Triaconta Weekly #298

The following topics will be addressed in this weekly:

  • Bundle performance
  • Winners & Losers
  • Market overview

Bundle performance
2024 will indeed as expected be the year of regulation with the European “Markets in Crypto Assets” (MiCA) legislation being implemented by the countries, a new Dutch regulator AFM instead of DNB and in America unfortunately lawsuits against almost all crypto service providers because of the lack of clear legislation there which gives the SEC a free hand to start enforcing its own narrow interpretation. Then we also had the Bitcoin halving, the Bitcoin ETFs and a possible classification of Ethereum as a security. It’s already been very exciting this year and it’s really not going to get any calmer. Fortunately, in the cycle and for the long term, we are still on the uptrend and we are also closing the week happily higher after a fairly normal dip last week. Stock markets are also trading higher in anticipation of new U.S. inflation data next week.

1 Month: -11.39% | 7D: +2.74% | 24H: +1.48%

1 Month: -16.13% | 7D: +2.71% | 24H: +2.46%

1 Month: -6.91% | 7D: +6.67% | 24H: +4.42%

1 Month: -22.11% | 7D: +7.18% | 24H: +4.59%

Winners & Losers
While Bitcoin is less than 1% off its position on a weekly basis Thorchain (+19%) is on a comeback with record $10 billion volume in March and as a result the DeFi bundle is the fastest riser this week also with help from TheGraph (+13%). A push for the Top 30 bundle from Near Protocol (+9%) but still many declines this week with Lido DAO (-15%) due to Ethereum’s drop (-4%) below $3,000 and Internet Computer (-12%) on declining interest in Web3. Even Optimism (11%) is taking a step back after announcing plans for a Superchain network for Layer 3 solutions which got a pretty critical reaction from the Polygon CEO among others while Ethereum co-founder Vitalik Buterin apparently likes it.

Market overview
The Dutch Blockchain Days are coming to Amsterdam again in June. This leading event brings together leading professionals from the blockchain, cryptocurrency and Web3 industries. We are excited that ICONOMI CEO, Peter Curk, will take the main stage, where he will delve into the world of exchanges, along with representatives from Coinbase, Bitvavo and many others! Don’t miss the chance to attend this live! Use the exclusive discount code “Iconomi20” when you buy tickets.

Ripple and XRPL Labs are partnering with Hedera and Algorand in the DeRec Alliance, aiming to develop a new standard for recovering digital assets. CEO of XRPL Labs, and Dutchman, Wietse Wind says that the DeRec alliance aims to significantly improve the user interface of crypto without compromising on security. Members of the alliance will start providing input on policy and oversight of a new interoperability standard for recovery when private keys are lost. In short, it should become much easier and less risky to start managing your own crypto.

Binance may resume serving the market in India once the fine for trading without registration is paid. This is expected to be around $2 million and not a problem for this crypto exchange. Binance and Kucoin are the first registrants with the Indian Financial Intelligence Unit (FIU-IND) overseeing the very fast-growing Indian crypto market. FIU-IND is in a working group along with the crypto industry to review and improve guidelines for money laundering laws for providers of virtual digital assets. The move is intended to integrate crypto businesses more seamlessly into the country’s financial system. The Indian government also pushed for global rules for crypto at the G20 summit.