Triaconta Weekly #168
The following topics will be addressed in this weekly.
- Bundles performance
- Winners & losers
- Bitcoin FUD
The total market value of all cryptocurrencies has been moving sideways between $1500 and $1750 billion since the dip on May 19. Sellers have the upper hand at the beginning of the week and buyers at the end of the week. There is no clear trend down or up. All bundles have fallen on balance this week and our new customers in particular benefit from these low prices.
1 Month: -36.28% | 7D: -4.33% | 24H: -0.34%
1 Month: -45.30% | 7D: -10.50% | 24H: -2.29%
1 Month: -43.03% | 7D : -11.38% | 24H: -2.22%
1 Month: -52.33% | 7D: =-17.42% | 24H: -4.14%
Winners & losers
Solana (+10%), Bitcoin Gold (+8%), Waves (+7%) and Algorand (+4%) are rising faster than Bitcoin (+2.5%) this week. There was a loss for owners of Synthetix (-22%), Nano (-21%), Avalanche (-20%), Compound (-18%) and ChainLink (-18%). The DeFi funds, in particular, have fallen 50-60% in value over the past month. Strangely enough, the sector that everyone ultimately expects the most from.
Two serious Dutch newspapers, Volkskrant and NRC, wrote something about Bitcoin this week. It was like a competition to see which newspaper could get the most inaccuracies in one article. It is unclear why both authors have done so little research and to what extent the article is based on claims that have long since been refuted or have since been resolved by new developments. For full commentary on the articles, please refer to a translated btcwiki.nl, which provides objective and informed commentary on everything about Bitcoin in the Dutch media.
For example, it states that Bitcoin is already one of the greenest industries in terms of percentage of green energy and that gold remains one of the most polluting industries in the world. Every serious investigation shows that the criminal use of Bitcoin is less than 1%. And yet they keep on repeating “Bitcoin is bad for the environment and is only used by criminals”.
Trade, possession and production of Bitcoin and all cryptocurrencies must be banned quickly, according to a recommendation from the director of the Central Planning Bureau (CPB) in the Financieel Dagblad. Are the Dutch therefore no longer allowed to have Tesla shares because they have $1.5 billion “forbidden” Bitcoins on their balance sheet? And what about the Bitcoin and Ethereum ETFs that have just been listed on the Amsterdam stock exchange. An institute that has to calculate the effects of government policies is seriously wrong in claiming that a ban on bitcoin will decrease its value. That never happened. On the contrary, in every country where Bitcoin is banned, there is something wrong with the local currency and the price has always gone up massively.
According to this director of the CPB, a crash is inevitable and the Netherlands must intervene quickly. Crashes happen regularly when there is speculation, such as in houses, commodities and stocks. It is a nonsensical reason to ban possession, trade and production because some random person thinks a crash will happen. Markets rise and fall, just like the Bitcoin price. Inflation reduces the purchasing power of the euro and the dollar and you now pay more for your house, car or a Bitcoin than 10 years ago. Bitcoin also has a built-in scarcity as fewer and fewer Bitcoins are added. New euros and dollars have recently been added at a rapid pace. That’s why most analysts are calling for $100,000 Bitcoin this year. We’ll see who’s right. So far, Bitcoin has risen and crashed, but it still rises higher than the previous top every time.
We read in de Volkskrant that there are no rules and no supervision whatsoever for cryptocurrency trading. In what age does this author live? As a crypto service provider, we spend a large part of our time complying with all legal rules and regulatory requirements. The judge recently even found that supervision in the Netherlands went too far and regulator De Nederlandsche Bank (DNB) had to withdraw rules. The same DNB published their budget this week and, despite a budget of 1.5 million euro, appears to have spent nearly 2.5 million euro on that “nonexistent” oversight of cryptocurrency companies. Incidentally, these supervisory costs must be paid in full by the cryptocurrency companies themselves.
Of course, as in any industry there are bad apples and by complying with all legal obligations we are happy to contribute to a healthy and reliable cryptocurrency sector. Now only informing the policy makers, newspapers and TV shows about how crypto is making the world a better place. Then we’ll get there in the end.