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Weekly Report (28 Nov-4 Dec 2022): BTC hovers around $17k, Traders remain bearish

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Blog / Trading / DeFi

Weekly Report (28 Nov-4 Dec 2022): BTC hovers around $17k, Traders remain bearish


By ApolloX

4 months ago
4 mins read
Weekly Report (28 Nov-4 Dec 2022): BTC hovers around $17k, Traders remain bearish
  • Top ApolloX Gainer: FTMUSDT (+30.79%)
  • Top ApolloX Loser: BNXUSDT (-53.31%)

Token QuickSnap

Fantom (FTM) experienced a 36% surge in the last 7 days after founder Andre Cronje released the firm’s financial records on Nov. 28, revealing that it had $340 million worth of digital assets and had been generating consistent profits — earning over $10 million annually. Meanwhile, DeFi and GameFi platform BinaryX (BNX) has dropped 51% in the last 7 days after rumours that the BinaryX team were dumping BNX tokens.

*Data cited from CoinMarketCap

Market Analysis

BTC started surging from Nov. 28 amid investor hopefulness from the Fed’s moderate remarks and touched $17.2k on Thursday, before slipping after the U.S. monthly jobs report. It stayed within $16.75k and $17.1k for the rest of the week. In the derivatives market, BTC open interest increased slightly by $8 million this week while aggregated funding rates remained negative as traders remain bearish for the short term. Over $175 million short positions and over $186 million long positions were liquidated this week.



Investment Talk & Policy

  • Over 8% of Bitcoin supply was bought between $15.5K and $17K, according to data analyzed by CryptoSlate. (Learn more)
  • Alibaba’s cloud computing subsidiary Alibaba Cloud announced an integration with the Avalanche blockchain to power the company’s Node-as-a-Service initiatives. (Learn more)
  • Genesis and its parent company Digital Currency Group (DCG) reportedly owe users of Gemini’s lending product Gemini Earn $900 million. (Learn more)
  • Liquidators for Three Arrows Capital have seized $35.6 million from the collapsed crypto hedge fund’s bank accounts in Singapore, which left a $3.5 billion debt in its wake. (Learn more)


  • DeFi protocol Ankr will buy US$5 million worth of BNB to compensate liquidity providers affected by its Friday’s mint bug exploit. (Learn more)
  • Nigerian users of crypto exchange AAX stormed the company’s Lagos office and harassed its employees after the exchange halted withdrawals. (Learn more)
  • Centralized crypto exchange Bybit has announced a second round of mass layoffs. No details were given on what percentage of the company’s workforce will be reduced. (Learn more)
  • FTX US’s ex-president Brett Harrison is reportedly seeking US$6 million funding to launch a start-up that would build crypto trading software for big investors. He stepped down in September, a month before FTX’s collapse. (Learn more)
  • Chief strategy officer of Binance, Patrick Hillman, said the company's centralized exchange may not exist in 10 years as the crypto market moves toward DeFi. (Learn more)

Digital Assets & Web3

  • OpenSea’s Ethereum NFTs trading volume has declined to almost zero for five consecutive months, according to Dune Analytics. (Learn more)
  • Luxury watchmaker TIMEX has launched 500 timepieces that will display an owner’s Bored Ape or Mutant Ape on the watch’s face. Each physical watch will be accompanied by an identical NFT version. (Learn more)
  • MetaMask co-founder and ex-Apple employee Dan Finlay criticized Apple’s 30% in-app purchase tax as “an abuse of monopoly” and said he’s in favour of the crypto industry ditching Apple’s App Store altogether. (Learn more)
  • Payments firm Stripe has debuted a customizable widget to facilitate fiat-to-crypto payments for companies in dozens of countries around the world. (Learn more)

What’s New at ApolloX

  • New Chat Room Features - Users can now share their positions and history directly in Chat Room! (Chat now)
  • HAY Deposit Suspension - ApolloX has temporarily paused the deposits of $HAY on DEX. (Learn more)
  • DEX Engine Partnership - ApolloX is pleased to announce the latest partnership for the DEX Engine with BabyDoge! (Learn more)
  • CEX Wind Down - Take note of these key dates in the CEX wind down timeline! (Learn more)

Trading & Competitions

  • Palmswap & ApolloX - Double your deposit on the new Palmswap Hybrid Exchange with a $10,000 USDT prize pool! (Deposit now)
  • Experience DEX & Win - To thank loyal CEX users and encourage more to experience ApolloX DEX, ApolloX is hosting a DEX campaign for users to win up to 18,000 APX! (Trade now)
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  • ApolloX & BNB Chain Football Fiesta - Earn up to 1,065 APX in rewards daily when Glory Pass holders deposit and trade on ApolloX DEX! (Trade now)
  • World Cup Prediction Challenge - ApolloX is giving away $3,000 APX to traders who predict the winning teams for the World Cup 2022 Semi-Finals! (Predict now)
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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