📢 Weekly TL;DR

Every Monday morning, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, industry news and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.

This week we take a forward-looking view at an industry that is slowly but surely recovering from a brutal bear market: While dominos continue to fall in the wake of the FTX fiasco, the World Economic Forum wrapped up in Davos.

📈 Weekly Moves

Market Summary:

The global cryptocurrency market has reached a total market capitalization of $1.40 trillion.

• In the past 24 hours, Bitcoin had a trading volume of $31.84 billion, DeFi a trading volume of $6.88 billion and stablecoins had a trading volume of $61.32 billion.

Bitcoin maintains its lead in the market with a dominance rate of 41.96%, while Ethereum follows closely behind at 19.14%.

Performance:

• Bitcoin is currently the top trading pair on NDAX, followed by Tether, Ether, Dogecoin and XRP.
• Bitcoin (BTC) has seen a gain of 7.67% in the past 7 days, currently trading at $30,325.
• Ethereum (ETH) has seen a gain of 3.75% in the past 7 days, currently trading at $2,176.
  
• Other notable coins include:
• Axie Infinity (AXS) with an increase of 40.35% ^{in the past week.}
• Hedera (HBAR) with an increase of 30.49% ^{in the past week.}
• Fantom (FTM) with an increase of 15.10% ^{in the past week.}
• The Sandbox (SAND) with an increase of 13.25% ^{in the past week.}
  

Market Trends:

• The World Economic Forum wrapped up at Davos w/ several positive panels on crypto
• The next FTX-induced domino to fall: Genesis trading files for Chapter 11 bankruptcy protection
• And, crypto lender NEXO settled with the SEC.

As of 01/23/2023 12:30 AM EST

Keep an eye on the market here 👉 Cryptocurrency Prices

📰 Community News

In the cryptocurrency community, there's always something going on. Here are a few events and happenings that you might be interested in:

• Is the Central Bank of Iran cooperating with Russia to issue a new gold-backed CBDC with the purpose of settling international trade in the region? CoinTelegraph
• How recent crypto bankruptcies are highlighting regulatory shortcomings Blockworks
• Genesis’ new interim CEO: They will move ‘quickly and efficiently to exit bankruptcy. The Block
• According to a new survey by eToro: Crypto became the 2nd most widely-owned asset class for women. CoinTelegraph
• NDAX COO Tanim Rasul lends his expertise to Forbes on the topic of generating passive income in crypto via staking

📖 Educational Resources

Looking to learn more about cryptocurrency and blockchain? Here are a few resources that we recommend:

Coindesk’s The Breakdown w/ NLW: Could a Genesis Bankruptcy Actually Be Good for Crypto?

A New Hampshire commission has found that the positive impacts of bitcoin mining on the electricity grid warrant further consideration: COMMISSION RECOMMENDS STATEWIDE BITCOIN MINING ENERGY PLAN

• The Investors Podcast’s Bitcoin Fundamentals w/ Preston Pysh: This is the 1st Quarter Bitcoin/Macro Mastermind discussion for 2023 with Preston Pysh, Jeff Ross, Steven McClurg, and Joe Carlasare. The group covers the numerous digital asset exchange collapses, broader treasury markets, inflation, stocks, and more.

📑 Customer Support

This week, we have updated several articles in our support center to provide our users the most accurate and helpful information. In case you missed it, here are the articles that have been recently changed:

• A list of known scammers
• What is recurring purchases/dollar-cost average?

Additionally, these are the most popular articles among our users this week:

• Cryptocurrency Tax Guide.
• Which crypto assets are available for staking?

As always, if you have any further questions or need additional assistance, our support team is here to help – just reach out via email at [email protected].

💡 Weekly Coin Profile

This week, we're taking a closer look at Polkadot (DOT).

Polkadot (DOT) is a cryptocurrency that is used as the native token of the Polkadot blockchain network. The Polkadot network was created to provide a more flexible and scalable infrastructure for decentralized applications and blockchain projects.

Dot is used for governance and staking on the Polkadot network, allowing holders to vote on protocol upgrades and earn rewards for supporting the network's security. Dot was initially released in 2017. It is considered to be one of the top 20 cryptocurrencies by market capitalization.

💫 Feature of the Month - Dollar Cost Averaging

Dollar-cost averaging allows you to buy smaller amounts of an asset over a long period of time at different prices. As the cost of assets moves in a zigzag manner, investing at regular intervals allows you to buy an asset at an average price versus buying a huge chunk at one price point.

🕑 Invest consistently

Recurring purchases are an effective solution for traders looking to invest at an average price over a longer timeframe.

📈 Forget complex price movements

As more institutional and retail investors enter the crypto markets, prices of cryptocurrencies are gaining stability. However, you may still not want to take any significant risks with your money by trying to time the market.

💰 No need for a large sum of money

Investing a considerable amount at once is not possible for everyone. The dollar-cost average approach can be a good choice for investors looking to slowly enter the cryptocurrency market.

Disclaimer: This article is not intended to provide investment, legal, accounting, tax or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.