Triaconta Weekly #256

The following topics will be addressed in this weekly:

  • Bundle performance
  • Winners & Losers
  • Market overview

Bundle performance
A big move came, but unfortunately down for Bitcoin. Bitcoin may find support at the 200-week average around $26,200. Core inflation in the U.S. turned out to be down slightly this week but consumer prices continue to rise so economists expect at most a pause in interest rate hikes and certainly not an interest rate cut yet. There is still uncertainty about raising the U.S. debt ceiling. And consequently about government bonds that largely fill bank reserves and many stablecoins. All bunds are quoting sharply lower this week.

Big3:
1 Month: -10.76% | 7D: -7.01% | 24H: -2.25%

Top30:
1 Month: -14.83% | 7D: -8.10% | 24H: -1.42%

Penny:
1 Month: -17.89% | 7D: -12.43% | 24H: -2.92%

DeFi:
1 Month: -18.52% | 7D: -10.09% | 24H: -1.90%

Winners & Losers
Kava (+15%) links the Cosmos (-3%) blockchain with the Ethereum Virtual Machine (EVM) and is the only riser this week. Unfortunately, the biggest decliner after weeks of gains is PennyStock JasmyCoin (-36%) which is back to the bottom of 45 days ago. PancakeSwap (-29%) is losing ground to the much larger Uniswap (-8%) and OMG Network (-27%), like JasmyCoin on the world’s largest crypto exchange, was moved to the “innovation” zone, a list of higher-risk tokens.

Market overview

Bitcoin transactions have become considerably more expensive and slow due to the increase in the volume of transactions especially with the popularity of Ordinals on the Bitcoin network. These NFTs en même coins are causing traffic jams. The number of transactions with extra data saw almost a doubling in eight days from 2.5 million to 4.78 million. It does boost the Lightning Network again to make smaller transactions in particular fast and cheap through this solution.

According to the African Blockchain Report 2022 released last month, Ripple and XRP are now used in 13 African countries. These are Benin, Burkina Faso, Ivory Coast, Egypt, Ghana, Kenya, Mali, Niger, Nigeria, Senegal, South Africa, Togo and Uganda. Digital payments are expected to grow 20% to $40 billion by 2025. Crypto is the solution in Africa because of the high market penetration of cell phones.
At the Dubai FinTech Summit, Ripple CEO Brad Garlinghouse expressed optimism about the future despite his company’s ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC). He himself expects a ruling in the next two to six months.

JasmyCoin was suddenly moved to the “innovation” zone on the largest crypto exchange in the world, increasing the risk of a full delisting. Many investors sold because of this, but there are also plenty of voices saying that this will be a misjudgment by the exchange. Jasmy had a successful presentation at Consensus and was also at NexTech week in Tokyo this week. According to their own statement, they are active with their Personal Data Locker and the Secure PC and fully engaged in new developments. They obviously regret the move from the crypto exchange. We follow the token extra closely because of its inclusion in the PennyStock bundle.

Bitcoin reached its highest rate ever quoted in Argentine peso at 6.5 million. This despite or precisely because of the fact that the central bank decided on May 4 to ban banks and payment providers from selling Bitcoin or processing transactions to purchase the crypto any longer. More and more companies in Argentina were successfully selling Bitcoin to their customers while the country’s annual inflation rate has risen above 100%. The central bank says it is doing this to protect the people and the national payment system.

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