Triaconta Weekly #223

The following topics will be addressed in this weekly:

  • Bundle performance
  • Winners & Losers
  • Market overview

Bundle performance
Bitcoin and most of the market moved sideways this week in anticipation of Jerome Powell’s speech and other discussions on inflation at the annual bankers’ conference in Jackson Hole. Will the September interest rate hike be another 0.75% or just 0.5%? Interest rate hikes have had a negative impact on the Bitcoin price this year so any indication of reduction (of the increase) will likely be received positively. At this point, given the decline, it appears that the market is assuming the worst. All bundles remained roughly in place this week.

Big 3:
1 Month: +8.16% | 7D: -0.27% | 24H: -2.28%

Top 30:
1 Month: +9.08% | 7D: +0.26% | 24H: -3.58%

Penny stock:
1 Month: +13.37% | 7D: -1.44% | 24H: -4.52%

1 Month: +6.69% | 7D: +0.31% | 24H: -5.09%

Winners & Losers

Terra Classic (+40%) continues to be very volatile and is the biggest riser of the week this time. Eos (+27%) is on a rebound with a major upgrade scheduled for September 21 and Cosmos (+17%) and Decred (+11%) also continue their rise this month. Loss this week for Filecoin (-8%) due to uncertainty about the revenue model of this cloud storage blockchain. Spell Token (-5%) surrenders a bit of last week’s gains and yet is likely to end the month as the biggest riser with a gain of around 50%.

Market overview

The Ethereum merge continues to be in the news and in August more Ethereum was traded almost every day than Bitcoin. In the meantime, several developers have discovered some problems that will have to be resolved. So there remains some uncertainty as to whether September 15 will be met. Most projects and tokens using the Ethereum blockchain have already announced that they will use the new Proof of Stake blockchain after the merge.

US-based Bitcoin Depot will be listed on the Nasdaq in 2023. The company is the largest crypto ATM operator in the world with 7,000 Bitcoin ATMs. Revenue in the past 12 months was $623 million and continues to grow, according to CEO Brandon Mintz. He says his crypto exchange ATMs are not suffering at all from the dropped Bitcoin price.

Uniswap is starting the Uniswap Foundation with a budget of $74 million after a vote on the matter. The proposal by two former Uniswap Labs executives received the support of Uniswap founder Hayden Adams and achieved 99% of the vote. The Foundation will use grants to support promising projects in the Uniswap ecosystem.

According to analysis by Glassnode, about 63% of the current volume on the Bitcoin blockchain comes from transactions over $10M. This number has also been growing steadily since the mid-2020s. This not only suggests the increased role of large institutional players, but also means that BTC is beginning to feel at home in its role as a global payment processor.