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After two weeks of bullish crypto momentum, Bitcoin (BTC-US Dollar) The winning streak came to an abrupt end this week. Legacy Token came close to breaking his decade-old record of maintaining a green candle for 15 consecutive days. However, the streak ended on Jan. 18 after BTC fell below the support at $21,500.
At the time of writing, BTC is just below $21,000. BTC’s drop from previous week’s highs may be partially due to the US Department of Justice (DOJ) announcing his “International Crypto Enforcement Action” on Jan. 18 there is.
Another potential reason behind the fall in Bitcoin price is the US Producer Price Index (PPI) figures released this week. Contrary to expectations, the Producer Price Index (PPI) in December 2022 was 6.2% year-on-year (YoY) compared to the previous figure of 7.3%, indicating a moderation in inflation. BTC and other major cryptocurrencies see a sharp decline in weekly returns after the data is released, as investors speculate the US Federal Reserve may slow the pace of rate hikes. experienced a sale.
Solana Leads Altcoins Upwards
Most altcoins were able to sustain the momentum of the previous week’s rally, with Solana (SOL) establishing itself as one of the major outperformers on the rise. After months of declines in the aftermath of the FTX meltdown, SOL posted a massive 31% increase last week, largely due to increased developer activity, user adoption and a string of promising announcements.
Several other altcoins also posted double-digit returns, but the standout performances this week came from Decentraland (MANA), Frax Finance (FRX), and Aptos (APT). Decentraland (MANA)’s value jumped nearly 67.37% this week after the Metaverse platform revealed a partnership with the Australian Open (AO) tennis tournament.
On the other hand, Ethereum (ETH-US Dollar) based project, Frax Finance (FRX), has surged to the top 100 cryptocurrencies by capitalization this week after surging 65% over the past seven sessions. This positive price action in the value of FRX and other liquid staking cryptocurrencies could be related to Ethereum’s upcoming “Shanghai” upgrade. Users can then withdraw their currently staked Ethereum to verify network activity.
Aptos’ APT token was another strong performer after gaining around 54% this week. The value of the native APT token on the Layer-1 blockchain has skyrocketed following the news that Web3 infrastructure provider Moralis will merge with Aptos. The new integration adds support for all existing API endpoints, builds a dedicated his Aptos API, and incorporates real-time data streaming via webhooks from Aptos to Moralis.
Monero and ApeCoin Face Constant Resistance
Despite generally positive performances recorded across crypto markets over the past seven sessions, Monero (XMR) and Apecoin (APE) have fallen in line after both tokens lost nearly 5% of their value. significantly outperformed other companies. Monero’s declining hashrate is one of the main reasons for its price drop this week. After briefly rising last week, XMR quickly began to consolidate and is now trading 70% below its all-time high.
Meanwhile, ApeCoin (APE) continues to battle price corrections as the number of daily active users on the network consistently declines. Asset trading volumes have fallen steadily in recent weeks amid weak investor sentiment following an unexpected drop in open interest (OI) rates.
New Australian Stablecoins, $500M Web3 Fund and More
Amid growing interest in digitizing national currencies and experimenting with central banks, the National Bank of Australia (NAB) has launched a blockchain initiative with plans to launch an AUD-pegged stablecoin on the Ethereum blockchain by mid-2023. is the latest central bank to announce The AUDN stablecoin aims to streamline cross-border and carbon credit transactions and help users overcome the hassles associated with his SWIFT payment network.
Switching gears on the fundraising and investing trend, venture capital firm Hashkey Capital has completed a $500 million investment round. These funds will be allocated to infrastructure, tools and applications designed to accelerate the mass adoption of blockchain, Web3 and other emerging technologies. At the same time, Anthony Scaramucci of SkyBridge Capital invested in a new crypto company founded by former FTX US president Brett Harrison.
Last but not least, the U.S. Department of Justice (DOJ), in cooperation with France, has launched an “international crypto enforcement action” against Hong Kong-based P2P crypto platform Bitzlato and its founder Anatoly Legkodymov. Did. $700 million. The news sparked an immediate selling across the crypto ecosystem before a slight bounce from the low took hold.
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