Triaconta Weekly #273

The following topics will be addressed in this weekly:

  • Bundle performance
  • Winners & Losers
  • Market overview

Bundle performance
The U.S. Securities and Exchange Commission has approved BlackRock’s spot Bitcoin ETF! Multiple usually reliable crypto news sites and posts on X reported this on Monday. The Bitcoin price rose over $2000 within minutes, which seemed to support the news. It was not true, and the price quickly dropped again, but remained well above $28,000, breaking through the important 200-week average. Today we rose again and even briefly above $30,000 after an unexpected speech by Fed Chairman Jerome Powell, who suggested an end to the historic US interest rate hikes. Almost the entire crypto market is joining the party, so the bundles are doing great in Uptober.

Big3:
1 Month: +5.61% | 7D: +8.02% | 24H: +5.20%

Top30:
1 Month: +1.57% | 7D: +4.94% | 24H: +4.84%

Penny:
1 Month: -2.65% | 7D: +3.99% | 24H: +4.11%

DeFi:
1 Month: +3.54% | 7D: +8.65% | 24H: +7.57%

Winners & Losers
Stacks (+25%) as mentioned earlier is doing great when Bitcoin (+9%) rises. Solana (+24%) is very clearly on the way back up. We are very pleased with our newcomer in the DeFi bundle, Injective (+13%) , which is innovating by offering futures on tokens via Helix before they launch on the market. There were no big losers this week.

Market overview

XRP plenty in the news and surging as the U.S. SEC dropped all charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. After three years of scaremongering by the SEC, they are no longer accused of trading securities without a license. In other words, the SEC is adopting the judge’s ruling that XRP can be freely traded on exchanges and is not considered a security.

Xsolla is a provider specializing in payment solutions in video games. BitPay provides payment solutions with crypto. The integration of XRP as a payment method by BitPay and Xsolla is a turning point in the crypto and gaming industry. It not only strengthens XRP’s position in these sectors, but also deepens the existing relationship between Xsolla and BitPay, who have been partners since 2014. BitPay’s renewed partnership with XRP after an enforced hiatus due to the SEC’s lawsuit will benefit Ripple/XRP and may also accelerate the adoption of cryptocurrencies in the gaming world.

Patrick McHenry, Wall Street’s most trusted Republican because of his longtime leadership role on the Financial Services Committee, may well become the next speaker of the U.S. House, and he is a staunch supporter of crypto. As Republicans have still failed to nominate someone with a majority to lead the House, the consensus is growing for McHenry, who already wields the gavel as speaker pro tempore. McHenry believes the crypto industry is important to America and has already filed several crypto draft laws together with Democrats. Most recently, his committee urged the SEC to approve the Bitcoin spot ETF.

When Ferrari? Ferrari, the luxury car manufacturer, is moving into crypto and announced plans this week to accept Bitcoin, Ethereum and XRP as payment for its vehicles in the United States. The company will look to expand to the EU in the coming months if it notices demand from wealthy customers here.

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