Triaconta Weekly #277

The following topics will be addressed in this weekly:

  • Bundle performance
  • Winners & Losers
  • Market overview

Bundle performance
U.S. inflation turned out to be slightly lower than expected again on Tuesday but an additional pause in interest rate hikes in December is not yet a certainty, according to the Fed. As was expected, on Nov. 17 all Bitcoin ETF applications were further postponed. So then it will be January or March 2024 at the latest or of course not at all? Confidence in the final approval has grown considerably though as the SEC’s stance has changed from rejection to consultation on terms. Bundles are coming off well this week thanks to the Avalanche rocket after a broad decline in the crypto market.

1 Month: +22.43% | 7D: -5.67% | 24H: -3.68%

1 Month: +41.62% | 7D: -0.25% | 24H: -5.22%

1 Month: +52.49% | 7D: -5.14% | 24H: -4.91%

1 Month: +65.58% | 7D: +1.04% | 24H: -8.22%

Winners & Losers
Of course a correction came after last week’s fantastic numbers. Fortunately, despite a broad decline in the crypto market, there are also some gainers. Leader Avalanche (+63%) completely ignored the market’s downward trend by adopting in tests of several U.S. banks. Doge (+12%) is really going to the moon Dec. 23 in a rocket from Astrobotic. Unfortunately ex-Defi token Thorchain (+49%) shoots up like a rocket in recent weeks to third place in the ranking of decentralized exchanges. However, most tokens went down. Many big names even around 10% such as Arbitrum, Lido DAO, Chainlink and Vechain. Jasmy coin (-16%) and Neo (-19%) returned much of last week’s gains.

Market overview

Major US banks are doing plenty of research into tokenization of real-world assets (RWA). JP Morgan is tokenizing funds for blockchain integration, Citi is testing blockchain for forex trading and Bank of America is also excited about asset tokenization. Interestingly, they are all using Avalanche technology and Subnets for their blockchain solutions.

The publication of an entry by BlackRock of an XRP ETF on the official government website suddenly caused the price of XRP to rise 15% to €0.70 on Monday. A still unknown person had copied the legitimate application for an Ethereum ETF from a few days before and changed it to XRP. The asset manager quickly confirmed that the paperwork was fake and the price immediately dropped back down. Beware of ETF rumors that have been causing a lot of volatility lately.

After Deutsche Bank, rival Commerzbank has now obtained a license to hold crypto for clients. Bitcoin’s freedom is being pitted against the risks of the digital euro in politics in Germany. During a recent debate on the introduction of a digital central bank currency, chamber member Joana Cotar made the first pro-Bitcoin speech in the history of the Bundestag. In doing so, she even wore a Bitcoin T-shirt. “Those who want to maintain their privacy use cash; those who are tired of fiat money and are concerned about reliable money have bitcoins in their wallets.” As far as she is concerned, Bitcoin may become legal tender in Germany.

Of course, institutional investors also know the importance of diversification. For Americans, holding a diversified crypto portfolio is currently still too expensive a solution. Every revision and every balancing is accompanied by a number of sales and these have to be paid immediately in the U.S. tax (Capital gains tax). This makes something like this unworkable at the moment. We therefore expect a Top 30 and DeFi crypto ETF next year after the Bitcoin ETF and Ethereum ETF fairly soon. Indeed, within such an ETF, these kinds of rearrangements are tax-exempt. Next year will be a historic year for many more cryptos than just the market leaders.

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