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Bear Market

Bitcoin up 50% from bear market low outperforming SPY, Gold

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Bitcoin up 50% from bear market low outperforming SPY, Gold

Bitcoin up 50% from bear market low outperforming SPY, Gold Liam ‘Akiba’ Wright · 33 mins ago · 2 min read

Bitcoin crashes through $23k as the bear market rally continues

2 min read

Updated: January 21, 2023 at 4:38 pm

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Cover art/illustration via CryptoSlate

The bear market rally that perplexed much of the crypto industry continued into the weekend as Bitcoin hit $23,230 for the first time since August 2022. Bitcoin is now up 50% from its local low of $15,400.

Source: TradingView BTC-USD

Bitcoin has moved into a leading position among global assets outperforming major asset classes. In addition, 2023 has seen growth across multiple sectors as inflation begins to cool off. Since November lows, gold and the S&P500 are up 19% and 13%, respectively.

Over the past 24 hours, markets have witnessed over $387 million in crypto liquidations, the majority involving BTC and ETH for a total of $165 million.

Total liquidations / Source: Coinglass

Short positions throughout this bear market rally have dominated liquidations. However, that is not to say long positions have been entirely safe. As Bitcoin continues to rally, frequent retracements at key resistance levels have caught bulls off guard. For example, on Jan. 18 and Jan. 21, BTC longs were liquidated for over $30 million.

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BTC liquidations / Source: Coinglass

Ethereum has seen a similar performance to Bitcoin throughout 2023 as it jumped to $1,647 from a low of $1,074 in November following the FTX collapse.

At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is up 8.87% over the past 24 hours. BTC has a market capitalization of $445.52 billion with a 24-hour trading volume of $37.46 billion. Learn more ›

BTCUSD Chart by TradingView

Bitcoin On-Chain Analysis

Market summary

At the time of press, the global cryptocurrency market is valued at at $1.05 trillion with a 24-hour volume of $71.97 billion. Bitcoin dominance is currently at 42.38%. Learn more ›

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Bear Market

Robinhood saw crypto transaction revenue fall by 24% in Q4 2022

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Robinhood saw crypto transaction revenue fall by 24% in Q4 2022

Robinhood saw crypto transaction revenue fall by 24% in Q4 2022 Mike Dalton · 2 hours ago · 1 min read

The trading app company was seemingly affected by the harsh crypto market.

1 min read

Updated: February 8, 2023 at 9:56 pm

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Cover art/illustration via CryptoSlate

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Trading app company Robinhood reported various cryptocurrency-related trends in its quarterly and full-year report published on Feb. 8.

The company said that it saw cryptocurrency transaction revenues decrease 24% to $39 million sequentially during the fourth quarter of 2022. This trend was part of a larger decline that saw all transaction-based revenue fall 11% to $186 million.

Robinhood also said that its assets under custody (AUC) fell 4% sequentially to $62 billion. This trend was driven by lower market values in both the stock and cryptocurrency markets. Losses were partially mitigated by ongoing deposits, the firm said.

Robinhood’s balance sheets indicated that the firm had $8.4 billion of assets related its to user cryptocurrencies safeguarding obligation at the end of 2022.

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The firm also noted that it has begun to roll out its wallet to more than a million waitlisted users. An announcement pertaining to the wallet was made on Jan. 19.

Robinhood’s stock (HOOD) closed down 0.76% today.

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Bankruptcy

Filecoin’s Protocol Labs lays off one-fifth of staff

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Filecoin’s Protocol Labs lays off one-fifth of staff

Filecoin’s Protocol Labs lays off one-fifth of staff Mike Dalton · 1 min ago · 1 min read

The distributed storage company has let go of 81 employees or 21% of its workforce.

1 min read

Updated: February 4, 2023 at 1:31 am

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Cover art/illustration via CryptoSlate

Protocol Labs has become the latest cryptocurrency company to carry out a mass layoff, according to a Feb. 3 report from Forbes.

The company reportedly laid off 89 people, representing 21% or approximately one-fifth of its workforce. The company cited poor market conditions and “macroeconomic challenges…in relation to Filecoin dynamics” as the reason for its layoffs.

Protocol Labs has not officially announced the layoffs. Instead, Forbes obtained the information from documents provided by an employee that has been let go.

Protocol Labs is perhaps best known for Filecoin, a blockchain that rewards distributed storage providers with cryptocurrency. When Filecoin ran its ICO in 2017, it raised $205 million, more than any other similar token sale had raised at the time. Filecoin is still among the 35 largest crypto assets, boasting a market cap of $2.1 billion.

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The company is also known for IPFS, a distributed storage network that does not integrate cryptocurrency but is often used alongside Ethereum. Infura notably provides API gateways for both networks. Some Ethereum apps, such as Peepeth, also store data on IFPS.

Protocol Labs is just one of several companies to carry out layoffs this winter. Silvergate, ConsenSys, Gemini, Huobi, and Coinbase are among the other companies to do so.

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Bear Market

2019 Bitcoin investors back in profit above $21.8k

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2019 Bitcoin investors back in profit above $21.8k

2019 Bitcoin investors back in profit above $21.8k Liam ‘Akiba’ Wright · 8 hours ago · 1 min read

Bitcoin holders in profit on average as the price continues to rally

1 min read

Updated: January 29, 2023 at 10:48 pm

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Cover art/illustration via CryptoSlate

Investors who purchased Bitcoin in 2019 are back in profit, according to data analyzed by Glassnode and CryptoSlate. The average acquisition price can be derived by tracking exchange data and aligning the price of Bitcoin with the time of withdrawals.

The below chart illustrates the average acquisition price of Bitcoin since its inception.

Bitcoin average withdrawal price

Interestingly, the average historical price is not consistent across exchanges. The average price for all exchanges sits around $16.7k, while Coinbase and Binance are around $21k. With Bitcoin’s price well above $23.5k, all exchanges are, on average, in profit. The broader market may welcome such data as it indicates market stress has been reduced.

Bitcoin exchange average price

Notably, Bitfinex investors have a considerably lower average withdrawal price of around $11,000. Given that Bitcoin has been above $11,000 since October 2020, such a low price makes it a considerable outlier.

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