Triaconta Weekly #229
The following topics will be addressed in this weekly:
- Bundle performance
- Winners & Losers
- Market overview
Nearly 3%, or over 500 euros, Bitcoin fell on the release of U.S. inflation figures (and so did gold, and the stock market, and the euro/dollar). A few hours later, prices shot back up in a rare major reversal. As most other crypto declined this week, most bundles registered slightly lower.
1 Month: +9.09% | 7D: -0.13% | 24H: +5.37%
1 Month: -4.15% | 7D: -4.72% | 24H: +6.62%
1 Month: -10.44% | 7D: -4.84% | 24H: +5.71%
1 Month: -7.16% | 7D: -5.65% | 24H: +8.34%
Winners & Losers
Only a few small climbers this week. Maker (+4%) has been rising for three weeks in a row now while Hedera (+4%) keeps fluctuating up and down around the same price. Hopefully the listing since yesterday on Coinbase will do the coin some good in the time ahead. The weekly winner due to today’s rise is JUST (+7%) on the back of good news from the Caribbean (see market overview). A big correction for Reserve Rights (-30%) which was up considerably ahead of the launch of their own network on Oct. 10. JasmyCoin (-18%) is getting cheaper as is Internet Computer (-17%), Ravencoin (-16%) and NEAR Protocol (-16%).
Dominica is an independent island state in the Caribbean Sea and has recognized TRX and other TRON tokens such as JUST as legal tender since Oct. 7. Taxes can therefore be paid in these crypto and stores are also allowed to accept all TRON tokens. Exchanges to the local Eastern Caribbean dollar are tax exempt. The government of Dominica has entered into an agreement with TRON in its pursuit of economic growth by embracing digital innovation and has designated TRON protocol as its national blockchain infrastructure. TRON has received government approval to issue Dominica Coin (“DMC”), a blockchain-based fan token to promote Dominica’s natural heritage and tourist attractions.
Ripple is getting support in its lawsuit with the SEC from two companies that use XRP daily for payments. Under protest (of course) from the SEC, the judge has allowed them to tell their story in the lawsuit. Global payment processor I-remit can prove it has already processed $10 billion in cross-border payments through the XRP ledger. TapJets, an aircraft rental company, also says it needs XRP for customers who want to rent a plane on Friday nights or weekends. Banks are closed then, and TapJets likes to be paid in advance. The SEC so far denies any possible use of XRP other than as a speculative investment. As of late, Ripple has been active outside Asia, signing contracts with financial firms in France and Sweden.
The small DeFi projects in the PennyStock bundle saw a surge in the value recorded on their blockchain in September. According to cryptorank, the so-called Total Locked Value (TVL) of Ankr increased by 35% and of JustLend by 19%. Good news because a lot of money disappeared from the DeFi sector after the Luna crash.
Ethereum (ETH) has become deflationary, more Ethereum has been burned in validating transactions than were issued by the protocol. Due to the switch from Proof of Work to Proof of Stake, many times fewer tokens are added daily than before the Merge. When the network is very busy, so many fees are now being burned that the number of Ethereum is decreasing and this will happen more frequently in the future.