Triaconta Weekly #167
The following topics will be addressed in this weekly.
- Bundles performance
- Winners & losers
- Market overview
Bitcoin dominance continues to decline throughout the week after a brief rebound in late May. This means that many other cryptocurrencies are currently rising faster than Bitcoin. And that’s good news for our bundles. Today is unfortunately an exception and Bitcoin falls quickly and then the other crypto coins fall faster.
1 Month: -32.45% | 7D: 4.94% | 24H: -6.35%
1 Month: -37.24% | 7D: 8.25% | 24H: -7.09%
1 Month: -37.17% | 7D : 6.49% | 24H: -11.17%
1 Month: -43.97% | 7D: 4.92% | 24H: -10.88%
Winners & losers
An excellent day (+15%) and week for Filecoin (+28%). Fetch.AI (+19%), KAVA (+29%), Solana (+14%) and Vechain (11%) are also making a comeback this week. On offer are Polygon (-18%) and QTUM, Ethereum Classic and OMG (-10%).
Ethereum higher than ever! An Ethereum node was launched on Thursday by SpaceX, which will make the International Space Station (ISS) part of the Ethereum network. Connected computers in space may well become the decentralized future for more cryptocurrencies. Transactions are processed with solar energy and have become independent of political choices or natural disasters on Earth. The ISS already has a working Bitcoin node on board.
More than 6,000 members of the reddit group “Wall Street Bets” Dapp community voted to select the crypto coins for the first Exchange Traded Portfolio. The result is a weighted portfolio of digital assets somewhat comparable to a Triaconta Bundle. The cryptocurrency portfolio is revised and balanced by collective decisions of the community. We follow this experiment (because that is it for now) with interest and see the reddit group largely opting for the best-known crypto Bitcoin and Ethereum supplemented with coins from our DeFi bundle (LINK, AAVE, MKR, SNX, COMP and YFI).
US bank regulators finally had their first meeting about cryptocurrencies this month. It is unclear at this point who will be in charge of this new asset class and several federal agencies have taken conflicting positions in the past. This was particularly the case with Ripple, which is now involved in a lawsuit with the Securities and Exchange Commission (SEC) over whether XRP is a security or not. This while they previously had a clear agreement with the Ministry of Finance (FinCen) about XRP as a (bridge) currency. The Commodity Futures Trading Commission (CFTC) is also monitoring developments because cryptocurrencies that are mined and, for example, NFTs may also be seen as virtual goods. Meanwhile, more and more Ethereum service providers are joining the proposal to form a DeFi political defense fund to educate (read lobby) lawmakers to prevent bad regulation for DeFi in general.
Search engine Google ends a three-year ban on cryptocurrency ads. Soon, Americans in particular will be flooded with advertising again, with FTX Exchange and Binance.US in particular fighting each other for the largest market share. More attention from more people is of course good for all crypto. A May 2021 survey found that 33% of Americans already own crypto and 46% plan to buy crypto this year. This is significantly more than the 5% of Dutch people who owned Bitcoin in March 2021, according to Infographic. No less than 62% of these Dutch people also indicated that they had only joined this year!