Hello, 18Digits. The crypto world has been on a rollercoaster this past week, with some ups and downs as we navigate this bear market. Beyond updating you on industry news in this review, we’ll examine how coins fared on the weekly voting results.
Surprisingly, this week, major publications, especially the Wall Street Journal, had good stories about SBF and the fall of his FTX Empire. On the same train of surprises, two Bored Apes also sold for about $1 million as the week looked to round up. This week also saw SHIB climb into 18digits’ top 5.
As you read, kindly note that the content of this review isn’t financial advice or pointers to investment opportunities. DYOR before aping into anything.
What happened in the crypto market this week?
As of Monday, top crypto tokens traded lower, with BTC slipping below $16k. The plunge was also slightly brutal for Ethereum as it went down 8% to trade at $1,100. However, as the week rolled by, things picked up for the world’s top 2 coins, with Bitcoin trading (overall) in the green over the week, climbing by 1.33% as of writing this review. Ethereum did an even better percentage, going 3.63% up in the overall green between 21st November 2022 and now.
Monday drama also included news about the FTX’s hacker’s continued dumping of their Ether in exchange for Ren Bitcoin, selling about 20,000 Ether on that day alone.
On Tuesday, more news broke from the SBF/FTX Empire, as it was revealed that senior staff of the bankrupt company and SBF’s parent bought Bahamas properties worth several millions of dollars. His parents and senior executive have about 19 properties costing about $121 million. In contrast, attorneys for FTX reveal that SBF owned luxury properties in the Bahamas, all worth about $300 million. These properties have been bought over the past two years.
Tuesday also saw New York place a temporary 2-year ban on some crypto mining activities on some fossil plants.
Wednesday came with major news out of Asia, as the Bank of Japan revealed plans to launch “Digital Yen” with the country’s top 3 banks, alongside other financial institutions.
On Thursday, the aggrieved crypto world, still angry about SBF’s freedom despite FTX’s implosion, took turns criticizing that Sam Bankman-Fried will speak at DealBook’s summit next Wednesday. SBF will be speaking alongside people like Mark Zuckerberg at the summit.
Thursday wasn’t done, as a controversial publication from Wall Street Journal piled on, probably in a bid to rewrite the SBF/FTX story. People have lashed out about Wall Street media trying to paint SBF as a saint who wanted to save the world. Elon Musk also revealed his thoughts about the WSJ “giving foot massages to a criminal.”
18Digits Top 18 Voting Results: Ethereum (ETH) maintains its position while Bitcoin (BTC) maintains a close second; Shiba Inu (SHIB) climbs back up into the Top 5.
This week, Voting saw a minor change to the Top 5 coins, with Shiba Inu taking over the 5th position from Cardano (ADA). Cardano (ADA) dropped three places to rank 8th. Ethereum maintains its top spot, while Bitcoin (BTC) stays 2nd. Binance Coin (BNB) also stays in 3rd, and Solana (SOL) rounds up the top 4.
Other coins in the top 10 are; Litecoin (LTC), staying 6th; Polygon (MATIC), which climbed two places to take 7th; TRON (TRX), which dropped a place to sit at 9th; and Polkadot (DOT), gained a place to close up the top 10.
In other news, DogeCoin (DOGE) dropped four places to 14th, and Ripple (XRP) did similar by coming down three notches to 15th place. Lunr Token (LUNR) rounds up the top 18 by rising two places in an impressive week for the Altcoin.
Biggest Winners & Losers: MultiverseX takes the biggest leap as PowerSwap sinks deeper.
The dynamism of the crypto market continues, with new winners and loser emerging. Based on this week’s result, MultiverseX (EGLD) is the biggest winner, gaining 15269 positions to rank at 3692. Qatar 2022 (FWC) was also not far off, gaining 14,464 places to rank at 321. Aurox (URUS; position 5220), Media Network (MEDIA; position 945), and Aleph Zero (AZERO; position 378) gained 18361, 11878, and 8517 places, respectively.
The top losers list featured; The Standard Token, SideShift (XAI), Rise of Elves (ROE), Utopia USD (UUSD), and PowerSwap (PWS).
Vote for your Favorite Cryptocurrency on 18Digits
That’s it for this week. Hopefully, it helps. Always remember to take time to vote for your favorite cryptos next week. If the voting process is new to you, don’t fret. You begin by registering here, then checking the rules. Voila!
See you next weekend.