Triaconta Weekly #274
The following topics will be addressed in this weekly:
- Bundle performance
- Winners & Losers
- Market overview
Bundle performance
Bitcoin has already doubled in price this year and that is due to the combination of the approaching halving and the expected influx of billions with the introduction of the spot Bitcoin ETF that allows all U.S. investors to buy Bitcoin as easily as stocks through their own broker. Of course, it also helps that interest rates are no longer being raised in both America and Europe. Google search queries for “Buy Bitcoin” rose hundreds of percent worldwide this month. Meanwhile, most altcoins are rising a lot faster than Bitcoin, so all the bundles are doing even better than last week.
Big3:
1 Month: +17.54% | 7D: +11.55% | 24H: -1.74%
Top30:
1 Month: +15.20% | 7D: +14.83% | 24H: -3.05%
Penny:
1 Month: +22.80% | 7D: +28.69% | 24H: -3.58%
DeFi:
1 Month: +22.77% | 7D: +23.39% | 24H: -4.57%
Winners & Losers
When crypto fever hits, the outliers are usually found in the PennyStock. Newcomer Pepe Coin (+82%) is by far the biggest riser in this bundle, and Gala (+36%) also seems to be overcoming the crisis. Thus, each bundle has its champion this week. Newcomer Injective (+46%) does the DeFi bundle well, rising over 70% since its addition to the bundle. Chainlink (+43%) partners with Vodafone and is in both the Top 30 and the DeFi bundle. Bitcoin itself puts up a good 13% this week and has already doubled in value this year. Another week with no major losers. Nice.
Market overview
Pepe coin almost doubled this week and is the undisputed meme king while Dogecoin (16%) and Shiba Inu (12%) did not do badly at all anyway. These coins are called meme coins because they started out as a joke and through clever marketing usually became worth a lot for a short while. Then profits are taken and they might disappear as has happened with hundreds of such coins. But sometimes an enthusiastic community develops that keeps the coin alive on social media. As long as that community keeps growing and also new ideas about how the coin might be put to useful use after all, the value will keep going up and down with popularity. Right now, Pepe with a market value of $500 million does not represent much when you look at Shiba Inu ($4.6 billion) or Dogecoin ($10 billion) but many investors apparently hope that Pepe will become a real competitor. How this will continue of course no one knows so the PennyStock bundle currently includes all three of these meme coins.
An IBTC ticker for Blackrock’s Bitcoin ETF briefly appeared on the Depository Trust & Clearing Corporation (DTCC) website giving many investors the impression that an approval for the spot Bitcoin ETF is very close or that unofficial approval was already in place. The price flew up again, this time to $35,000, and surprisingly dropped only slightly when the listing disappeared again. All major financial institutions such as the banks and also Blackrock use the DTCC and can use it to easily settle large transactions among themselves. It seems they have already prepared for a positive decision, which, however, could take until January or even March of next year.
Ripple did largely win the lawsuit with the SEC. For one part of the charges, they were not vindicated by the judge and must pay a fine. This involves Ripple selling XRP directly to financial partners. The SEC now wants to claim the huge sum of $770 million for all transactions that the regulator says should have been registered. Ripple indicates that many transactions took place outside of America and thus fall outside the SEC’s jurisdiction. They also claim that many transactions fall under the ODL product for fast international transactions, which have been exempted by the court. It also remains to be seen, according to Ripple, whether the SEC is the party where crypto transactions should be registered. This is probably going to take a long time again because the two sides have yet to have a serious conversation about this.
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