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Crypto market wrap: Sector treads water amid choppy trading

By Monte Stewart


Photo of coin
Huobi spiked 18% on Friday, but the overall crypto market treaded water. - Photo: Shutterstock

The cryptocurrency market treaded water on Friday amid choppy trading.

Bitcoin (BTC) and ether (ETH), the main coin of the Ethereum blockchain, generated buzz by exceeding $24,000 and $1,900, respectively as conventional markets closed in North America. (All figures based on CoinMarketCap data.) However, on average, digital coin prices remained flat.

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Huobi spikes

The Huobi exchange’s token (HT) spiked 18% after Bloomberg reported that the company’s founder, Chinese billionaire Leon Li, wants to sell a majority stake for more as much as $3bn (£2.47). Citing people familiar with the matter, Bloomberg reported that Li has held talks with a variety of potential purchasers, including TRON founder Justin Sun and crypto-billionaire Sam Bankman-Fried’s FTX.

Most other gains were modest Friday. But several coins enjoyed large weekly increases.

The beleaguered Celsius Network’s coin (CEL) was up 98% from a week earlier. Meanwhile, avalanche (AVAX), solana (SOL), XDC, and chainlink (LINK) increased about 20%.

BTC coin and ether were up 18% and 15%, respectively, from the previous week.




3,504.65 Price
-0.110% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00


170.51 Price
+0.070% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652


0.13 Price
+2.890% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872


0.61 Price
+5.060% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

Calm end

Friday’s modest performance marked a calm end to a challenging – but not overly burdensome – seven-day stretch. The sector dealt with the Nomad bridge hack, which resulted in the loss of $190m – some of which was later recovered.

Meanwhile, crypto mixer Tornado Cash was sanctioned by the US government, which alleged that the company allowed North Korean state-backed hackers and others to launder stolen funds. Decentralized finance (DeFi) exchange operator Curve (CRVwas also hacked, albeit on a much smaller scale than Nomad.

And, Singapore-based crypto lender Hodlnaut froze withdrawals, swaps and deposits due to the harsh crypto winter. But, overall, the sector showed resilience – unlike in July and June, when the financial troubles of Celsius, Voyager Digital and Three Arrows Capital, macroeconomic turbulence and other factors sparked a market meltdown.


Coinbase stock soars

Coinbase’s closely watched stock (COIN) concluded a volatile week by jumping 7% on Friday. The token rode a roller coaster as the crypto exchange operator generated a considerable amount of news 

Coinbase confirmed it is being investigated by the US Securities and Exchange Commission, and the company delivered sub-par financial results and signed a partnership with global asset manager BlackRock (BLK).

Markets in this article

Avalanche / USD
28.6581 USD
0.0182 +0.060%
831.08 USD
1.83 +0.220%
Coinbase Global Inc (Extended Hours)
256.98 USD
21.13 +8.980%
0.3098 USD
0.0047 +1.610%
ChainLink / USD
14.58030 USD
0.18126 +1.290%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

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