Weekly Market Review - January 6th

Weekly Market Review - January 6th
Njani Ruetsch - Coin.fyi

Happy New Year! We hope everyone had a fantastic start to 2023 and are looking forward to the year ahead. 

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 December 31st to January 6th.

📈  Weekly BTC and ETH Overview

As the new year began, Bitcoin price hovered around $16.5K and didn’t see much fluctuation as the markets opened shortly after. Ethereum’s price stayed around a consistent $1.19K. Towards Wednesday and Thursday, the market is beginning to show some interesting movements. In parallel with the Solana jump, both BTC and ETH started to pick up trading at $16.9K and $1.26K, respectively. 

In the last 24 hours, BTC dropped 0.19%, trading at a current price of $16.78K. ETH followed suit, seeing a 0.26% decline in the last 24 hours at a price of 1.24K. BTC's lack of volatility has led experts and analysts to debate when the breakout could occur.

🗞️ Top Market News 

  • Solana's market cap increased by $500 million, as SOL jumps 15% in one day. Despite the market capitalization of Solana dropping by more than $1 billion on December 30th, 2022. Last week, SOL reached an $11 price barrier, valuing the DeFi currency back to more than $4 billion. At the time of writing, SOL is at $13.14, reaching a slight 0.10% increase in the last 24 hours. Read more here.

  • Coinbase to pay $100 million over failure to scale anti-money laundering (AML) program. After New York’s financial regulator found out Coinbase’s AML program did not comply with customer growth during the bull market, the company is expected to pay $50 million to the regulator and $50 million to expand its compliance department. Read more about the settlement here. 
  • Sam Bankman-Fried’s trial is set for October 2nd, 2023. Former FTX CEO pleaded not guilty to criminal charges after he was extradited from the Bahamas and released on a $250 million bail bond. Read more here.

🚀 New Project Developments

  • Dogecoin Foundation allocated 5 million DOGE to new fund for core developers. In the New Year, the Dogecoin Foundation announced a new fund for core Dogecoin developers to promote the ecosystem further. Over $360,000 DOGE was allocated to the fund during the time of the announcement. The fund will be held in a new multi-signature wallet managed by members. The foundation stated for every release of Dogecoin Core, 500,000 DOGE will be distributed to developers who contributed to the release. Read more about the fund here. 

  • Huobi announces strategic partnership with WEMIX. WEMIX is a subsidiary of the South Korean game-developing company WEMADE. The partnership will include WEMIX on the mainnet integration to improve user accessibility and ecosystem support. Read more about the partnership here

🔍 More Featured Stories

  • UK to become crypto hub as Government enforces an exemption tax on foreign crypto purchases. As part of Prime Minister Rishi Sunak’s plan to turn the UK into a crypto hub, foreign investors can enjoy tax exemption when buying crypto through local UK investment managers or brokers. Read more about the tax exemption here. 

  • The World Economic Forum (WEF) outlines the future of crypto regulations. In a blog posted earlier this year, the WEF points out that the future of cryptocurrencies will be guided by a regulatory outlook while acknowledging the role of blockchain technology in the financial sector. Read more about the blog post here.
  • BlackRock adds Bitcoin to Global Allocation Fund. Ordinary and passive investors can gain BTC exposure via the fund. The BlackRock Global Allocation Fund manages around $15 trillion in assets; the addition of Bitcoin should see these numbers grow further. Read more about the fun here.