Yoshi.Exchange Weekly Crypto News Digest — 14/11–20/11
DEX-es See More Volume as one of the biggest crypto CEX collapses
As traders swarm to decentralized platforms in the wake of the FTX collapse and the widespread departure from other CEXs, volumes on DeFi platforms have dramatically increased. According to on-chain data, the majority of DeFi protocols, including decentralized exchanges (DEXs) and decentralized derivative exchanges, saw an increase in users of approximately 100%. Over the past week, trade volume on the two leading decentralized perpetual platforms, dYdX and GMX, has soared, surpassing $3.5 billion USD and $1.2 billion USD, respectively.
USDC Integrates Apple Pay
Businesses can now accept cryptocurrency-based payments thanks to Circle’s integration of Apple Pay, the company that issued USDC. Both traditional businesses and cryptocurrency natives are the target of this merger. Businesses that cater to customers that are crypto-native will be able to provide more practical and effective transactions for the acquisition of products and services. Additionally, as Apple Pay transitions to supporting retail purchases with digital currencies, businesses in the TradFi market can now benefit from USDC transactions using Apple Pay.
Matter Labs Raises 200 million
The organization that created zkSync, Matter Labs, has raised $200 million USD to increase layer 2 network use and grow its staff. Matter Labs raised money in its Series C investment round, which was completed before FTX went under, from numerous respected investors at an undisclosed valuation. Blockchain Capital and Dragonfly jointly led the round, which also included Variant, Lightspeed Venture Partners, and a16z. Only the Matter Labs team can utilize the zero-knowledge rollup platform at this time because zkSync 2.0 is still in its “baby alpha” stage of development.
Solana Endures The FUD
As exchanges, including (temporarily) Binance and OKX blocked USDC and USDT deposits via the Solana blockchain, the ecosystem of Solana and its token, SOL, have continued to live in fear and uncertainty. Additionally, Tether, the company that issues USDT, said that it was transferring 1 billion USDT from Solana to Ethereum. Its DeFi ecosystem will probably suffer as a result of the Solana chain’s value being bridged for $1 billion USD.
— Crypto Price Weekly Recap —
BTC Price Wrap
Bitcoin’s movement increased and tested the 17,000 mark early in the week. Action remained constrained below the emerging topside resistance, though, due to a lack of buying interest above 17,000 points. Prior to a late-week sell-off that caused a retest of the 16,200 support, price had been consolidating around the 16,600 level. Bitcoin lost 0.27 percent at the close.
Action will probably continue to be range-bound going into this week’s FOMC minutes.
After inflation statistics from the UK fell short of expectations on Wednesday, investors’ perspectives changed as a result, serving as a reminder of the ongoing global macro uncertainties. Poorly responding, Bitcoin reversed lower and returned to the 16,600 mark. Before the week’s end, Bitcoin started to decline.
ETH Price Wrap
Ethereum started the action off with a swift surge upward alongside Bitcoin. Ether, however, was unable to make a clean break through the resistance area between 1,270 and 1,300. Ethereum began to decline in the middle of the week due to derisking, and it eventually consolidated near the 1,200 mark. A wave of selling on Sunday caused Ethereum to go below 1,200 and move in the direction of the 1,100 barrier. Ethereum’s closing percentage was -6.52%. While there may be bids for Ethereum below the 1,100 level, which serves as a crucial support level, there may also be more flows into assets that are relatively safer in the event of additional risk events.
BNB Price Wrap
As the entire cryptocurrency market is on a downward trend, BNB anticipates another sell-off this week. BNB’s high and low for the week were $291 and $261, respectively, with an opening price of $276. BNB lost 4.4% from the previous week’s opening price to close the week at $264.
FTM Price Wrap
FTM experienced another sell-off, therefore it was not exempted from the broader downward trend of the cryptocurrency market. The week’s high and low for FTM were $0.2 and $0.169, respectively, with the coin beginning the week at $0.18. FTM dropped 5% for the week, finishing at $0.171 at the end of the week.
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