Triaconta Weekly #205
The following topics will be addressed in this weekly.
- Bundle performance
- Winners & Losers
- Market overview
Bitcoin fell back Monday to €35,000 and made a new higher bottom. President Biden released a long-awaited executive order on responsible financial innovation with blockchain technology in America. The vast majority of the industry welcomes regulation. There were no bad things in the order that would indicate over-regulation or a ban, and so almost all prices went up sharply for a while. However, uncertainty remains high in all markets, from energy and commodities to equities and crypto currencies. As a result, we end up closing the week lower for all bundles.
1 Month: -8.29% | 7D: -4.29% | 24H: +0.75%
1 Month: -14.73% | 7D: -7.34% | 24H: +0.90%
1 Month: -25.21% | 7D: -8.09% | 24H: +0.65%
1 Month: -10.66% | 7D: -8.13% | 24H: +1.22%
Winners & Losers
Waves (+40%) continues its rise and South Korea’s ICON (+22%) benefits from the election of a crypto-friendly president in this country. Synthetix (+17%) breaks through four weeks of declines but is still close to the 2020 bottoms. Terra (+10%) is also rising a little further even after last week’s gains. Losers were in the majority this week with the biggest being Fantom (-30%) see market overview below why, Cosmos (-16%) despite the announcement this week that a record 11.2 million transactions were sent in February. Spell Token (-15%) despite a successful vote on an improvement to the Abracadabra system. March tends to be a difficult month for crypto.
On 9 March came the executive order from the US government and on 14 March is a vote in the European Parliament’s Economic and Monetary Affairs Committee on our approach to regulating crypto assets. Link here for the enthusiast. The EU aims for a technology neutral and innovation friendly financial sector. A ban on Proof of Work mining due to energy consumption ultimately did not make it, as it would effectively mean a ban on Bitcoin and Ethereum. Possible consequences for Triaconta and its customers depend on the implementation of the proposal in national legislation over the next 18-24 months. We will keep you informed as best we can.
Snoop Dogg was one of the first stars on the Death Row Records label, also known for Dr. Dre and Tupac. Taking advantage of the opportunities offered by Gala Music, he went back to his roots and bought the iconic Death Row Records brand himself and then re-released it as the first decentralized record label ever built on a blockchain system. Welcome to the future of music and the next step for the Gala World.
Fantom fell sharply this week on news of the sudden departure of Andre Cronje and Anton Nell as developers. The 35% drop halfway through the week seems to be mainly due to unclear reporting. The message that they would ‘end’ some 25 projects including Fantom on 3 April was misunderstood. They are only ‘ending’ their involvement, but transferring everything they execute to the existing teams. This was explained by Fantom Foundation CEO Michael Kong but by then the market had already gone with the worst case scenario. The Fantom ecosystem consists of hundreds of developers who build great applications. It is certainly a shame that Andre Cronje, one of the most legendary DeFi architects, is no longer involved, but Fantom will continue and even Andre states in the latest Fantom blog post that he has no doubts about the success of the project.
The proposal to improve liquidity on Abracadabra has been accepted. With 30 billion Spell token from the treasury, an attempt will be made to buy at least $250 million from Curve Finance DAO (decentralized exchange). This would acquire voting rights in this project and give Spell a share in the earnings of the exchange. After that, Spell would no longer need emissions itself, which would also be good for its price in the longer term. It all still has to work out though.