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Home Blog new year mini bull rally
Article by Yunis
5 February 2023 (Updated 31 March 2023)

The new year started with a mini-bull rally in crypto markets. Decentralized Exchange tokens are standing out with significant gains.

The crypto markets finally showed a strong reaction. We didn't hear bad news and rumours about bankrupt and insolvent exchanges in January and the general market sense shifted to positive
Crypto Platform News - January 2023 logo
  • A strong reaction in the crypto market carried Bitcoin price above 20k again.
  • Nexo buyback program details were revealed, and $50M tokens were purchased in January.
  • DyDx token made 2.5X in a month as the planned unlock date was postponed.
  • Woo exchange announced a big token burn to simplify tokenomics.

The best in a decade. Did Bitcoin bottom out?

The crypto market performed a mini-bull rally in January which makes it the best beginning for Bitcoin in a decade. The prices came back to the pre-FTX level for many cryptocurrencies. The main reason for the rally is the shift in the general market sense. The recession risk is moving off the table quietly. The recent economic data are positive and the Federal Reserve is no more aggressive about rate increases. So the question everyone asking now is «is the bottom in

Did we pass Gemini & DCG fight behind?

It is still early to say whether the Bitcoin and crypto markets have bottomed out or not. There are still global systemic risks but there is no doubt that the atmosphere is getting positive. We might have passed miners’ sell-off risk as the Bitcoin price is on the rise but we might still expect some bad news from Genesis Capital. The tension between the Gemini and Digital Currency Group has eased down for now but there are still questions about the customer’s assets whether they are sold or still in the company’s custody.

Nexo updates on its buyback program and proof of reserves audits

The Nexo has several buyback programs in different sizes. Although the $100M buyback program was already in progress since last August, another $50M buyback program was started last November. Nexo regularly updates its buyback programs. Nexo purchased $50M worth of NEXO tokens in January according to data provided on the official page. The company is a pioneering real-time attestation of assets under its custody. But Armanino LLP, the auditing partner of Nexo, has withdrawn from the partnership as they decided to wind down all audit activities on crypto companies. Armanino LLP was also auditor of Binance and Kraken.

DxDy and Woo Exchanges stand out in mini bull rally

Leading decentralized perpetual trading platform DyDx and Woo exchange have shown significant gains in the last mini bull. The Dydx token increased in price by more than double and Woo token doubled since the beginning of the new year. Decentralized exchanges are expected to show a big potential in the coming years because of the bad experiences of centralized exchanges in the last year.
 
Dydx recently announced a change in the tokenomics plan and decided to extend the lockup period for $200M worth of tokens. The initial planned unlock date was February 2023 and it is changed to December 2023. This change was a bullish catalyst for the token’s price.
 
A similar move was made by Woo platform too. Woo exchange platform buys back and burns Woo tokens to support its token holders. Woo tokens are deflationary because of the platform’s policy. The team made an announcement in January and decided to make some changes in tokenomics. The decision requires 705 million Woo tokens to be burnt. These changes made 24% of the total supply burnt. The burnt tokens belonged to WOO Ventures, WOO DAO, and the insurance fund.

The centralized exchanges’ reputation is damaged and so the decentralized exchanges are expecting to play a bigger role in the future. They should be on the crypto investors' watchlist

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