Triaconta Weekly #270

The following topics will be addressed in this weekly:

  • Bundle performance
  • Winners & Losers
  • Market overview

Bundle performance
Bitcoin remains around €25,000 this week. No interest rate hike in the US and surprisingly not in the UK either. All quiet before the storm as Uptober arrives, this time a month that historically actually usually does very well. DeFi outperforms this week as large financial institutions (aka TradFi) start using new and existing blockchains more and more. Citigroup bank is starting its own blockchain, Chainlink is closing a major deal with the largest interbank messaging system SWIFT and Aave is teaming up with Circle and Coinbase to promote tokenisation.

Big3:
1 Month: +1.73% | 7D: +0.18% | 24H: -0.20%

Top30:
1 Month: -1.83% | 7D: +0.86% | 24H: -0.10%

Penny:
1 Month: -0.31% | 7D: +1.20% | 24H: +1.66%

DeFi:
1 Month: +1.49% | 7D: +3.47% | 24H: -0.56%

Winners & Losers
Aave (+17%) grew in September by launching the Tokenised Asset Coalition (TAC) along with prominent industry leaders such as Coinbase and Circle. The TAC will promote tokenisation of commodities and equities. Zilliqa (+12%) rises sharply and makes a double bottom in the price chart. Chainlink (+10%) extends the reach of its Cross-Chain Interoperability Protocol with Arbitrum (+6%). Swift is also interested in this protocol and has started a partnership with Chainlink. Gains on IOTA (-8%) which has plans to build an IOTA 2.0 with support for decentralised applications. Further deterioration for Gala’s GameFi (-7%) and Axie Infinity (-6%). Blockchain gaming, despite its great potential, has not yet managed to get and keep many users. Gala wanted to change that by acquiring mobile game developer Ember Entertainment at the beginning of this year, but even with that, the breakthrough has not yet been found.

Market overview

The 2nd largest bank in the US, Citigroup is going to test Citi tokens on its own blockchain. According to the bank, customers today need 24/7 solutions with fast and reliable transactions worldwide. For now, the tokens can only move between Citigroup branches and all nodes in the blockchain will be managed by Citigroup itself. Earlier, the largest bank, JP Morgan Chase, had started a JPM coin that can also only be used between JP Morgan bank accounts.

Ripple closed the month with a big party in New York because of its (partial) win in its lawsuit with the SEC. The “proper party” on 29 September celebrates that XRP cannot be a security when traded on a crypto exchange. For Ripple, this was always the most important thing to get right, as their payment solutions depend on liquidity for XRP on exchanges. All the latest news in this area will be presented 8-9 November at the annual Ripple Swell in Dubai.

In 2014, the then largest Bitcoin exchange Mt.Gox was hacked and 850,000 Bitcoins were lost. Of these, the bankrupt exchange managed to recover about 20%. Creditors are now waiting indefinitely and, unfortunately, repayments, which were supposed to start on 31 October, have been delayed for another 12 months. This does mean a postponement of any price pressure on Bitcoin for now.

Bitcoin in Argentine pesos is already popping to an all-time high. The hyperinflation-plagued country has elections coming up soon. Pro-Bitcoin candidate Javier Milei won the primaries, making him a major contender in the presidential election this autumn. The central bank banned all payment providers from processing crypto transactions this year. Milei is an economist and wants to abolish the central bank altogether and peg the peso to the dollar.

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