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News recap: investors continue to accumulate crypto
The Fed has raised the key rate by half-point, Visa creates an auto-payment solution on Ethereum, while Tezos activates the “Lima” upgrade. Read our News recap to learn more about the main crypto events that happened between 08th and 22nd December 2022.
Crypto market in numbers
Between 05th and 13th December 2022, the crypto market capitalisation stood in the range of $840-$850 billion, according to CoinMarketCap. However, amid the Fed’s interest rate hike of 0.5% and the news about the possible bankruptcy of a large bitcoin miner, the indicator dropped to $790 billion. On 21st December, capitalisation recovered slightly and stood between $800 and $810 billion.
Trading activity remained low. Average daily trading volumes amounted to around $35 billion. After 13th and 14th December, the indicator increased by 43% to an average of $50 billion. But by the end of December, it dropped to $20-$30 billion again.
The Cryptocurrency Fear & Greed Index remained in the “Fear” zone. Between 05th and 13th December 2022, the indicator stood in the range of 25-29 points. However, after the FED’s interest rate announcement, the index returned to the values seen in early December.
A tendency to pour capital into bitcoin has been observed since the beginning of December. Bitcoin’s dominance has risen to 42%, according to TradingView. This could put massive pressure on the price of most altcoins.
The volatility of cryptocurrencies has decreased again. Since 05th December, Bitcoin’s 30-day volatility index has fallen by 48%, from 2.71% to 1.40%. The same indicator for ETH decreased by 41% – from 4.25% on 05th December to 2.49% on 22nd December. Such a sharp drop signals the imminent onset of a strong market movement.
Gainers (09th – 22nd December 2022)
| Coin | Opening price 09.12, $ |
Opening price 22.12, $ |
Change |
| DEBT | 11.84 | 17.91 | 51.2% |
| TON | 2.01 | 2.84 | 40.9% |
| GMT | 0.09 | 0.10 | 6.5% |
| TRX | 0.060 | 0.062 | 3.6% |
| EXM | 0.01 | 0.02 | 1.9% |
Losers (09th – 22nd December 2022)
| Coin | Opening price 09.12, $ |
Opening price 22.12, $ |
Change |
| WAVES | 2.40 | 1.75 | -27.2% |
| CHZ | 0.17 | 0.13 | -24.9% |
| DOGE | 0.11 | 0.08 | -22.5% |
| ALGO | 0.25 | 0.19 | -22.2% |
| NEAR | 1.88 | 1.48 | -21.5% |
Easily track gainers and losers within the Simple trade section on EXMO. Check real-time updates in the last 24 hours, week and month.
Most traded coins (09th – 22nd December 2022)
| Coin | Trading volumes, $ |
| BTC | 12,322,466 |
| ETH | 7,878,015 |
| XRP | 3,734,821 |
| ROOBEE | 3,037,412 |
| ALGO | 2,857,856 |
| DEBT | 2,108,170 |
| TON | 1,947,092 |
| ETC | 1,315,037 |
| GMT | 1,129,268 |
| BCH | 1,073,380 |
Top crypto market driving factors
Overall crypto market
▲ 09.12.2022 – The Block: crypto developer activity on Ethereum and non-Ethereum compatible chains is down significantly in 2022.
▲ 12.12.2022 – Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. government.
▼ 12.12.2022 – Analysts at Alternative stated that market fear has not yet reached an extreme level and there is a risk of further fall of cryptocurrencies.
▼ 12.12.2022 – CoinShares: over the past week, digital asset investment products saw inflows totaling $8.8 million, while weekly trading volumes reached a two-year low of $677 million.
▲ 13.12.2022 – Bloomberg strategist, Michael McGlone, believes that the long crypto market downtrend will end in 2023.
▼ 13.12.2022 – Financial Times: the world’s most powerful financial watchdogs will lay out firm steps to regulate the cryptocurrency industry in early 2023 and enact them swiftly.
▲ 13.12.2022 – JPMorgan: the share of the population that has ever transferred funds into a crypto-related account has risen from 3% prior to 2020 to 13% as of June 2022.
▲ 13.12.2022 – In November 2022, the consumer price index (CPI) jumped by 0.1% over the prior month and by 7.1% from a year earlier, below forecasts of 7.3%. The cryptocurrency market reacted positively to the news.
▼ 14.12.2022 – The Federal Reserve increased the key interest rate by 50 basis points to the level of 4.25-4.5% per annum, the highest level since late 2007. The Fed’s decision was expected by market participants, but the market reaction has been negative.
▲ 14.12.2022 – Tether announced that starting now and throughout 2023, it will reduce secured loans in Tether’s reserves to zero.
▼ 18.12.2022 – Almost 40% of cryptos listed on CoinGecko in 2021 are now ‘dead coins’. That’s 2.5 times higher than the number of tokens listed in 2020 and 3.5 times higher than the year-to-date figure.
