M3TA Recap

M3TA Recap: January 09 – January 15, 2023
Bitcoin rallies for a whole week. Is it the bull run?


Long Nguyen


16 Jan 2023


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Market Wrap

Crypto Market Going High as CPI Index Announced


◉ As BTC skyrockets, the whole crypto market shifts up.

◉ BTC blasted through a $21,000 point last week.

◉ Last week, ETH, ADA, and SOL went up by 20%, 17%, and 58%, respectively.


ETH Staked Passes 16M

◉ The 16M ETH figure is almost $22.38B at the current pricing and more than 13.28% of the entire ETH supply.

◉ The rising amount of staked ETH may put more pressure on the network's core developers to complete the withdrawal functionality as soon as possible.

Figure 1. Ether balance in Ethereum's Beacon Chain staking contact (Source: Etherscan.io)

◉ Nansen shows ~92,500  unique staking depositors. 

◉ BeaconScan shows ~498,000 active validators.

Figure 2. Top depositors in Ethereum’s Beacon Chain staking contract (Source: Nansen)

According to Nansen,

◉ ~4.65M ETH have been staked through Lido.

◉ Lido, Coinbase, Kraken, and Binance account for 55.88% share of all staked ETH.


◉ Dow Jones, tech-heavy Nasdaq, and S&P 500 were slightly up by 0.33%, 0.71%, and 0.4% respectively.

◉ On the other hand, Gold and Oil decreased by 0.22% and 0.79%, respectively.


◉ In December, CPI decreased by 0.1%. CPI on an annualized basis was published at 6.5% on Thursday, 12 Jan, lower than 7.1% from a month earlier.

◉ Core CPI rose annually by 5.7%, which was lower than November's 6% increase and in line with expectations.

◉ The numbers tell that the American central bank is controlling inflation without causing a recession.

◉ This might be the reason why market sentiment was bullish the last weekend.


Nepal Bans Crypto-Related Websites

CoinDesk - January 10, 2023 at 7:02 PM UTC

◉ On 8 Jan, Nepal's Telecommunications Authority blocked every crypto-related website, app, or online network.

◉ Nepal is still ranked 16th, higher than UK and Indonesia in Chainalysis' 2022 Global Crypto Adoption Index despite the ban.

M3TA Insights

◉ The restriction is set because of the increasing illegal crypto transactions recently.


Binance Invests $4 Trillion in Shiba Inu (SHIB)

THE DAILY HODL - January 11, 2023

◉ Binance sent $35M worth of SHIB to an unknown wallet for staking purposes.

◉ SHIB and BONE went up 2.79% and 3.86%, respectively 24H after the news.

M3TA Insights

The transfer comes after Shibarium developers announced a new soon-to-launch layer-2 scaling protocol where Bone ShibaSwap (BONE) serves as the blockchain's official digital asset and each transaction will burn SHIB.

Crypto.com Delists USDT in Canada

CryptoPotato - January 11, 2023 

◉ Delisting USDT to comply with Canadian regulations.

◉ Prior to 31 Jan, Canadians must withdraw or exchange USDT for other currencies. USDT held after 31 Jan will automatically change to Circle’s USDC.

M3TA Insights

Canadian Standards Association (CSA) claimed that USDT is derivative securities. So this is one kind of business deal to eliminate competition. Something very similar to what Binance did against USDC.


Polygon Proposed Hard Fork To its PoS Blockchain

CoinDesk - January 13, 2023 at 9:07 AM UTC

◉ The software upgrade is said to occur on 17th Jan.

◉ The hard fork will have 2 updates:

1. An adjustment to the spike in gas fees.

2. Change addresses reorgs when a validator node receives data that temporarily produces a new blockchain version.

M3TA Insights

The objective is to eliminate spikes and create a more continuous interaction with the chain. The updates also aim to reduce the producing block time for block producers.


MetaMask Unveiled ETH Staking via Lido and Rocket

crypto.news - January 14, 2023

◉ With the new service, users may link up with Lido and Rocket Pool to stake their ETH and earn liquid staking tokens from the staking provider directly from the web3 app.

◉ Liquid-staked ETH can be switched back to ETH via MetaMask Swaps through the staking interface, fees are involved.

M3ta Insights: 

This March 2023, the Shanghai update will roll out which makes the LSD platform becomes very attractive to users at the moment. Thus, LSD tokens have gained momentum in the short term. Metamask added Staking ETH from Lido and Rocket Pool to their platform to get traction with users.


India is Planning to Blanket Ban Crypto

U.today - January 15, 2023

◉ In reference to the FTX disaster, the Reserve Bank of India (RBI) governor declared that cryptos "are nothing but gambling" and the basis for their perceived value is only "make-believe."

◉ The Reserve Bank of India governor advocated outright bans on cryptocurrencies as opposed to incorrectly identifying them as legal financial instruments.

M3ta Insights: 

The relationship between cryptocurrencies and the Indian government is a bit negative at the moment although India was said to be the country with the highest number of crypto owners globally. The restriction plan will more or less harm a majority of investors in the crypto industry.




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