Triaconta Weekly #271

The following topics will be addressed in this weekly:

  • Bundle performance
  • Revision
  • Market overview

Bundle performance
Historically, October is considered a bullish month for Bitcoin and some analysts refer to it as “Uptober.” We started well in another attempt to break above $28,000. Unfortunately, however, we again failed to convincingly break through the 200-week average. However, the Bitcoin price does remain close to this average. The bundles are already moving towards the next revision. Especially when the market starts to rise, it is evidently important to have your bundle up to date.

Big3:
1 Month: +6.44% | 7D: +1.66% | 24H: -0.56%

Top30:
1 Month: +4.06% | 7D: +0.05% | 24H: -0.86%

Penny:
1 Month: +3.22% | 7D: -3.64% | 24H: -1.57%

DeFi:
1 Month: +8.23% | 7D: -0.13% | 24H: -0.99%

Revision

The crypto market is constantly changing and Triaconta is therefore changing the composition of the standard bundles next week. If you have selected automatic revision on your bundle then the changes below will also be applied to your bundle. Stay current without a second thought and turn on automatic revision on your bundle as well.

The Shiba Inu dog is a bird hunter and can jump from stand 1.80 m high. The Shiba Inu coin has existed since August 2020 and has the same potential according to the market. With now a market capitalization comparable to Chainlink and Bitcoin Cash, this second meme-coin will get a spot in the Top 30 starting next week.

Added to the DeFi bundle at the last revision, Maker has already gained more than 20% and therefore now enters the Top 30 as well. We say goodbye to Algorand where there is hardly any development anymore. Also just outside the Top 30 is the recently added The Graph. Because turnover in this coin is very high and the price is now just under €0.10 it moves to the PennyStock bundle.

In the DeFi bundle there is only room for the best 10 so we are replacing Fantom with a new platform called Injective (INJ) that is built for the latest generation of DeFi applications. Injective is a blockchain with decentralized spot and futures exchanges, prediction markets, lending protocols and much more. This project was built with all the insights about DeFi and has been funded by big names in the crypto industry such as Mark Cuban, Pantera and Binance.

In the Penny Stock bundle, we unfortunately say goodbye to StormX already due to declining sales, most likely taking a few percent profit. Taking its place is Chiliz, which has been moving sideways for a while after a significant decline and is now increasing in volume which may indicate new interest in this coin. Perhaps Tottenham Hotspur’s new fantokens on the platform socios.com have something to do with this?

Veteran Zilliqa must also make way in the PennyStock bund for relative newcomer The Graph, which we expect a rebound in DeFi and Web3 could start to bring this coin back into the Top 30.

Market overview

SEC Chairman Gary Gensler has received a letter signed by Republicans and Democrats from the major finance committees. In the letter, they urge approval of a Bitcoin ETF. Until now, the SEC has refused to do so, but recently a judge disapproved their justification as arbitrary and frivolous. Without better explanation to the contrary by the SEC, a panel of three judges concluded that a Bitcoin ETF is actually the same as a Bitcoin futures ETF. If one product is licensed, then licensing the other cannot be ruled out because the market (for both, the movement in value depends on the Bitcoin price) is actually the same.

Nine ETFs with Ethereum futures came to market Monday. Five will hold only Ethereum futures, while four hold a mix of Bitcoin and Ethereum futures. There was not much appetite for the new ETFs, and Sunday’s gains were also gone by Monday. There is a bit of good news to report about Bitcoin ETFs, though. The SEC has commented on the applications that allow them to be modified. This is the first time that the SEC is not rejecting but engaging with the applicants. So the pressure on the SEC has been effective.

Meanwhile, the SEC lost the interlocutory appeal in the Ripple case. In doing so, the judge took the opportunity to explain even more clearly why the SEC lost the lawsuit and how the Howey test itself indicates that XRP is not a security. The SEC can still appeal after the trial scheduled for April 2024 but will have an even harder time successfully doing so because of this ruling. The judge also ordered that parties must schedule at least an hour to see if they can come out of it together.

ApeCoin DAO will soon launch a sister DAO dedicated to acquiring influential NFTs. AIP-297 was passed on Sept. 21 and includes plans to withdraw 750,000 APE tokens from the ApeCoin treasury to fund a community-driven NFT vault. The acquired NFTs, from the arts, music, virtual worlds and gaming, will be managed through a community-run vault and APE holders can use the intellectual property with potential grants in APE coin in the near future. APE coin will be the token that drives the activities and execution of each phase, from the initial acquisition of NFTs to the development of products using them.

Recently leaked internal documents suggest that Microsoft plans to integrate crypto wallets into its Xbox game console. This would create numerous opportunities for gamers, game developers, publishers and investors. It would allow gamers to purchase in-game items and features, digital assets, mods and possibly even games using crypto. Gamers would also be able to hassle-free trade in-game items and digital assets.

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