Triaconta Weekly #281

The following topics will be addressed in this weekly:

  • Bundle performance
  • Winners & Losers
  • Market overview

Bundle performance
Monday saw a sudden correction to the gains of the past few weeks. Even market leader Bitcoin went down 8%. Corrections are healthy and just part of the game. A favorable interest rate decision – continuation of current interest rates – in both America and Europe caused the markets to rebound back above $42,500 for Bitcoin on Wednesday. And today, we fall back below again. The Big 3 bundle is still seeing the effects of the dip but our other bundles are already positive again this week. The best numbers this week for the DeFi market, which has seen such strong growth in recent months that it will be exciting to see which bundle becomes the best bundle of the year 2023. Both Big 3 and DeFi have more than doubled this year.

Big3:
1 Month: +10.85% | 7D: -3.65% | 24H: -0.67%

Top30:
1 Month: +20.38% | 7D: +4.13% | 24H: -0.70%

Penny:
1 Month: +25.39% | 7D: +2.15% | 24H: -0.91%

DeFi:
1 Month: +38.13% | 7D: +8.87% | 24H: -0.63%

Winners & Losers

Injective (+75%) in 1 week has been in the DeFi bundle since October, doubling in the past 30 days. Nano (+55%) simply on the rumor that social media platform X could work well with this coin (ticker XNO). Avalanche (+42%) similar to Injective in DeFi and doubled in 30 days. Losers in Terra Classic (-16%), taking profits on the hugely hopeful rise. Not everything in DeFi rises in price, even when it is doing very well. Rocket Pool (-12%) passes the milestone of 1 million Ethereum while Lido DAO (-10%) has already staked 9 million Ethereum.

Market overview

El Salvador’s National Bitcoin Office has announced that they have received approval to begin issuing the first-ever Bitcoin bonds. Basically, it is an ordinary $1 billion 10-year government bond with “energy as collateral,” half of which will be used to buy Bitcoin and the rest to finance the geothermally powered “Bitcoin City. The city is designed by Fernando Romero Enterprise and planned to be built in La Unión, along with the new airport overlooking the beautiful Gulf of Fonseca. Investments can be made with US$, stablecoin USDT and, of course, Bitcoin. An investment over $100,000 also automatically qualifies you for El Salvador citizenship. The government expects to issue these also called “Volcano Bonds” in the first quarter of 2024.

Again positive Bitcoin ETF news. Blackrock is consulting with the SEC for the third time in three weeks. The latest amendment to Blackrock’s application allows U.S. banks that are not allowed to hold crypto for their customers themselves to act as Authorized Participants in the Bitcoin ETF. They could then convert dollars from their clients into Bitcoin ETF holdings while the Bitcoin is held by the Bitcoin ETF manager. This set-up would allow JPMorgan or Goldman Sachs with huge capitals and a very large number of account holders to participate directly if they wanted to.

Solana’s smartphone, the Saga, is going over the online counter like hot cakes. Thanks to an airdrop of 30 million BONK tokens for the new owners, the phone no one wanted is suddenly super popular. Since the value of that number of BONK tokens is now higher than the cost of the phone due to speculation, you’re actually making money. Saga sales have grown more than 10x in the past 48 hours and the phone is now almost sold out. BONK, Solana’s own meme coin à la Doge and Shiba Inu is for most probably the only reason to buy the phone.