Triaconta Weekly #166

The following topics will be addressed in this weekly.

  • Bundles performance
  • Winners & losers
  • Market overview

Bundle performance

After the recovery, the bundles continued to fall again and then also managed to recover from that., but not enough to become positive for the week. The total market value of all cryptocurrencies except Bitcoin fell to 630 billion only to rise again in three days to above 1000 billion and then fall again to just below 900 billion at the moment. The market is moving up and down very quickly and has not yet found a clear direction. Number 2 Ethereum is very clearly gaining popularity against Bitcoin and recovering faster from the price falls.

Big 3:
1 Month: -27.24% | 7D: -12.07% | 24H: -9.22%

Top 30:
1 Month: -33.70% | 7D: -17.38% | 24H: -11.11%

Penny Stock ::
1 Month: -36.83% | 7D: -17.83% | 24H: -14.67%

1 Month: -39.16% | 7D: -20.30% | 24H: -13.99%

Winners & losers
A mixed picture this week with some coins already in the monthly green after the dip and most coins still far behind. Polygon (+ 22%) is back and the winner for this week. UniSwap (+ 19%) is also coming back nicely. Furthermore, Theta (+ 16%), Enjin coin (+ 15%) and OMG (+ 13%) are doing fine. Big losers this week and now very cheap are Terra (-32%), Waves (-31%), Synthetix (-25%), Avalanche (-21%) and Compound (-20%).

Market Overview

Regulators worldwide continue to push for better investor protection, in particular by limiting the freedom of exchanges to accept clients. For example, the Hong Kong Financial Services and Treasury Bureau advocates a minimum investment threshold of approximately $ 1 million. If this measure is passed by the government, around 93% of Hong Kong’s population will reportedly be banned from cryptocurrency trading. Many crypto-related activities and a number of large exchanges will probably leave Hong Kong with this. This could mean that the government could miss out on a lot of income and will force many investors to foreign exchanges.

Defi stays upright without any problems. Without regulation and based only on trust in algorithms and blockchain, hundreds of billions of loans and credits have been taken out this year. During a dip that is now historic, a loss of 1 trillion (1000 billion) was processed and all major projects continued to function properly. The stable coins remained stable, collateral was paid back nicely, a record amount of swaps were processed and not a single crypto company has gone bankrupt or run into trouble. Some exchanges received too much traffic and were sometimes difficult to reach. No government intervention was required in this crash, and the taxpayer was not charged with a bailout. The biggest losers were for the market parties, who had taken (too) much risk with leveraged products. The biggest winner in the end, despite lower coin prices, is the confidence in decentralized finance (DeFi) that has passed this tough test beyond expectations.

North American Bitcoin miners have made agreements about the publication of their energy consumption and from which source this energy comes. They strive for 100% sustainable energy use or compensate for the negative effects of their power consumption. The recent spotlight on the environmental impacts of Bitcoin mining appears to be shifting China’s hold on Bitcoin’s hashrate. Americans have long wanted less dependence on China and now seems to be able to do so. Quebec in particular, with its cheap hydroelectric power, is becoming a popular place for miners. Chinese miners are also moving their production to other countries due to stricter regulations. All good news for the extent to which renewable energy is used for mining Bitcoin. This will increase only further.