This week’s crypto market turned into a mixed bag as the enterprise continued to navigate the ongoing contagion from the FTX demise.
Bitcoin and Ethereum once again finished the week essentially flat, which is likely regarded as a win given the losses experienced by a number of other top-tier currencies. As of Saturday morning, Bitcoin (BTC) turned into up much less than 1% over the last seven days, and Ethereum (ETH) turned into down 1.5%. For the previous week, the majority of the top 50 stocks by market cap have been in red or, if in green, have gained less than 2%.
As bulls and bears battled for control, BTC fluctuated between roughly $17,300 and as low as $16,700, while Ethereum jumped between $1,300 and $1,225.
But an extraordinary winner over the last seven days turned into Axie Infinity’s local AXS token. The token rose by a whopping 21% on account of that ultimate weekend and is now buying and selling fingers at more or less $8.50, consistent with CoinGecko.
The AXS token is used within the famous play-to-earn crypto recreation, in which customers struggle with Pokémon-like creatures.
AXS is the project’s governance token, permitting holders to vote on such things as how the project’s treasury must be allocated or proposed new functions in the sport. The recreation makes use of any other token referred to as the Smooth Love Potion (SLP), which is used as a reward for customers who prevail in duels.
This week’s spike follows the release of the project’s Axie Contributors initiative. As part of Axie’s push for more knowledgeable discussions about how the sport should operate, approximately 700 “dedicated” network members will earn formal roles within the sport’s governance model.
After AXS, the local token powering the self-custody crypto pockets, Trust Wallet, is likewise on a rally. TWT has risen more or less 6% over the last seven days, almost hitting $3,000, consistent with CoinGecko. Like Axie Infinity’s token, Trust Wallet is a governance token used to vote on new improvements for the Binance-owned pockets.
Tokens for the decentralized change aggregators 1 inch (1INCH), Chainlink (LINK), and Flow (FLOW) round out this week’s largest losers.
The FTX contagion maintains
The disintegration of Sam Bankman-Fried’s crypto empire last month continues to harm the industry, with numerous companies announcing additional layoffs this week in the aftermath of FTX’s bankruptcy.
Bybit, Swytfx, and Koinly all announced workforce reductions, citing the contagion from FTX’s demise as well as the market’s ongoing turmoil.
Besides layoffs, Maple Finance, a platform on which we could help companies spin up a lending facility through the use of clever contracts, turned into an additional hit with knock-on effects. The platform announced this week that it’d be slicing all ties with Orthogonal Trading after the latter “misrepresented” its publicity to FTX, leading it to default on its loans.
M11 Credit, the organization that created the lending facility on Maple from which Orthogonal borrowed, stated, “We trust that Orthogonal Trading formerly purposefully misstated their publicity and has consequently committed a severe breach of the Master Loan Agreement (MLA).”
It wasn’t simply M11 and Maple that were burned. According to the crypto coverage protocol, Nexus Mutual, another borrower from the same M11 pool, also suffered losses of approximately $3 million in Ethereum as a result of Orthogonal’s default.
As for SBF, it seems like he’s sooner or later heading back to Washington, D.C., to testify before the House Financial Services Committee.
After a public back and forth on Twitter with the Committee’s Chairwoman Maxine Waters, the previous CEO of FTX stated that he might be “inclined to testify” despite “a limit” to what he can say because he no longer has “entry to a great deal of [his] data, expert or personal.”
The assembly is slated for December 13 and could be searching to unpack how the change collapsed last month.
This Week in Coins: Bitcoin and Ethereum Flat Again, Axie Infinity Sees Rare Jump
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