MicroStrategy Buys More BTC, FTX Reveals, and More Contagion: This Week’s Crypto Recap

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The last week of 2022 is ending with a bang but not in terms of price action, which remains as lackluster as can be. However, it was marred by multiple events, so let’s get to it.

First of all, Michael Saylor’s MicroStrategy seems far from over with the purchase of BTC. The company revealed another purchase of over 2,000 bitcoins, bringing its total to over 132,000. It should also be noted, however, that the company also sold around 700 BTC for the very first time – for tax purposes .

It is also worth noting that the company revealed that it plans to introduce Bitcoin Lightning Network applications within the next year.

Moreover, the revelations in the case against FTX, Alameda and its leaders (against SBF, Caroline Ellison and Gary Wang) continue with full force. This week it became clear that Bankman-Fried had used a loan from Alameda to buy its shares in popular trading platform Robinhood. Later in the week, it also became clear that the Bahamas seized $3.5 billion from the stock market to keep them from disappearing.

Unfortunately, it seems that there is still a lot to discover. For example, what was once one of the largest and most active networks is now being torn to shreds. Solana is down more than 96% from its all-time high. This week alone, the cryptocurrency has lost over 22%. Alameda and SBF were among its backers.

On the price side, the market remains rather lackluster, with a slight decline over the past 7 days. BTC has lost just over one percent, and it is trading at $16,500, unable to break towards $17,000. ETH is down around 2% and is currently trading at just under $1.2k.

Overall, and perhaps somewhat expectedly, there has been no Christmas rally as volatility dissipates in the broader markets as well. It remains very interesting to see what next year holds and whether 2023 will bring the long-awaited recovery.

Market data

Market cap: $825 billion | Volume 24h: 35B | BTC dominance: 38.5%

BTC: $16,530 (-1.8%) | ETH: $1,194 (-1.9%) | BNB: $244 (-0.4%)

This week’s crypto stocks you can’t miss

The Bahamas seized $3.5 billion from FTX to keep them from disappearing. Bahamian regulators said they seized $3.5 billion in assets from FTX and are being held in safekeeping. They intend to return them to the defrauded investors as the courts see fit.

MicroStrategy adds 2,500 BTC: Total Stack Now 132,251 Bitcoin. MicroStrategy again bought a huge amount of BTC – over 2,000, to be more precise. However, the company also sold some for the very first time – for tax purposes.

FTX Japan reveals when it will resume withdrawals. The Japanese arm of FTX said it will shut down its trading activities once users can withdraw their assets from the platform. This is expected to take place by February 2023.

MicroStrategy will introduce Bitcoin Lightning apps next year. According to them, these applications could reach millions of users.

3Commas admits APIs were leaked contrary to previous statements.

The FTX Contagion Continues: Midas Investments Shuts Down. The contagion stemming from the FTX fallout continues. This time, a cryptocurrency platform called Midas Investments revealed that it was going to shut down as it was heavily affected by the crash of FTX and Celsius.

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This week we have chart analysis of Ethereum, Ripple, Cardano, Polygon and Solana click here for full price analysis.

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Cryptocurrency charts by TradingView.

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