▲ 20.12.2022 – Crypto lending platform, BlockFi, filed a motion with the Bankruptcy Court of the District of New Jersey to open the withdrawal of user funds from wallet accounts.
▼ 20.12.2022 – The U.S. economy is likely to face a recession starting the second quarter of 2023 and a new wave of sell-offs in the stock market. Under these conditions, cryptocurrencies may face negative revaluation, Nansen warned.
▼ 20.12.2022 – Auros Global filed a liquidation request in a British Virgin Islands court and chose Interpath Advisory as its liquidator.
▼ 21.12.2022 – CNBC: Bitcoin miner Core Scientific does not generate enough profit to repay the debt owed on the equipment it is leasing. It is reportedly filing for Chapter 11 bankruptcy protection in a Texas court.
▲ 21.12.2022 – Bitcoin miner, Greenidge Generation, has entered into a $74 million debt restructuring agreement with a crypto lender, NYDIG.
Bitcoin (BTC)
▲ 08.12.2022 – Standard Chartered: demand could switch from Bitcoin as a digital version of gold to real gold because of a 30% rally in the yellow metal.
▲ 08.12.2022 – The number of BTC addresses with a balance greater than 0.1 BTC and 1 BTC has reached all-time highs of 4,121, 460 and 961,345 units, respectively.
▲ 08.12.2022 – Around 33 whales holding 1,000 to 100,000 BTC left the network, having sold or redistributed around 20,000 BTC in 96 hours.
▲ 08.12.2022 – Bitcoin holders locked in losses of a total of $213 billion during the past year. As per data from the on-chain data analytics firm, Glassnode, the losses realised indicate that 47% of the bull market gains are now gone.
▲ 14.12.2022 – The amount of bitcoins held by long-term holders hit a new ATH. The supply held for more than five months has reached 14 million BTC.
▲ 19.12.2022 – Glassnode: more than 88% of the current Bitcoin (BTC) supply is held off exchanges, marking a new low since January 2018.
▼ 19.12.2022 – Goldman Sachs: investors will have to wait for a long time for new BTC highs.
▲ 20.12.2022 – As a result of the latest recalculation, Bitcoin’s mining difficulty increased by 3.27% to 35.36 T.
▼ 20.12.2022 – IntoTheBlock: the share of unprofitable bitcoin addresses increased to 52%.
▼ 21.12.2022 – Over the last 30 days, whales holding less than 1000 BTC offloaded a total of 280,000 BTC.
Ethereum (ETH)
▲ 08.12.2022 – Santiment: wallets with a balance of 100 to 100,000 ETH continue to accumulate.
▲ 13.12.2022 – Glassnode: the number of ETH non-zero addresses reached an all-time high of 91,289,731.
▲ 20.12.2022 – Payments giant, Visa, is set to introduce auto-payments using Etheteum’s Layer-2 solution, StarkNet.
Ripple (XRP)
▲ 14.12.2022 – Santiment: the holdings of XRP whales with 100,000 to 10 million coins on their balances have jumped by more than 6% in the last five weeks. The total percentage of supply held by them is hovering around 18%.
▼ 20.12.2022 – XRP whales have been moving an increasing number of coins over the past week, which indicates a possible price drop.
Dogecoin (DOGE)
▼ 19.12.2022 – Twitter’s new owner, Elon Musk, posted an informal poll asking users of the social media platform if he should step down as CEO. 57.5% voted “Yes”. As a result, DOGE’s price fell.
Litecoin (LTC)
▲ 12.12.2022 – Santiment: wallets with a balance of 1 million LTC continue to actively accumulate. In the past five weeks, they accumulated 2.95 million LTC.
Toncoin (TON)
▲ 12.12.2022 – The Toncoin team announced the launch of the DeDust decentralised exchange, in addition to the TonSwap and STON.fi exchanges.
▲ 13.12.2022 – Crypto analytics firm, Santiment, indicates a significant increase in TON on-chain activity.
▲ 19.12.2022 – The number of registered TON addresses increased by 9.2% to 1,744,081.
Tron (TRX)
▲ 12.12.2022 – Tron’s USDD stablecoin has lost its peg as its price dipped to $0.97, which could negatively affect the Curve protocol.
Tezos (XTZ)
▲ 19.12.2022 – Tezos has activated the 12th upgrade “Lima”, which increases network bandwidth and reduces the risk of smart contract errors.
Waves (WAVES)
▼ 09.12.2022 – The Digital Asset Exchange Association (DAXA), a group of five major crypto exchanges in South Korea, has flagged WAVES since an investment warning as the Neutrino USD (USDN) stablecoin lost its dollar peg.
▼ 20.12.2022 – Waves CEO announced the launch of the new stablecoin. Users compared it with Terra.
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