News recap: crypto market’s hunger games

Crypto market in numbers

Over the week, the crypto market cap managed to rise above the $1 trillion mark but soon dropped to $800 billion, losing 24% in just three days. According to CoinMarketCap, on 10th November, the indicator hit a new low since the beginning of 2021 amid rumours of insolvency involving FTX and Alameda Research. However, the market has already begun to recover, surging by 14% in less than a day, thanks to relatively positive US inflation data for October 2022.
The market trading activity grew sharply due to increased sales. On 08th November, the daily trading volume exceeded $200 billion, for the first time since 12th May. Weekly trading volume on 09th November reached $812 billion, which has not been observed since May.

Market sentiment has changed dramatically over the past week. On 06th November, the Cryptocurrency Fear & Greed Index rose to 40 points, for the first time in three months. But later, market hopes were dashed, and on 10th November, the index moved back to the “Extreme Fear” zone, dropping to 22 points.

The volatility of cryptocurrencies increased significantly over the past two days. The 30-day BTC volatility index stood at 3.61%, up 2%. This is the highest value since mid-July.

The 30-day ETH volatility index stood at 5.31%. Ethereum’s volatility had started growing gradually since the end of October but has also been heavily affected by recent events.

Gainers (28th October – 10th November 2022)

Coin	Opening price 28.10, $	Opening price 10.11, $	Change
ROOBEE	0.0006	0.0008	36.4%
CRON	0.18	0.20	7.9%
SHIB	0.0000108	0.0000111	2.6%
DOGE	0.0775	0.0785	1.3%

Losers (28th October – 10th November 2022)

Coin	Opening price 28.10, $	Opening price 10.11, $	Change
SOL	31.30	14.75	-52.9%
ZEC	54.09	37.31	-31.0%
WAVES	3.26	2.26	-30.7%
OMG	1.66	1.16	-30.2%
ONG	0.33	0.23	-29.7%

Easily track gainers and losers within the Simple trade section on EXMO. Check real-time updates in the last 24 hours, week and month.

Segmentation of cryptocurrencies based on trading results
(28th October – 10th November 2022)

Most traded coins (27th October – 09th November 2022)

Coin	Trading volumes, $
BTC	34,139,566
ETH	18,242,422
DEBT	6,750,980
XRP	4,941,594
ROOBEE	2,881,796
DOGE	2,125,428
TON	1,296,375
LTC	1,257,800
ADA	1,095,440
GMT	992,929

Top crypto market driving factors

Overall crypto market

▲ 31.10.2022 – 1 billion USDT were minted at Tether’s Treasury on 31st October 2022.

▼ 31.10.2022 – Bloomberg: Tether bank-fraud probe gets a fresh look by the U.S. Department of Justice (DOJ).

▲ 01.11.2022 – Tether stated that claims of a DOJ investigation into suspected bank fraud at the world’s largest stablecoin provider are inaccurate.

▼ 02.11.2022 – Fed raised interest rates by another 75 basis points to a target range of 3.75%-4%, the highest level since January 2008.

▼ 02.11.2022 – CoinDesk: according to a private financial document, Alameda Research, has a large amount of its balance sheet in the FТТ token issued by the FTX exchange. Both companies belong to billionaire Sam Bankman-Fried.

▲ 03.11.2022 – Fidelity Investments is launching a product that allows retail investors to trade Bitcoin and Ethereum commission-free.

▼ 06.11.2022 – Binance CEO, Changpeng Zhao: “As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have come to light, we have decided to liquidate any remaining FTT on our books.”

▲ 06.11.2022 – Alameda Research CEO, Caroline Ellison, offered to buy Binance’s FTT token holdings for $22 each.

▼ 07.11.2022 – FTX customers faced withdrawal issues.

▼ 07.11.2022 – Santiment: in just two days, the amount of Ethereum held in FTX’s main wallet has dropped from 322,000 to 32,000.

▼ 08.11.2022 – Binance CEO, Changpeng Zhao, declined Alameda’s bid to buy his company’s FTT tokens.

▼ 08.11.2022 – Ben Zhou, CEO of the Bybit crypto exchange, publicly accused Sam Bankman-Fried of breaking promises and selling 100 million BIT tokens.

▼ 08.11.2022 – The BitDAO community issued a proposal asking Alameda to provide the on-chain address of the tokens that promised not to be sold for three years. If there is no response within 24 hours, the community will decide what to do with over 3.3 million FTT.

▼ 08.11.2022 – Alameda Research fulfilled BitDAO’s request, proving its 100 million BIT token holdings.

▲ 08.11.2022 – Changpeng Zhao and Sam Bankman-Fried reached a nonbinding deal that involves buying FTX’s non-U.S. businesses for an undisclosed amount to rescue the company from a liquidity crisis. Zhao also stated that “Binance has the discretion to pull out from the deal at any time”.

▼ 08.11.2022 – Changpeng Zhao pledged to implement a proof-of-reserve mechanism at Binance following the FTX crisis.

▼ 09.11.2022 – Binance CEO shared “two big lessons” to be learned from the FTX crisis. First, crypto firms should never use a token they created as collateral. Second, they should have a large reserve and never borrow or use capital “efficiently”.

