Triaconta Weekly #268

The following topics will be addressed in this weekly:

  • Bundle performance
  • Winners & Losers
  • Market overview

Bundle performance
September is actually historically always a bad month for Bitcoin so in actual fact the sideways move this week is very positive. Also positive, the market sees a 95% chance of a US interest rate break at the next Fed meeting on 20 September. There is an increasingly smaller amount of BTC on the exchanges though so if there is any news, the move up or down could be overly violent. Major events are actually not expected until October. A decision on the Ethereum ETF, decisions on Bitcoin ETFs especially in the SEC-Grayscale lawsuit, the SEC’s partial appeal in the Ripple hearing. and a court decision on Coinbase’s motion that the SEC has no basis at all to prosecute them for securities trading because crypto currencies are not, referring to the Ripple ruling.

Big3:
1 Month: -11.28% | 7D: +0.97% | 24H: +0.85%

Top30:
1 Month: -14.83% | 7D: +1.37% | 24H: +0.45%

Penny:
1 Month: -15.85% | 7D: +0.37% | 24H: +0.64%

DeFi:
1 Month: -17.25% | 7D: +3.51% | 24H: +0.67%

Winners & Losers
There has been plenty of building and testing this summer, and the results are encouraging investors. The DeFi protocol Synthetix (+14%) leads the altcoin momentum this week by far ahead of the new Synthetix V3. IOTA (+8%) is completing final testing of the Shimmer EVM, which enables compatibility with Ethereum on the much faster and more scalable IOTA network. JasmyCoin (+10%) is developing its own JasmyChain and other smaller coins are also notching up good results this week such as Reef (+13%), Enjin Coin (+9%) and Fetch.AI(+8%). Things are just not going well for Gala (-15%) where the amazing growth and development of Gala Games, Music and Film has disappeared from the news as both owners are suing each other for $130 million in Gala tokens with charges of self-enrichment. While Google’s announcement to allow ads again for NFT games could actually boost Gala enormously.

Market overview

SBI Remit, part of Japan’s SBI Group, is expanding its partnership with Ripple and SBI Ripple Asia. They will enable international transfers using XRP as a bridge currency to bank accounts in the Philippines, Vietnam and Indonesia.

Solana Pay, a decentralised, open-source, peer-to-peer payment protocol built on Solana by Solana Labs, is now available to millions of businesses through an app integration with Shopify, the global e-commerce platform for online shops.

Visa has stated that in addition to Ethereum, it will also use Solana in its pilot for processing USDC transactions via the blockchain. Solana (+97% ytd) is one of the big successes in this year’s Top 30 bundle.

More Web3 adoption news by financial companies from South Korea’s largest investment bank and stockbroker. In collaboration with the Monetary Authority of Singapore tokenisation, Mirae Asset Securities is going to explore tokenisation of securities on Polygon (MATIC) after previously Franklin Templeton and Hamilton Lane opted for the same blockchain.

The main purpose of the Financial Accounting Standards Board (FSAB) is to establish and improve generally accepted accounting principles in the United States. Because apparently more and more companies want crypto in their reserves, new rules have been devised for this purpose. Crypto currencies such as Bitcoin are allowed to be listed on the balance sheet at their current value (‘fair value’). Previously, a rise did not count, and a fall had to be booked as a loss. In practice, this gave strange reporting, especially if you have a lot of Bitcoin like MicroStrategy, for example. It is delighted with the new rules and believes this removes a major barrier for companies to use crypto as a treasury asset.

Elon Musk’s SpaceX will launch the fully Dogecoin-funded DOGE-1 lunar mission on 5 November. It will be the first-ever space journey funded by crypto and the first-ever crypto in space. DOGE-1 is a 40-kilogram CubeSat (cube-shaped satellite) that will fly along as payload on a Falcon 9 rocket. DOGE-1 will be the first satellite with blockchain technology in lunar orbit, and is intended as a test and precursor to a commercial IoT network.

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