Bullish Insights – Weekly Market Recap
Insights • Oct 7, 2022 • 2 min read
The Bullish Insights Weekly Market Recap includes curated industry news and analysis from the Bullish team for the week of October 3rd, 2022.
This week’s peak trade volume (24h): October 6th , 2022, $522,938,121 (25,715 BTC)
Crypto market highlights
- As of October 6th, all sectors in the green with DeFi and Smart Contract Platforms ranked as the top performers at +1.7% and +1.3% respectively. The bottom two performers were CeFi and Misc, returning +0.4% and +0.6%, respectively.
- Bitcoin's 30-day correlation with gold has peaked to the highest-level in over a year.
- OpenSea's NFT sales saw a huge drop in Q3, 2022. In comparison to Q2, NFT sales saw a 60% dip in Q3.
Macro market highlights
- After a two-day rally, US equity markets saw a pull-back in Wednesday's trading session. The S&P 500 fell by 0.2%, the Dow was down by 0.1% and the Nasdaq Composite detracted by 0.3%.
- Last week, our team joined attendees from across the global Web3 community at TOKEN2049 in Singapore. To learn more about our key takeaways, read our Bullish Insights TOKEN2049 Singapore Conference Report.
- According to a court filing, Celsius will auction off assets after filing for bankruptcy in July. FTX CEO, Sam-Bankman Fried is allegedly considering a bid for the assets. (Source: THE BLOCK)
- Nasdaq awaits regulatory clarity before plans on launching a crypto exchange, and will instead focus on custody solutions. (Source: Bloomberg)
- Do Kwon has been given 14 days to return his passport by South Korea’s Foreign Ministry. Should he fail to do so, the passport will be invalidated. (Source: passport.go.kr)
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