Triaconta Weekly #218

This newsletter is going on vacation for 3 weeks. You will receive the next weekly again on Friday, July 29.

The following topics will be addressed in this weekly:

  • Bundle performance
  • Terra (Luna) update
  • Winners & Losers
  • Market overview

Bundle performance
Bitcoin dipped below €19,000 again and Ethereum also briefly dropped below €1000 this week. There are very few crypto with positive returns this week. Blockchain analysis shows that institutions are still selling and small and large retail investors are continuing to buy. This makes sense as even Bitcoin has become 40% cheaper in June. Exceptions to the institutions remain MicroStrategy and President Nayib Bukele, who thanked sellers in a tweet today with “Thank you for selling cheap.” Both continue to buy with a long-term horizon.

Big 3:
1 Month: -35.44% | 7D: -8.28% | 24H: +1.84%

Top 30:
1 Month: -33.57% | 7D: -10.67% | 24H: +3.29%

Penny stock:
1 Month: -32.95% | 7D: -5.61% | 24H: +2.90%

1 Month: -42.63% | 7D: -12.88% | 24H: +3.09%

Terra (Luna) update

On May 27, there was a restart of the Terra project on a new blockchain with the new project being named Terra (LUNA) and the old blockchain being renamed Terra Classic (LUNC). New LUNA tokens are distributed via airdrops to holders of the old LUNA tokens.

Both blockchains seem to have enough volume over the past month to make them available again on the Triaconta platform. We do want to warn about very high price volatility and associated high risk.

Soon the tokens from the airdrop will be added to the affected accounts. You will also receive a separate email about this.

Old Terra (LUNA) tokens in a Bundle or separately will be renamed to Terra Classic (LUNC).

Trading in both Terra (LUNA) and Terra Classic (LUNC) will then resume against actual market prices. Buying, selling and swapping is possible again.

Winners & Losers

Spell Token (+11%) and Compound (+6%) are among the few crypto with positive returns this week. There are mostly losers like Synthetix (-28%), Reserve Rights (-27%), Polygon (-22%) and ThorChain (-21%). Even new acquisition Elrond (-21%) is falling while this currency should benefit from the agreement on new European regulations. Unfortunately, we have to wait until 2024 for them to be implemented.

Market overview

The application for a Bitcoin ETF by Grayscale has once again been rejected by the SEC. This time, they are not backing down and are taking the regulator to court. According to Grayscale, the SEC is acting arbitrarily by allowing ETFs for other commodities and stocks and not for Bitcoin. As it happens, SEC Chairman Gary Genschler recently stated in an interview that he does consider Bitcoin to be a “commodity.”

Jed McCaleb, one of the former founders of Ripple Labs, has only a few weeks left until his XRP balance reaches zero. When he left after a disagreement with the other founders in 2012, he was given 20 billion XRP to sell. This included restrictions that only allowed him to sell up to a certain maximum per week. After years, the bottom is finally in sight. The impact on the XRP price will only be symbolic as on average this year about 4 million tokens were sold or 0.002% of the total XRP volume per month.

Meta (formerly Facebook) is testing NFTs on user profiles. Under a new tab Digital Collectibles, it will soon be possible to link to your NFT collection on Ethereum, Polygon or Solana. Even big tech is increasingly collaborating with existing decentralized blockchains.