Triaconta Weekly #203

The following topics will be addressed in this weekly.

  • Bundle performance
  • Winners & Losers
  • Market overview

Bundle performance

The price of Bitcoin dropped to €30,000 yesterday, a number we luckily stayed above. The escalation in Ukraine caused all financial markets to fall sharply and important for the technical picture is the rapid recovery and the fact that the entire crypto market still remained above the bottom of January 24. Blockchain analysis shows that institutional money has taken advantage of the crisis to buy cheaply. The much larger decline has become less severe today and the bottom seems to be recognized by institutional parties as well. Due to all the uncertainty, there is still a chance of a lot of volatility up and down. However, if you are positive about the price development of crypto for the long term, these are the times to buy or buy more.

Big 3:
1 Month: +9.21% | 7D: -7.21% | 24H: +9.98%

Top 30:
1 Month: -5.11% | 7D: -11.86% | 24H: +11.61%

Penny stock:
1 Month: -8.60% | 7D: -16.21% | 24H: +11.56%

1 Month: -10.83% | 7D: -11.69% | 24H: +13.70%

Winners & Losers

Very special to see Terra (+29%) drop very little on Thursday while other coins were down 15% or more. Terra did join the recovery and with former PennyStock Aelf (+13%) they are the only winners this week. Loss for the week but today partly made up for BAND protocol (-24%) and Spell Token (-22%) due to uncertainty about possible mergers with other projects. Former PennyStock Reverse Rights (-21%) and also Metaverse tokens Theta (-20%) and Enjin (-19%) show how vulnerable this new market still is. Nevertheless, with the pandemic and the current fuel prices, it seems likely that we will visit each other more often virtually.

Market overview

We see more and more crypto adoption in the news. The Apple Store hostage situation in Amsterdam this week demanded $200 million in crypto. In the war with Ukraine, there are serious fears that Putin could circumvent sanctions with crypto if Russia is excluded from international payments via Swift. While the Ministry of Defense in Ukraine has created a special bank account specifically for foreign currency donations, it is still legally unable to accept crypto donations. However, private organizations do receive millions of support in crypto. The fact is that crypto has become by far the fastest way to send money from everywhere in the world directly to a person or persons in need.

The Graph wants to encourage developers to use their features throughout Web3. The protocol is currently expanding beyond Ethereum and aims to take a big step in decentralizing the back end of DeFi projects. The backers of The Graph, a protocol that aims to make data in the chain easily accessible to decentralized applications (dapps), have launched the first €205 million fund to support developers who want to take advantage of the system.

The SEC has taken a 180-degree turn in the case against Ripple over a speech by division chairman Hinman about Bitcoin and Ethereum. The speech in 2018 explained why Bitcoin and Ethereum were not securities. The lawsuit against Ripple has started because in December 2020 the SEC suddenly told Ripple that XRP was a security all the time. While it was first argued that the speech was the chairman’s personal opinion and not a guide to the market, they now say it was the opinion of a division of the SEC that could the market could use to know how the division was thinking. This way they are allowed to withhold documents about the creation of the speech. At the time of the speech, XRP was number 2 and Ethereum number 3. It is therefore very likely that XRP was also discussed at the time of the speech and that apparently does not suit the SEC’s case. Both legal experts following the case and former SEC chairmen are increasingly giving Ripple a big chance to win this case.

According to a research report from Bank of America, Chainlink in particular will accelerate the use of the next (blockchain) generation of finance, insurance, supply chain, gaming and gambling. They researched that more than 1,100 projects are leveraging Chainlink’s network, and that companies such as Associated Press, AccuWeather, Sportmonks, and hundreds of others have launched Oracles to monetize their data the same way. Applications on many blockchains use this information in their smart contracts.