Weekly Market Review - January 13th

Weekly Market Review - January 13th
Njani Ruetsch - Coin.fyi

Every week, we compile the top news stories within the crypto, blockchain, metaverse, and NFT space. The weekly wrap-up covers everything from BTC & ETH updates, recent investments, developments of exciting new projects, and other relevant topics.

Here is everything you need to know for the week of January 7th to 13th.

📈  Weekly BTC and ETH Overview

After months of seeing red, the new year has finally brought more green into the charts. Both Bitcoin and Ethereum prices are up just two weeks into January after the United States Consumer Price Index (CPI) data shows a reduction in inflation and predictions state the next hike will not exceed 0.50%. 

Mid this week, Bitcoin price jumped to $18.4k, the highest it has been in three weeks. A continuation of last week's rally in the equities market, positive inflation data, and various global markets opening up again, lead analysts to see $18K as the new BTC price floor. Similarly, at the beginning of the week, Ethereum's price rose 2.85% and crossed $1.3K. Traders grow more confident that ETH will see a price rally in the first quarter of 2023. 

Another trend impacting the current positive movement in BTC price is the fact that the number of Bitcoin addresses holding 10+ BTC has reached a two-year high. Accumulation of the coin has had a positive impact on the digital asset and lifted investor spirits, after a long red winter. 

At the time of writing, BTC is at $19K, up 4.62% in the last 24 hours. Ethereum is also in the green, with a price of $1.4K, up 1.37% in the last 24 hours. 

🗞️ Top Market News 

  • BitConnect scheme victims to receive over $17 million restitution. Approximately 800 victims spanning over 40 countries will receive compensation for the recent cryptocurrency investment scheme, which defrauded thousands of investors worldwide. Read more here. 

  • FTX recovered over $5 billion in assets. In the form of both liquid cryptocurrency and liquid investment securities, the court still needs to establish the exact extent of customer losses. Read more here. 
  • Ethereum developers anticipate February public testnet for Shanghai upgrade. The planned upgrade will focus on ETH withdrawals, and opening validator staking withdrawals, a feature that is currently missing from the network. Users will be able to access coins that have been staked on Ethereum, which became temporarily inaccessible during the Merge. Read more about the Shanghai upgrade here. 
  • SEC charges Genesis Trading and Gemini for the unregistered offer and sale of crypto asset securities. Confirming that both firms sold unregistered securities in connection with a high-yield product offered to depositors. Genesis Trading and Gemini continue to battle over the fate of $900 million worth of customer funds. Read more about the charges here. 

🚀 New Project Developments

  • Yuga Labs announces gamified expansion of its Bored Ape Yacht club ecosystem. The announcement includes minting a free Sewer Pass to play a new skill-based game called Dookey Dash. On the 18th of January, people can start playing the game and purchase items to upgrade their free Sewer Pass on the game's secondary marketplace. Read more about the game here. 

  • Mastercard uses Polygon for its Web3 Artist Accelerator. The card provider plans to leverage Polygon’s infrastructure to help guide musical artists into the Web3 space, including minting their own NFTs and establishing an online community. In spring this year, Mastercard will kick off the Artist Accelerator and prepare five emerging artists. Read more about the accelerator here. 
  • Avalanche launches new infrastructure features on Amazon Web Services (AWS). Features include one-click node deployment through the AWS marketplace. The partnership will make it easier for people to launch and manage nodes on Avalanche. Read more about the collaboration here. 

🔍 More Featured Stories

  • Group One Trading acquired 1.26 million shares of MicroStrategy, accounting for 13.5% of the company’s stock. MicroStrategy is the owner of over 132,500 bitcoin, Group One Trading’s recent acquisition of MSTR shares puts them at a dollar value of $237 million at a current MSTR share price of $188. Read more here. 

  • Nigeria Central Bank to develop a regulatory framework for stablecoins and ICOs. The latest strategy paper states the necessity to create a legal framework for the use of stablecoins. As one of the pioneers in the adoption of digital currency (CBDC), Nigeria declares its readiness to access the existence of private stablecoins. Read more about the developments here. 
  • Coinbase to cut 20% of its staff in latest layoff round. The layoff will affect around 950 employees and reduce expenses by 25%. Since June, the exchange has removed over 2,000 jobs due to high-interest rates and turbulent market conditions in the previous year. Read more about the recent cuts here.