Bullish Insights – Weekly Market Recap
Oct 28, 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 24, 2022.
This week’s peak trade volume (24h): October 27, 2022, $565,288,565 (27,216 BTC)
Crypto market highlights
- Bitcoin's correlation with gold has strengthened in the past month with the 40-day correlation up from zero in August to 0.5 on October 22, 2022.
- As of October 28, 2022, there was a general pull-back across the crypto market with Bitcoin down 2.7% and Ethereum down 3.5%. Bulls managed to push the BTC/USD pair to a 24h high of $20,871 before price action took a downturn below the $20,800 and $20,500 level.
- NFT and DeFi ranked as the bottom performers at -3.3% and +2.6% respectively. The top two performers were Currencies and Ecosystems, returning -2.1% and +2.5%, respectively. Within NFT, NFT Lending underperformed at -6.2% and in Currencies, Algorithmic Stablecoins was the biggest contributor at +2.1%.
- According to an analysis by Solidus Labs, BNB Chain ranks as number one in terms of the total number of scam contracts and % of scams on-chain. The analysis found that the BNB chain had a total of 168,035 scam contracts compared to Ethereum with 13,561 which ranked second.
Macro market highlights
- US equity markets saw a strong rebound in Last Friday's trading session with the S&P 500 up by 2.4%, the Dow rose by 2.5%, and the Nasdaq Composite climbed by 2.3%.
- In Asia, Hong Kong equity markets saw a ~7% crash to a 13-year low as President Xi Jinping consolidates power. Economic data in China was largely mixed as unemployment rose and retail sales saw weaker figures in September. Meanwhile, 3Q2022 GDP saw an uptick of 3.9% YoY.
- US equity markets closed lower in Wednesday's trading session with the S&P 500 down by 0.8%, the Dow saw little change, and the Nasdaq Composite declined by 2.0%.
- As of October 28, 2022, there was mixed performance across US equity markets with the S&P 500 down by 0.6%, the Dow rose by 0.6%, and the Nasdaq Composite declined by 1.6%.
- FTX CEO Sam Bankman-Fried has announced on Twitter that the company will look to compensate around $6mn to users that were victims of a phishing attack that led to unauthorized trades on certain FTX accounts. He also warned that this would be a “one-time thing” and that “THIS IS NOT A PRECEDENT.” (Source: COINTELEGRAPH)
- Binance has launched an oracle service on the BNB Chain, competing against Chainlink. (Source: The Block)
- Bitcoin mining company Core Scientific has filed forms with the US SEC warning it may not be able to make payments owed in late October and early November. The reasoning behind the late payments included rising electricity costs, high hashrate, and a downturn in price action. (Source: COINTELEGRAPH)
- Elon Musk completed his takeover of Twitter and fired Chief Executive Parag Agrawal and Chief Financial Officer Ned Segal after the deal closed. CEO of Binance, CZ, confirmed in a tweet that the company wired $500mn two days ago to back Musk’s Twitter takeover.
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