Triaconta Weekly #230

The following topics will be addressed in this weekly:

  • Bundle performance
  • Winners & Losers
  • Market overview

Bundle performance
Britain is changing its prime minister again, the U.S. midterm elections are in two weeks, and both Russians and Ukrainians are increasingly using cryptocurrencies to make payments. In these uncertain times, there is a lot of volatility and there are big differences in returns. A bundle can spread that risk when you yourself cannot predict exactly which coins will make the difference in the future. In the DeFi bundle, 7 of the 10 coins fall 10-25% this month but Maker rises nearly 70%. This causes the entire bundle to fall only a little.

1 Month: 2.01% | 7D: -5.59% | 24H: -1.35%

1 Month: -8.00% | 7D: -7.50% | 24H: -3.59%

1 Month: -8.42% | 7D: -5.87% | 24H: -3.82%

1 Month: -1.74% | 7D: -3.19% | 24H: -3.56%

Winners & Losers
Maker (+13%) has been rising for four weeks in a row. No. 1 in the amount of value or TVL captured is still Aave (+11%). Lido DAO (+13%) seems to have made a bottom last week. Axie Infinity (-19%) is losing in the run-up to its release of 21 million or almost 8% of the tokens, which the first investors of this project have not been allowed to sell so far. It is quite possible that a portion of these will change hands, which is why the price is already falling. Gala (-13%) is also falling despite the release of Battlestar Galactica Eternity on rumors that the number of players in blockchain gaming has fallen sharply. JasmyCoin (-16%) falls below €0.005 for the first time this week.

Market overview
Ripple has finally received documents on the preparations for the 2018 Hinman speech from the SEC after 18 months of pushing. The speech mentioned Bitcoin and Ethereum were not securities and the general expectation is that XRP was also discussed in the preceding deliberations, and this could exonerate Ripple. The SEC did almost everything possible to avoid this but the judge rejected all objections. Meanwhile, the litigation continues. The key dates to keep an eye on are Oct. 24 when opposition briefs become public in which the parties respond to the other side’s position and Nov. 21 when the responses to those responses or reply briefs are made public.

The multi-chain growth and blossoming continues in multiple ways. Applications such as games and defi solutions are increasingly going cross-chain so on multiple blockchains simultaneously. ChainLink oracles are being accessed by more and more apps from a multitude of blockchains. We are also seeing more and more bridge solutions that simplify virtual traffic between blockchains. A whole new financial system is being developed. In their latest report on “Financial stability and integration,” the European commission writes an entire chapter on crypto and its potential benefits of efficiency, transparency and accessibility. The report also states that the traditional supervisory frameworks do not fit the sector because it is a new decentralized open financial system.

Bitcoin has made it into the Guinness book of records in a new category Cryptomania as the most valuable crypto currency and the first decentralized currency in the world. El Salvador also gets a mention as the first country to accept Bitcoin as legal tender.