Market ready to the new run. — weekly review
The crypto market experienced another week of consolidation around a perceived “bottom”. The total capitalisation index was at $999.28 billion at the start of the week. We could then see a rise to a local peak of $1.06 trillion (the index was back above $1 trillion for the first time in a month and a half). The index then fell to $959.1 billion by the end of the period under review. Thus, the final decline in the total capitalisation index was 4.02%.
After breaking through the 20 000–22 000 corridor for the first time in a long period, the bitcoin price returned to this corridor within the past week. The period under review started for bitcoin at 23 712. On the first day, a local high of 24 208 was reached. Then, up to the end of the weekly period, the rate systematically fell to 21 300. The final drop at the end of the period was 8.5%.
Ethereum, has shown a slightly different dynamic over the past period. Having started from the level of 1551, the rate of the asset did not go beyond the corridor of 1640–1528 until the end of the period, dropping to the level of 1457. The fall by the end of the week amounted to 6.06%.
Decentralised music streaming protocol Audius has reported a hack. A hacker stole funds from the community coffers using a malicious vote in the management system. According to CertiK, the hacker successfully changed certain configurations in the smart contract used by the Audius management system. Thanks to these changes, the criminal was able to become the “custodian” of the contract. The hacker then created and approved a management offer that requested the transfer of 18 million AUDIO tokens from the community treasury. According to the data on the chain, the hack took place at 7pm ET on Saturday. Although the market value of the stolen tokens was more than $6 million, the hacker was only able to sell them for 705 Ethers ($1.1 million) amid a strong market slippage. The stolen funds remain at the hacker’s address.
The blockchain game developer behind web3-game Gods Unchained has cut its staff by “more than 20” employees. The total amounted to about 8% of Immutable’s staff, according to 310 employees on LinkedIn. The reorganisation focused on Gods Unchained, Immutable Games’ flagship strategy card game with NFT tokens. Other job losses were concentrated in Immutable’s HR team . The layoffs were carried out after an impromptu 15-minute meeting of all employees, according to one of them.
Coinbase shares were down 7.71% at the opening of trading on Tuesday after it was revealed on Monday that the US Securities and Exchange Commission (SEC) is investigating the exchange. According to Bloomberg report, the SEC is investigating Coinbase for improperly allowing several tokens to be traded that should have been registered as securities. At the time of publication, the company’s shares were trading at $55.6.
Aptos, a blockchain startup founded by former Meta employees, has announced it has raised $150 million led by FTX Ventures and Jump Crypto. According to a press release, the startup’s latest funding round included new investors such as Griffin Gaming Partners, Franklin Templeton, Circle Ventures and Superscrypt. FTX Ventures previously joined the Aptos funding round in March, in which the blockchain developer raised $200m from investors such as a16z, Tiger Global and Multicoin Capital. FTX Ventures investment partner Ramnik Aurora said that blockchain technology needed to focus on scalability, security and ease of use to reach “the next billion users”. Aptos has raised $350m this year, which it plans to invest in developing its secure and scalable Tier 1 blockchain.
While one of Bitcoin’s largest public holders, Tesla, has sold a significant portion of its holdings, other holders who were buying at similar levels continue to hold. According to analytical service Glassnode, three main buying levels have now formed in past cycles — around 20 000/30 000/40 000. Moreover, the level of 20 000 was formed only recently, in the last few months. This dynamics further confirms the psychological value of “round” numbers and also indicates a large number of buyers in the current market ready to buy back BTC at a price slump.
After a rapid rise in the spot market, the call option dominance remains equally high for both BTC and ETH. The level of open interest rose strongly due to block trades — call spreads and “butterflies” with an execution date at the end of this year. Current price levels have shown quite a lot of accumulation, most of the negative events are already priced in, accordingly traders have a risk appetite and expectations for a more successful end of the year. However, this cautious optimism is very different in its targets, if we compare the bull-run period of last year. At that time, levels several times higher than the current ones on the spot market were actively traded. Now, the target levels for BTC are 25 000–30 000, which is very far from the highs of last year.
The market is accumulating liquidity ahead of this week’s Fed meeting and is avoiding active direction selection until the decision is made, maintaining cautious optimism. The next few months will be decisive in terms of macrostatistics and will allow for more accurate forecasting of funding conditions in global markets, which will add certainty and possibly liquidity for future growth in cryptocurrency prices.