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Bitcoin (BTC) continued to hold key support on Dec. 2 as United States stocks fell on the Wall Street open.

DXY weakness offers hope of "Santa rally"

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as bulls bought time between $16,800 and $17,000.

Analysts had earmarked the former as a key level to retain, this nonetheless in question at the time of writing as stocks shed 1% to start the session.

Popular crypto analytics account Nunya Bizniz queried whether it was time for a “decision” on S&P 500 performance, eyeing a pattern which suggested a local top may soon appear.

Should that be the case, Bitcoin’s correlation to traditional risk assets would be tested, this having ebbed in the wake of the FTX meltdown.

The multi-week ApeCoin (APE) market rally is nearing exhaustion owing to a mix of technical and fundamental factors.

Fundamental — ApeCoin Staking launch 

In the past two weeks, APE's price is up over 50% after bottoming at around $2.60.

The APE/USD rebound came in line with similar recovery moves elsewhere in the crypto market. But, it outperformed top assets, including Bitcoin (BTC) and Ether (ETH), as traders pinned their hopes on ApeCoin's staking debut.

The ApeCoin Staking feature will debut on Dec. 5 at apestake.io, according to its developer Horizon Labs. It will allow users to lock their APE holdings into four staking pools — ApeCoin pool, BAYC pool, MAYC pool, and Paired pool — that will allow them to earn yield periodically.

The feature announcement has resulted in a rise in the APE holders' count, according to data tracked by Dune Analytics. Notably, it reached 103,591 on Dec. 2 compared to 94,775 a month ago, which, combined with rising prices, shows an increase in APE's spot demand.

The multi-week ApeCoin (APE) market rally is nearing exhaustion owing to a mix of technical and fundamental factors.

Fundamental — ApeCoin Staking launch 

In the past two weeks, APE's price is up over 50% after bottoming at around $2.60.

The APE/USD rebound came in line with similar recovery moves elsewhere in the crypto market. But, it outperformed top assets, including Bitcoin (BTC) and Ether (ETH), as traders pinned their hopes on ApeCoin's staking debut.

The ApeCoin Staking feature will debut on Dec. 5 at apestake.io, according to its developer Horizon Labs. It will allow users to lock their APE holdings into four staking pools — ApeCoin pool, BAYC pool, MAYC pool, and Paired pool — that will allow them to earn yield periodically.

The feature announcement has resulted in a rise in the APE holders' count, according to data tracked by Dune Analytics. Notably, it reached 103,591 on Dec. 2 compared to 94,775 a month ago, which, combined with rising prices, shows an increase in APE's spot demand.

Bitcoin (BTC) is entering a prime “low-risk bottom” zone as sellers finally accept FTX losses.

Data from on-chain analytics firm Glassnode shows that seller exhaustion is reaching ideal levels for a BTC price leg up.

Bitcoin sellers face low BTC price volatility

Almost one month after the FTX implosion began, Bitcoin investors have either capitulated and sold at a loss or continue to hodl unrealized losses.

As Cointelegraph reported, those losses became significant just days after the event, with over 50% of the BTC supply held in the red.

Now, another on-chain metric is painting a potentially more bullish picture when it comes to hodlers’ loss-making BTC investments.

With the new announcement that Cardano is on its way to release an algorithmic stablecoin in 2023, various community members expressed concerns, comparing the project to Terra USD (UST), which caused great losses within the crypto space in 2022. 

According to its developers, the stablecoin project Djed will be pegged to the U.S. dollar and backed by Cardano (ADA). Apart from this, it will be using another token as its reserve coin. The project highlighted that it will be overcollateralized and will have on-chain proof-of-reserves.

Despite the assurances given by the team, various community members expressed concerns, with some bringing the recently collapsed UST to the conversation.

One community member was seemingly confused as to why another algorithmic stablecoin has come out despite Terra showing that they could go wrong. “I thought we already figured this out, algorithmic stablecoins, not the best option,” they wrote. Meanwhile, another Twitter user mentioned that they would rather keep using Tether (USDT). According to the community member, algorithmic stablecoins already proved that they are not stable.

Cointelegraph reached out to Djed but did not get a response.