Triaconta Weekly #164
The following topics will be addressed in this weekly.
- Bundles performance
- Winners & losers
- Market overview
Finally a correction. Was it Elon Musk with tweets about the energy consumption of Bitcoin, or was the market in need of a correction for some time? Except for DeFi, all bundles are negative this week. We are also seeing a cautious recovery today.
1 Month: 2.24% | 7D: -3.32% | 24H: 2.16%
1 Month: 15.33% | 7D: -7.29% | 24H: 4.71%
Penny Stock ::
1 Month: -12.90% | 7D: -9.23% | 24H: 10.86%
1 Month: 20.70% | 7D: 2.81% 24H: 1.19%
Winners & losers
Polygon (+ 87%) is the winner this week. Yearn.finance (+ 50%) with the aid of Woofy. Aave (+ 30%), Nano (+ 12%) and Cardano (+ 12%) performed very well even this week. For the first time this year, it seems, there are also coins on offer again. Losers this week are Qtum (-26%), OMG Network and Bitcoin Gold (-24%). These coins are sometimes still in old unrevised bundles. Siacoin (-25%) and the recently strongly increased Ethereum Classic (-21%) have also become much cheaper this week.
If you want to revise your Bundle and you are unable to, please contact us.
Yearn.Finance is currently worth more than a Bitcoin. For many crypto traders, this coin is unattractive due to its extremely high price. People prefer to buy a lot of a coin that costs 7 cents to buying 0.00001 of a coin worth more than $ 70,000. This phenomenon is called unit bias. In the case of shares on the stock exchange, it is often decided to split the share if the price has risen too high. Yearn.Finance opted for a blockchain solution. Woofy has been released, a very low priced coin ($ 0.07) with a very popular dog theme. 1 YFI will always be worth 1,000,000 WOOFY and both can be traded for each other via a smart contract. You can now invest in the same Yearn.Finance in two ways. Brilliant marketing.
Elon Musk has already rejected Bitcoin as a payment method for Tesla cars after a few months. The company does keep the $ 1.5 billion in Bitcoin they bought on its balance sheet. If we understand the latest tweet, Doge should replace Bitcoin for crypto payments to Tesla. We doubt whether many cars are paid for with crypto. In any case, it is food for a lot of speculation and price movements. Many coins wanted to be the replacement and already shot up. Doge wins this week, also by announcing the listing on the most used exchange in America, Coinbase.
Green crypto is in the spotlight. We all know that Bitcoin uses a lot of power. In all, often more than an entire country. The high energy consumption makes Bitcoin a very secure payment network because you need even more power to break in than to mine Bitcoins. We all consume electricity and of course electric cars do too. What we want to reduce is the emission of harmful gases from the combustion of fossil fuels. We still burn coal for power, fly airplanes, subsidize oil exploration, make concrete and steel, and drive our gasoline and diesel cars. Contrary to these activities, crypto has no specific energy requirement. It can run on all types of energy. So it may be contributing to the pollution right now, but it is not the problem itself and does not pose a threat to a full switch to renewable energy.