Triaconta Weekly #279

The following topics will be addressed in this weekly:

  • Bundle performance
  • Winners & Losers
  • Market overview

Bundle performance
Bitcoin rose to $38,800 this week for the first time since May 2022. The move still appears to be continuing upward with the view of $40,000. The bunds show that the same is true for altcoins. November was finally positive for once this year and for all bunds as well.

1 Month: +7.02% | 7D: +0.76% | 24H: +2.59%

1 Month: +20.54% | 7D: +1.63% | 24H: +2.58%

1 Month: +25.68% | 7D: +3.53% | 24H: +3.32%

1 Month: +41.30% | 7D: +2.64% | 24H: +4.21%

Winners & Losers
A glimmer of hope for Luna Classic (+87%) which is still looking to give itself a future this week with yet another new plan. A speculative rise for SiaCoin (+26%) with no news. Iota (+25%) is active in the Arab Emirates and is also moving into tokenization of Real World Assets (RWA), the potential 2024 growth market. In Defi, Injective (+16%) continues to do well with an 80% increase in trading volume as well. Thorchain (+15%) is in the race for best token of the year with Solana (+3%). Still, there were some declines this week. BitShares (-35%) due to the suspension of listing on major exchanges next week. Lido DAO (-10%) and Rocket Pool (-7%) took a step back with Ethereum (-3%) falling.

Market overview

UniSwap is the largest decentralized exchange in the world and now has more volume than Coinbase. The exchange appeals to traders worldwide and trades tokens, NFTs and stablecoins. It recently added a Dirham stablecoin based on the currency of the United Arab Emirates. The capital city of Dubai has been at the forefront of crypto-friendly legislation in the region and has been the most popular venue for many crypto conferences. Of course, it helps that residents in Dubai pay zero percent tax on capital gains, corporate income and salary.

Blackrock has been in talks with the SEC again about their Bitcoin ETF. There seems to be a disagreement over the payment and payout when you get in and out of the fund. Blackrock would obviously like to pay out in Bitcoin ( called “in-kind”) which is much simpler and has no price effect for large exits. The SEC would rather see payment and payout in dollars ( called “cash creation”) because otherwise Bitcoins of unknown origin could also be deposited into the fund. This is where they should come out and perhaps a combination of paying in dollars and paying out in Bitcoin is possible?

Not such a good week for Cosmos (ATOM) because the proposal to limit inflation to 10% passed. That means less strike revenue and because the number of new tokens is reduced, less price pressure. That does appear to have a lot of support among holders but the founder would have preferred a different outcome and is now threatening to do a hardfork (copy) of the blockchain in which this proposal is not implemented.

Is it still news to mention that MicroStrategy bought over 16 thousand Bitcoins in November?