▼ 09.11.2022 – Bloomberg: SEC and CFTC are looking into FTX’s relationship with its American counterpart, FTX US, and Alameda Research, Bankman-Fried’s trading house. The US Justice Department is also looking into the turmoil surrounding FTX. US regulators are investigating whether beleaguered crypto-exchange FTX mishandled customer funds.

▼ 09.11.2022 – Binance decided not to pursue the potential acquisition of FTX.com. The firm’s team stated that the platform’s issues are beyond their control or ability to help.

▼ 09.11.2022 – Sam Bankman-Fried told FTX.com investors that without a cash injection the company would need to file for bankruptcy. He added that the crypto exchange faced a shortfall of up to $8 billion.

▼ 10.11.2022 – Reuters: CEO FTX transferred at least $4 billion in FTX funds to support Alameda Research. A portion of these FTX funds were customer deposits.

▲ 10.11.2022 – U.S. inflation in October fell to 7.7% from 8.2% in September, well below expectations of 8%.

Bitcoin (BTC)

▲ 07.11.2022 – As a result of the next recalculation, Bitcoin mining difficulty fell by 0.2% to 36.76 T but remained close to its ATH.

▲ 09.11.2022 – Two main bitcoin ETFs, BITO and BITI, recorded an almost four-fold spike in daily trading volume, combining over $850 million in volume.

Ethereum (ETH)

▲ 06.11.2022 – Ethereum co-founder, Vitalik Buterin, has updated Ethereum’s roadmap to include a new section called “The Scourge.” It aims to improve censorship resistance and decentralisation of the Ethereum network.

XRP (XRP)

▲ 28.10.2022 – Ripple Labs report for Q3 2022: XRP holdings dropped below 50% of the total circulating supply for the first time ever. The firm only operates 4 out of 130+ validator nodes on the XRP Ledger. With this data, Ripple once again refuted criticism concerning the company’s centralised control over its XRP Ledger.

▲ 01.11.2022 – A new standard introducing the ability to create, mint and distribute NFTs was launched in the XRP Ledger ecosystem.

▲ 04.11.2022 – CEO Ripple, Brad Garlinghouse: the number of companies, developers, exchanges, associations and investors officially supporting Ripple Labs in its ongoing battle with the SEC reached 12.

▼ 07.11.2022 – The U.S. SEC won a court case against the blockchain-powered publishing platform, LBRY. The New Hampshire District Court agreed that LBRY sold its native token, LBC, as an unregistered security.

Dogecoin (DOGE)

▲ 28.10.2022 – Tesla CEO, Elon Musk, completed his $44 billion deal to buy Twitter. In April 2022, the billionaire suggested using DOGE for Twitter’s Blue Premium subscription payments.

▲ 01.11.2022 – Elon Musk posted a Halloween tweet featuring a Shiba Inu dog wearing a Twitter logo t-shirt.

▼ 04.11.2022 – Twitter reportedly halted its work on a crypto wallet.

▲ 09.11.2022 – Twitter registered with FinCEN as Twitter Payments LLC and filed its application as a money transmitter.

Tron (TRX)

▲ 09.11.2022 – Tron CEO, Justin Sun, promised that he and his team will do everything they can to protect their users, including the exchange of all TRX, BTT, JST, SUN and HT tokens on the FTX platform at a 1:1 ratio.

▲ 10.11.2022 – Justin Sun announced that Tron is putting a solution together with FTX to initiate a pathway forward.

Solana (SOL)

▼ 02.11.2022 – Hetzner, a cloud service provider, blocked more than 1,000 Solana validators. As a result, the Solana network delinquent stake ratio rose to 22%, the highest since May.

▲ 05.11.2022 – Google’s cloud computing division, Google Cloud, announced that it is now running a Solana validator and is also planning to bring its Blockchain Node Engine to the Solana chain.

▲ 06.11.2022 – Circle will launch its Euro-backed stablecoin Euro Coin on Solana in the first half of 2023.

▲ 07.11.2022 – Neon Labs plans to support Ethereum virtual machine (EVM) on Solana on 12th December 2022.

▼ 07.11.2022 – Solana started falling amid fears that large amounts of SOL held by Alameda Research could be sold off.

▼ 08.11.2022 – Traders expect 18 million SOL tokens to hit the market following the end of their staking lock-in period on 10th November.

▼ 09.11.2022 – The Block: Solana validators are scheduled to unlock 49.6 million SOL ($945 million) when the current epoch ends in less than 24 hours.

▲ 10.11.2022 – Solana Foundation: 28.5 million SOL were restaked after Hetzner had removed many of Solana’s independent validators on 02nd November 2022.

Cosmos (ATOM)

▲ 29.10.2022 – Cosmos Hub released an updated version of their white paper, with the community now set to vote on the document.

▲ 07.11.2022 – Cosmos developers launched the Game of Chains testnet aimed at helping validators develop confidence around running Interchain Security.

NEAR (NEAR)

▲ 01.11.2022 – NEAR Foundation established a regional Web3 hub in South Korea.

Toncoin (TON)

▲ 28.10.2022 – Telegram has launched a new marketplace on the TON blockchain, through which it will hold an auction for usernames.

▲ 02.11.2022 – The first Telegram username auctions kicked off on the Fragment marketplace. The most expensive username @auto was sold for 900,000 TON (worth $1.4 million).

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