Bitcoin unchanged as massive dormant wallet wakes up
As market participants continue to navigate the aftermath of the FTX debacle, Bitcoin (BTC-USD) prices are unchanged week over week, down just 0.2%. Dovish Federal Reserve Meeting Minutes telegraphing the probability of slower pace of rate hikes over the next few months, Bitcoin rallied from a weekly low of around $15,650 to a trend near $16,600.
Sentiment among Bitcoin traders remains muted as the number of coins exiting exchanges reached the fastest rate on record in 2022, and miners continued to unload their reserves amid the ongoing crypto winter. Additionally, news of a dormant whale wallet containing 10,000 BTC believed to be from a failed BTC-e exchange being back and transferring 3,500 coins has reignited investor concerns. The Bitcoin Fear & Greed Index highlights market anxiety as sentiment hovers in extreme fear territory.
Interestingly, the Grayscale Bitcoin Trust (GBTC), an ETF-like stock that mirrors Bitcoin prices on the stock market, is trading at the deepest discount on record. The discount came as Grayscale refuses to transparently acknowledge its Bitcoin holdings intended to support GBTC’s actions. Traders and funds like Ark’s Cathy Wood are scooping up GBTC in hopes that the huge discount between Bitcoin and GBTC prices will eventually close, offering substantial returns.
FIFA fan tokens plummet as privacy issues sink Uniswap
As the FIFA World Cup heats up, Chiliz (CHZ), the native token of the Socios fan engagement platform, has plunged from recent highs in tandem with other fan tokens issued to represent different soccer clubs. Although fan tokens remain popular, CHZ has fallen -21.20% over the past seven sessions, retreating from multi-month highs reached a few weeks earlier. In particular, Argentina’s fan token crashed after an unexpected defeat in the country’s opener against Saudi Arabia.
Litecoin surges ahead of the halving. Huobi brand changes
While the broader market has remained essentially unchanged over the past seven sessions, some notable outperformers have emerged. Among the top performers was Litecoin (LTC-USD), which significantly outperformed its peers. At a time when most cryptocurrencies are languishing in a bear market, Litecoin hit a six-month high, largely thanks to an upcoming halving. Traders leading the halving, which will see the amount of new Litecoin supply and miner rewards halved, spurred a 32.8% rally in LTC.
Dash (DASH), a fork of Litecoin, has come under significant pressure recently, particularly after reports surfaced that the European Union was considering banning the use of privacy coins like Dash, Monero and others in within its borders.
Meanwhile, Huobi Token (HT), the native token of Huobi Exchange, also saw notable gains as rebranding and expansion plans following the acquisition by About Capital Buyout Fund improved confidence in the outlook for the stock market. TRON founder and Huobi advisor Justin Sun unveiled the exchange’s rebranding plans at an event in Singapore on Nov. 22, contributing to the 18.4% rise in HT week-on-week. other.
JPMorgan Trademarks Wallet, Yen CBDC Inbound Tests, and more
As interest in crypto among traditional financial institutions continues to grow, JPMorgan (NYSE:JPM) became the latest bulge bank to enter the segment. The bank has filed its own JP Morgan wallet with the US Patent and Trademark Office, paving the way for the rollout of several financial services including crypto transfers, exchange services, payment processing, and more.
Besides the growing adoption of financial service providers, central bank digital currencies are also gaining momentum. The Bank of Japan is the latest to experiment with the feasibility of a digital yen (JPY). According to Nikkei reports, the central bank plans to work alongside three major megabanks in the country in 2023 to assess the functionality of a digital yen in different settings.
Finally, well-known activist investor Bill Acman has become the latest finance professional to endorse the prospects of blockchain technology. While acknowledging its potential in criminal activities, he drew parallels with phones and the internet to push the prospects of blockchain technology on Twitter, highlighting helium (HNT) in a multi-tweet thread. HNT tokens were virtually unchanged over the week, rising a modest 1%.