Bitcoin Rises to $19,000, Ethereum Liquid Staking Coin Surge, FTX Locates Assets Worth $5 Billion: Weekly Recap

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The last seven days have seen the cryptocurrency market explode in terms of price action, and the total market capitalization currently sits at around $950 billion, up over $100 billion in this period. The market reacted positively to the release of the CPI figures, which were in line with expectations.

This happened thanks to many cryptocurrencies, including Bitcoin, which has risen 14.3% in the past seven days. As of this writing, BTC is hovering above $19,000, having added more than 5.5% in the past 24 hours alone. It’s an impressive performance, and it shows.

Bitcoin’s dominance, which is commonly used to gauge its share against the rest of the market, sits at just under 39%, up significantly over the past seven days. This indicates that BTC managed to outperform the altcoin market over the period. Speaking of the latter, ETH also rose by around 13.6%, BNB added 12%, as did DOGE. Cardano and Solana performed better as they both saw gains of over 20%.

While we are still talking about altcoins, it is impossible not to mention Ethereum liquid staking protocols, such as Lido (LDO), Frax (FXS), Stafi (FIS), StakeWise (SWISE) and others. Most of these cryptocurrencies have gained more than 70% in the past week, as Shanghai’s long-awaited Ethereum upgrade is expected to take place somewhere in March. This will allow stakingrs to withdraw their ETH from the Beacon Depositor contract, and the narrative seems to be that platforms that allow liquid staking of ETH will benefit.

Meanwhile, price-related developments aside, there is more news on the FTX front. It appears that the exchange was able to “locate” some $5 billion in liquid assets and more assets than they admitted would be difficult to liquidate. This gives some hope to the one million creditors of the bankrupt exchange.

Sam Bankman-Fried also blogged about the stock exchange’s (in)solvency issue, but didn’t reveal anything he or the liquidators hadn’t previously disclosed.

Overall, the market appears to be on the road to recovery, and it’s exciting to see if that will continue in the days and weeks to come.

Market data

Market capitalization: 950 billion dollars | Volume 24h: 74B | BTC dominance: 38.9%

BTC: $19,230 (+14.3%) | ETH: $1,420 (+13.6%) | BNB: $288 (12.5%)

This week’s crypto stocks you can’t miss

Binance Obtains Regulatory Approval in Sweden The world’s leading cryptocurrency exchange by users and trading volume – Binance – has obtained Swedish approval to operate as a financial institution for the management and virtual currency trading. Sweden becomes the seventh jurisdiction in the EU to give the green light to Binance.

Coinbase is laying off 950 people citing the current economic climate. US-based crypto exchange Coinbase continues to let people go, this time laying off 950 of its employees. CEO Brian Armstrong said part of the reason included the current economic climate and their efforts to optimize operational expenses.

Ethereum’s Shanghai Public Testnet will hit ground at the end of February. Shanghai’s long-awaited upgrade appears to be imminent. The developers are considering March as the release date. This will allow ETH stakers to withdraw their tokens from the Beacon Depositor contract.

FTX locates $5 billion in assets, attorney says: report. Earlier this week, a bankruptcy attorney revealed that FTX had successfully located over $5 billion in assets. This does not include the $450 million the Bahamas Securities Commission is protecting.

NEXO’s Bulgarian offices were reportedly raided by the authorities. Popular cryptocurrency lender Nexo has had its Bulgarian offices raided by local authorities. Prosecutors have filed preliminary proceedings, investigating the company for money laundering, tax evasion, computer fraud and others.

Bitcoin volatility rises as US CPI numbers come in at 6.5%. The US Bureau of Labor Statistics has released CPI figures for December, and they are in line with the 6.5% expected. This is the most commonly used measure to gauge inflation levels in the country.

Graphics

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

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