$BTC 24 Hour High $17,378.15
$BTC 24 Hour Low $16,940.90
$ETH 24 Hour High $1,304.12
$ETH 24 Hour Low $1,250.68
Happy Monday folks! Highlights from the week:
- Avalanche to power Alibaba Cloud’s infrastructure services in Asia
- Crypto soar as investors await Fed Chair Jerome Powell’s speech
- FTX’s Japan unit drafts plan to return client funds
The $BTC and $ETH market
BTC started with a price drop last Monday towards $16,000, while more volatility was found mid-week when the US fed Chair disclosed the latest interest rate hike. BTC stood at $17,000 and remained there during weekend as bulls attempt to flip %17,000.
As for the second largest cryptocurrency, ETH went from under $1,200 to above $1,300 in the past week but has not stalled at just below the latter. It was rather a good week for ETH as it booked a 6.5% increase in the process. Looking forward, the best thing expected is ETH reclaiming its price level from early Nov when it was trading around $1,600 right before the FTX collapse.
Larger-cap Alts stand still
Most of the altcoins failed to see any considerable moves. Cardano has made a bigger move than 1%. The rest including Binance Coin, Ripple, Dogecoin, Shiba Inu are with either insignificant gains or minor losses.
Mainstream adoption & What’s in the news…
Alibaba Cloud, or Aliyun, a subset of Chinese e-commerce giant Alibaba, announced an integration with Avalanche blockchain to power the company’s Node-as-a-Service initiatives.
Avalanche’s partnership with Alibaba Cloud will see the development of tools that enable users to launch validator nodes on Avalanche's public blockchain platform in Asia. The integration will allow Avalanche developers to use Alibaba Cloud’s plug-and-play infrastructure as a service to launch new validators.
The Japanese subsidiary of Sam Bankman-Fried’s failed crypto empire FTX has put together a draft plan for clients to withdraw funds, in what would be one of the rare cases of investors getting money back from the collapsed exchange.The proposal, which has yet to be finalized, centers on using a platform called Liquid to facilitate the return of assets starting in January, according to people familiar with the matter.
Cryptocurrencies have spiked from the expectation of positive remarks from Federal Reserve Chairman Jerome Powell. Federal Reserve Chair Jerome Powell stated that the Fed could expect to lift interest rates by half a percentage point in December. The increase would be smaller than the last four increases. Powell also commented on the labor market needing to cool down in order to determine if inflation would decrease towards the 2% goal.