23k, funding rates drop

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