Weekly Market Update (Week 2, 10/1/2022 – 16/1/2022 )

Price index on the rise, while volume and volatility tumble. DOGE leaps 25% as Tesla accepts it for payments

Key Takeaways

• Bitcoin (BTC) traded in a tight range this week, which provided some relief to market participants after a volatile start to the year. The cryptocurrency was up about 3%, while Ethereum (ETH) gained 5% and DOGE spiked by 20%, over the past week.
• Former Twitter CEO and Block founder Jack Dorsey has announced plans to create a ‘Bitcoin Legal Defense Fund’ to help provide a legal defense for Bitcoin developers and will include a team of volunteers and part-time lawyers.
• Dogecoin (DOGE) has leapt 25% after Musk announced DOGE payments for Tesla merchandise. The bullish news comes months after the billionaire entrepreneur said DOGE was a better token to transact with than Bitcoin.
• The general price index was positive at +6.09%, while the volume and volatility indices were negative at -13.62% and -47.52%, respectively.

Highlights

• Bitcoin soars above USD 44,000 as market sentiment recovers
• Ethereum, Solana, Polkadot lead crypto price bounceback
• U.S. Congress’ 2021 crypto trading volume trails stocks’ by 500x
• Bitcoin and related investments now make up half of Bill Miller’s personal portfolio
• USDC’s supply on Ethereum surpasses that of rival USDT’s for the first time
• Bitcoin drops below $40,000 for first time in 3 months as fear is set to ‘accelerate’
• UFC heavyweight champion mulls accepting 50% of his next fight purse in Bitcoin
• Bitcoin and Tether bought massively in Turkey as safe haven from falling Lira
• Swiss crypto broker taps former Barclays and UBS bank executive as CEO
• Simplify reveals plans to launch Web3 ETF
• FTX launches $2B venture fund, hires Lightspeed exec to lead
• Gap turns hoodies into NFTs with help of Frank Ape
• El Salvador is down $12M on its Bitcoin buys

Market Index Tokens

Notable Events

• Cardano (ADA) announces some exciting developments for 2022 to deal with the anticipated increase in dApp development. (ref)
• This week, 17 projects adopted Chainlink (LINK) across 7 different blockchains and 5 independent oracle services. (ref) LINK is said to be on track to move upwards despite its underwhelming performance in the market last year. (ref)

DeFi Tokens

Other Tokens

Notable Events

• 21.1 million SHIB burned in the past 24 hours, while the new SHIB burn site kicks off. 
• Dogecoin (DOGE) surged by 12% on Friday after Elon Musk confirmed that the memecoin can now be used to buy merchandise.