Triaconta Weekly #161

The following topics will be addressed in this weekly.

  • Bundles performance
  • Winners & losers
  • Market overview

Bundle performance

A red week for almost all cryptocurrencies and the bundles unfortunately cannot escape that. Bitcoin is now down 25% from its high of nearly $ 65,000 and other coins are pretty much on offer too shall we say. It gives some guidance to know that Bitcoin rose from $ 1,000 to $ 20,000 in the Bullrun of 2017 and that there were 7 corrections of 20-40% that year. It’s just part of the volatility of the cryptocurrency market.

Big 3:
1 Month: 24.50% | 7D: -21.55% | 24H: -11.70%

Top 30:
1 Month: 23.31% | 7D: -24.35% | 24H: -14.25%

Penny Stock ::
1 Month: 51.25% | 7D: -20.32% | 24H: -19.69%

1 Month: 6.57% | 7D: -24.17% | 24H: -13.88%

Winners & losers
Our customers are increasingly buying individual crypto coins in addition to their bundle. Is the long-term trend your guide or do you buy this dip? On offer today with drops of around 35% are Tezos, The Graph, Avalanche, Theta and Ravencoin. Surprisingly, still a positive weekly return for Nano (+ 30%), Digibyte (+ 23%), Maker (+ 16%) and Vechain (+ 7%) despite also showing a significant drop in recent days.

Market Overview

Bitcoin’s new all-time high last week was followed by rumors that Brian Armstrong (CEO Coinbase) had sold all of his shares on the IPO (actually 1.5%). The US regulators would take firm action against financial institutions that massively use crypto to launder money. That turned out not to be true, and finally the news this week that Americans would have to pay up to 80% on their crypto profits in President Biden’s new tax plan. In reality, this is a much more modest proposal for an increase in the capital gains tax that has yet to be passed by the House of Representatives and Congress for the time being. The FUD (Fear, Uncertainty and Doubt) machine is in full swing and that is part of corrections like this week.

Bitcoin’s sharp fall on April 18 liquidated $ 10 billion worth of futures. There was huge speculation with these leveraged products on even higher prices, and a correction would result in an exaggerated drop. A lot of price pressure is now being taken out of the market, while underlying demand continues to grow. Unprecedented numbers of new buyers enter the crypto market every day. We are also very busy with it.

Pantera Capital’s Dan Morehead expects Bitcoin to hit $200,000 by 2022. His analysis is based on the growing number of Bitcoin users. In the past decade, the price of Bitcoin has increased by $ 200 per million new users. If the increase in users / owners continues, we will be there in a minute.

Tezos (XTZ) blockchain is partnering with Ubisoft, a developer of computer games such as Assasins’ Creed and Far Cry. Ubisoft will contribute to block validation processes on the Tezos blockchain. Nicolas Pouard, director of blockchain initiatives at Ubisoft, highlights the new opportunities the blockchain offers to both players and developers.

With the addition of the decentralized financial monetary system GaugeCash, Chainlink (LINK) has passed 500 integrations. Companies integrated with this blockchain project are, according to the community: “84 blockchains, 213 DeFi projects, 64 node operators, 43 data providers, 33 infrastructure [providers], 24 gaming projects and 22 NFT projects.” Some expect that such broad growth will lead to the so-called network effect. As the number of users grows, the value of the Chainlink network will grow faster.

Despite the coin being scrapped by cryptocurrency exchanges in the US, XRP has been available via an ETP since this week on the Zurich-based SIX Swiss Exchange, Switzerland’s main stock exchange and the third largest in Europe. The XRP ETP is CoinShares’ fourth ETP on the Swiss stock exchange after Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). The ETPs, like common shares, are available to institutional and individual investors across Europe.