Antonio Aguilar

December 11, 2023  ·  4 Mins

Weekly Rollup - December 12, 2023

Weekly Rollup - December 12, 2023

Market Highlights

  • Bitcoin hits 20-month high of US$44,700
  • Ordinals inscription sells for 10.4 BTC (approx. US$450,000)
  • Federal judge demands Binance founder, CZ, must stay in Seattle

Bitcoin

Bitcoin (BTC) investors fought to hold on to last week’s gains, making a new yearly high of US$44,700 Friday night before abruptly falling over 7.0% to US$40,400 on Monday, which saw nearly US$100 million in leveraged long BTC positions liquidated that same day.

Liquidation Data.  Source: Coinglass
Liquidation Data. Source: Coinglass

This brought BTC’s eight-week rally to an end, closing the week at US$41,262, down 1.7% over the last seven days.

Bitcoin 12 December
Bitcoin 12 December

Despite this, CoinShares’ latest fund report revealed crypto investment products to have gained another US$176 million in funds this week, marking a 10-week total of US$1.76 billion in digital asset inflows. Total assets under management is up 107% this year and stands at US$46.2 billion, 47% below the all-time high of US$86.6 billion in 2021.

Weekly Crypto Asset Flows 12 December
Weekly Crypto Asset Flows 12 December

Ethereum

Ethereum (ETH) followed in BTC’s footsteps this week, rising to a weekly high of US$2,403 before also suddenly crashing 7.2% Monday morning. ETH managed to hold on to a slight gain of 0.4% week-on-week before closing out at US$2,232.

Ethereum 12 December
Ethereum 12 December

Altcoins

Major market sectors were a mixed bag this week. Web3 held on to a massive 29.0% gain while DeFi and Currencies lagged behind, losing 4.2% and 0.4%, respectively.

Market Sectors 12 December
Market Sectors 12 December

With Solana (SOL) rising over 400% this year, many users have returned to the layer-1, causing a resurgence on many of its tokens. This week saw Solana-based hotspot protocol, Helium (HNT), rise 66.2% this week after the recent launch of Helium Mobile. Also gaining this week were Solana-base DeFi exchange, Raydium (RAY) and newly launched memecoin, Bonk (BONK), which added-on 76.9% and 89.7%, respectively.

Layer-1 protocol, Avalanche (AVAX) and the recently rebranded Beam (BEAM) also enjoyed healthy gains of 68.7% and 36.6%, respectively.

Securing top spot this week however was BitTorrent (BTT) which surged a whopping 183.5% after Tron’s founder, Justin Sun, announced the uptick in Tron (TRX) users and total value locked (TVL). Tron acquired BTT in 2018 and is the blockchain that BTT is issued on.

Altcoins 12 December
Altcoins 12 December

In Other News

Alongside BTC’s rally these past several weeks, Ordinals collections have picked up the pace as well with one particular inscription selling for 10.4 BTC (approx. US$450,000), a record sale for the protocol, and displaying a high level of resilience within the community.

Ordinals inscription #8 sold for 10.4 BTC
Ordinals inscription #8 sold for 10.4 BTC

Regulatory

  • On Thursday, federal judge Richard Jones decreed that Changpeng Zhao (CZ), the founder of major crypto exchange Binance, is required to stay in Seattle, U.S, during the period leading up to his sentencing on criminal charges pertaining to anti-money laundering violations.

"The Court agrees with the government that this is an unusual case," Jones wrote in his ruling. "The defendant has enormous wealth and property abroad, and no ties to the United States." and the lack of an extradition treaty between the U.S. and the UAE posed too great of a flight risk.

Changpeng ‘CZ’ Zhao, founder of Binance. Source: Decrypt
Changpeng ‘CZ’ Zhao, founder of Binance. Source: Decrypt
  • Tether, the company behind the world's largest stablecoin USDT, announced yesterday that it would be freezing its tokens in wallets belonging to individuals on the United States' Office of Foreign Asset Controls (OFAC) list of sanctioned individuals. In its announcement, Tether framed the move as a voluntary step to "proactively prevent any potential misuse of Tether tokens and enhance security measures."

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New Asset Listings at Caleb & Brown
New Asset Listings at Caleb & Brown

Disclaimer: This assessment does not consider your personal circumstances, and should not be construed as financial, legal or investment advice. These thoughts are ours only and should only be taken as educational by the reader. Under no circumstances do we make recommendation or assurance towards the views expressed in the blog-post. The Company disclaims all duties and liabilities, including liability for negligence, for any loss or damage which is suffered or incurred by any person acting on any information provided.

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