Bitcoin Rises to $19,000, Ethereum Liquid Staking Surges, FTX Identifies $5 Billion in Asset: Weekly Roundup

Over the past seven days, the cryptocurrency market has exploded in terms of price action, with the total market cap currently around $950 billion, up over $100 billion over the period. The market reacted positively to the release of the CPI figures, which came in in line with expectations.

This came on the back of several cryptocurrencies, including Bitcoin, which are up 14.3% over the past seven days. As of this writing, BTC is hovering above $19,000, having added more than 5.5% in the past 24 hours alone. This is an impressive performance, and it shows.

Bitcoin dominance, which is usually used to measure its share relative to the rest of the market, is just 39%, which is a significant increase over the past seven days. This indicates that BTC managed to outperform the altcoin market over the period. Speaking of the latter, ETH was also up around 13.6%, BNB added 12% and DOGE too. Cardano and Solana fared better, both posting gains of more than 20%.

While we are still on the subject of altcoins, it is impossible not to mention Ethereum’s liquid deposit protocols, such as Lido (LDO), Frax (FXS), Stafi (FIS), StakeWise (SWISE) and others. Most of these cryptocurrencies have gained more than 70% in the past week, as the long-awaited Shanghai upgrade to Ethereum is scheduled sometime in March. Representatives will be allowed to withdraw their ETH from the Beacon deposit contract, and the narrative seems to be that platforms that allow floating interest in ETH will benefit.

Meanwhile, price developments aside, there is more news on the FTX front. It appears that the exchange has managed to “identify” liquid assets worth about $5 billion and more which it has admitted will be difficult to liquidate. This gives some hope to the millions of creditors on the bankrupt exchange.

Sam Bankman-Fried also posted a blog about the stock exchange (into) the solvency problem but failed to disclose anything that he or the liquidators had not previously disclosed.

Overall, it looks like the market is on the way to a recovery, and it will be interesting to see if that continues in the coming days and weeks.

Market data

Market value: $950 billion | 24h vol.: 74b | BTC Dominance: 38.9%

BTC: $19,230 (+14.3%) | Ethereum: $1420 (+13.6%) | BNB: $288 (12.5%)

You can’t miss this week’s crypto headlines

Binance gets regulatory approval in Sweden. The world’s leading cryptocurrency trading platform by users and trading volume – Binance – has received Swedish approval to act as a financial institution for the management and trading of virtual currencies. Sweden becomes the seventh EU jurisdiction to give Binance the green light.

Coinbase employs 950 people citing the current economic climate. US-based cryptocurrency exchange Coinbase continues to let people go, this time laying off 950 of its employees. CEO Brian Armstrong said some of the reasons include the current economic climate and their efforts to improve operating costs.

Ethereum’s Shanghai Public Testnet will hit the ground at the end of February. It seems that the long-awaited Shanghai Upgrade is about to happen. The developers see March as the release date. It will enable ETH participants to withdraw their tokens from the Beacon deposit contract.

FTX Identifies $5 Billion in Assets: Report, Attorney Says. Earlier this week, bankruptcy attorneys revealed that FTX managed to find more than $5 billion in assets. This does not include the $450 million that the Bahamas Securities Commission is protecting.

The Bulgarian offices of NEXO were reportedly raided by the authorities. Popular cryptocurrency lending firm Nexo has seen its Bulgarian offices raided by local authorities. Prosecutors have opened a preliminary investigation and are investigating the company for money laundering, tax fraud, computer fraud, and more.

Bitcoin volatility is improving with US CPI numbers coming in at 6.5%. The US Bureau of Labor Statistics released CPI numbers for December, and they are in line with the expected 6.5%. This is the most commonly used metric for measuring inflation levels in a country.

Table

This week we have chart analysis for Ethereum, Ripple, Cardano, Binance Coin and Solana – click here for full price analysis.

Bitcoin Surges to $19K, Ethereum Liquid Staking Coins Soar, FTX Identifies $5B in Assets: The Weekly Digest appeared first on CryptoPotato.

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