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Friday Roundup - Crypto Market Recap January 7, 2022

The best and the worst of the last week in crypto. Read on to gain insight and context to move forward in your crypto investing pursuits.

The Week in Crypto

Bears swept in for a week of market corrections to start off the New Year amidst major volatility in traditional financial markets. While most coins were bleeding, a few stood out, including Cosmos, Chainlink, and Yearn.Finance. Despite the downward spike, the proliferation of NFT, gaming, and DeFi crypto projects continued strong, drawing more attention to digital asset markets, while Bitcoin diamond-handers bought the dip.

  • Crypto majors and most (but not all) altcoins were in the red
  • Cosmos (ATOM), Chainlink (LINK), and Yearn (YFI) prices rose amid the chaos
  • Bitcoin hashrate fell 13% due to events in Kazakhstan
  • Stock markets reacted to Fed’s promises to hike rates

Movers of the week

Top gainers

Several Meme coins gained the most during the first week of the New Year, while DeFi mainstays, blockchain interoperability projects and other altcoins rounded out the top 10. The 5 highest performers were:
  1. BABYDOGE +129.32%
  2. ATOM +33.38%
  3. ONE +33.25%
  4. LINK +28.86%
  5. SAFEMOON +20.22%

Top losers

The worst performers included major coins in DeFi, Metaverse, and GameFi markets:
  1. SUSHI -31.96%
  2. CEL -30.76%
  3. GALA -23.48%
  4. HEX -23.11%
  5. AXS -23.00%**

Technical Summary

  • Bitcoin (BTC) was in a downward trend for the week, dropping 12.47% in the last 7 days. BTC price dipped to $41,000 on January 7 and is currently holding at around $42,000. While technical indicators like MACD and RSI are mixed, the general trend points to BTC nearing a bottom.
  • After finding support around the $19 mark in late December, Chainlink ($LINK) has jumped to $25 since the New Year.
  • Other crypto majors were deep in the red for the week, including Solana (SOL), which dropped 6.7% for the week, and Ethereum which fell to its lowest price since October 2022.

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Despite the harsh week for crypto markets, Bitcoin’s inflation rate makes it a beacon of hope and a hedge against the inflationary movements of USD and other world currencies:

BitcoinInflation
"Bitcoin Supply Rate vs. Annual Inflation Rate" - Source: Coinmetrics

Newsworthy:

  • Gamestop shares spiked in response to their announcement that they're entering the NFT space with a new division focused on building an NFT marketplace. Read more
  • A 3-year-old video introducing an early version of the Walmart metaverse resurfaced on social media this week, with parodies and memes going viral. Read more
  • Yearn.Finance (FYI) started the New Year with a major governance vote that enabled a new tokenomics system. As a result, YFI stakers are set to access up to $35 million in rewards. Read more.
  • The rapidly emerging Play-to-Earn crypto industry hit a wall this week as the South Korean government pushed back by moving to remove P2E projects from Google Play and the AppStore. Read more
  • Bitcoin miners in Kazakhstan have shut down amid a national energy crisis, triggering a 13% fall in Bitcoin’s hashrate. Read more
  • Vitalik Buterin reportedly is teaming up with Dogecoin Foundation to build a community staking mechanism based on Proof of Stake (PoS) that will be more inclusive and not just geared toward crypto Whales. Read more

Spotlight on: OSMO

During the last few weeks, Osmosis (OSMO) not only stayed green but managed an 80% upward run over the last 14 days. Built using Cosmos’s interoperability SDK, Osmosis is a DeFi and governance token backed by a cross-chain automated market maker protocol.
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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.