Here’s your crypto highlights of the week in less than 5 minutes.
Bitcoin holds on to $16K support in a rocky week
The crypto industry kept struggling this week with the new revelations of FTX’s collapse, and many companies exposed to the defunct exchange started to show signs of weakness themselves, with several regional exchanges and DeFi services firms halting withdrawals and pausing some of their offerings.
Still, it seems the crypto markets have managed to keep calm and avoid another bear run, with Bitcoin keeping its grounds above a support level of $16,000, and showing much less volatility than observers have expected. Most major currencies are ending the week with minor losses, as Bitcoin price dropped by 3.4%, Ethereum by 5.1%, and Ripple’s XRP by 1.31%.
Polygon scratches its gains in one week
After performing against the market during the first half of November, Polygon has scratched most of its gains this week. MATIC’s price saw a steep drop this week of more than 16.8% and fell behind the $0.9 mark again. At the same time, the Polygon blockchain total locked value (TVL) has dropped by 6.17% this week, with a monthly drop of more than 8.26%, according to DeFiLlama’s numbers.
World Cup brings Chiliz a winning streak
With the FIFA World Cup around the corner, Chiliz kept its one-of-its-kind performance this week, making gains of more than 11.1%. The official token of the blockchain entertainment and sports project Socios is usually correlated with major sporting events, as it attracts more attention from the fans, being used to trade official sports clubs and tournaments’ NFTs and other blockchain-based services. Chiliz got a big push from the world’s biggest football event closing in, raising its value by more than 35.9% in the last 30 days, despite the overall bearish run in the crypto industry.
Solana takes another hit from FTX’s aftermath
Due to its high exposure and tight relationship with FTX, Solana saw a huge drop in its value last week. And this week was no better, as many exchanges tried to minimize any risks of exposure to FTX by ceasing support for deposits and withdrawals of stablecoins Tether and USD Coin coming through the Solana blockchain, including Crypto.com, BitMex, OKX, and ByBit. SOL’s price reacted negatively to the news, losing more than 24.1% of its value in the last 7 days.
US banks and New York’s Federal Reserve launch digital dollar simulation
A group of American banking giants, including Citi, HSBC, and Mastercard, along with the Federal Reserve’s New York Innovation Center (NYIC) launched a 12-week pilot of the digital money platform Regulated Liability Network (RLN). The announcement says the pilot system will operate exclusively in U.S. dollars, allowing commercial banks to issue simulated digital money or “tokens” – representing the deposits of their own customers – and settle through simulated central bank reserves on a shared multi-entity distributed ledger.
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