M3TA Recap: Oct 16 – Oct 22, 2023
M3TA Recap: Oct 16 – Oct 22, 2023
Yup, you're not reading it wrong. With Bitcoin leading the way, altcoins are surging. So, what altcoins are we talking about? Read on!
Top performers (7D)
Bifrost - $BFC: +81.5%
Price as of time of writing: BFC/USD - $0.0649
Bifrost Network is a blockchain project that aims to provide a comprehensive solution for building dapps. It is built on the Polkadot ecosystem and enables users to stake their assets and earn rewards, as well as participate in liquidity provision for various DeFi platforms. Bifrost Network also offers cross-chain capabilities, allowing users to transfer assets between different blockchains.
Reason:
$BFC is listed on Upbit and Bithumb but not on major futures exchanges like Gate.io, MEXC, and Binance. The majority of trading volume comes from the Korean exchanges, with substantial transfers occurring on a Kucoin-associated wallet address as of October 18, 2023.
Rootstock Infrastructure Framework - $RIF: +58%
Price as of time of writing: RIF/USD - $0.116
The RSK Infrastructure Framework (RIF) provides open-source, decentralized tools and technologies that simplify the creation of secure and accessible DeFi products backed by Bitcoin (BTC).
Reason: It experienced a price surge as Bitcoin broke the $30,000 mark.
Bluzelle - $BLZ: +53.9%
Price as of time of writing: BLZ/USD - $0.1866
Bluzelle is a decentralized data storage network on Cosmos that provides a secure, reliable, and scalable solution for storing and managing data in a decentralized manner. It is powered by its native cryptocurrency, BLZ, which is used to incentivize nodes to provide storage and processing power to the network. Bluzelle's technology is based on a combination of blockchain and distributed database technologies, making it a highly secure and reliable data storage solution.
Reason: Prominent wallet holders tend to accumulate more BLZ in the $0.1 to $0.13 price range. Additionally, BLZ is among the assets on Binance's list for balancing funding rates, much like TRB.
Bitcoin SV - $BSV: +53.7%
Price as of time of writing: BSV/USD - $51.95
Bitcoin SV is a fork from Bitcoin Cash (BCH) blockchain in 2018 with a larger block size (128MB). This allows for faster processing speeds of over 50,000 transactions per second (TPS).
Reason: Similar to $RIF, $BSV also witnessed a price surge when Bitcoin crossed the $30,000 threshold.
Chainlink - $LINK: +43.7%
Price as of time of writing: LINK/USD - $10.7
Chainlink is a decentralized oracle network that provides a secure and reliable way to connect smart contracts with real-world data and events. It is powered by its native cryptocurrency, $LINK, which is used to incentivize node operators to provide data to the network. Chainlink's technology is designed to be highly secure and tamper-proof, making it a trusted solution for connecting smart contracts with real-world data and events.
Reason: The price increase this time is due to continuous accumulation of $LINK from two wallet addresses on Upbit and Bithumb exchanges.
Top losers (7D)
LoomNetwork(OLD) - $LOOM: -72.9%
Price as of time of writing: LOOM/USD - $0.104
Loom Network is a multichain platform that specializes in creating delegated PoS side-chains, which are smaller, customized blockchains linked to larger networks like Ethereum. Developers use Loom to build specialized blockchain networks tailored to their specific application needs, allowing them to adjust security, decentralization, and scalability independently of the underlying Ethereum network.
Stratis - $STRAX: -38.3%
Price as of time of writing: STRAX/USD - $0.63
Stratis is a Layer 1 solution that allows businesses to deploy on Stratis' sidechain, providing financial services, deploying smart contracts, and using identity security tools.
STP Network - $STPT: -19.8%
Price as of time of writing: STPT/USD - $0.0596
STP Network is a blockchain-based platform that provides a secure, scalable, and interoperable infrastructure for the tokenization of assets. It is built on top of the Ethereum blockchain and supports cross-chain interoperability.
ARK - $ARK: -17.1%
Price as of time of writing: ARK/USD - $0.4475
ARK is a blockchain-based platform that provides a scalable and interoperable infrastructure for the development and deployment of dApps. It uses a unique consensus algorithm called Delegated Proof of Stake (DPoS) to enable fast and secure transactions, and supports cross-chain interoperability.
Liquity - $LQTY: -11.4%
Price as of time of writing: LQTY/USD - $1.38
Liquity is a lending and borrowing protocol on the Ethereum blockchain. It allows users to create a dollar-pegged stablecoin called LUSD, which is used in the Liquity protocol and backed by Ethereum for loans with a 110% collateral ratio.
These tokens experienced a price drop as a result of a recent increase.
Macro
ETF-related
ProShares Registers Short Ethereum ETF, Trading to Start Early November
Fidelity Updates Spot BTC ETF Filing, Joins Ark Invest, Invesco Amid SEC Feedback
Crypto Fundraising
OpBNB-based AI Platform Myshell Secures $5.6M in Seed Funding From Hashkey Capital
Darewise Entertainment (Life Beyond) Raises $3.5M For Bitcoin Blockchain Gaming Ecosystem
Elixir Protocol Raises $7.5M in Series A for Dex Market Making
Game Forge Platform Secures $11M Seed Round from Animoca, Hashkey...
Micro
M3TA Telegram - Oct 16, 2023
The number of addresses holding ≥1k ETH has declined since 2020, while the number of ≥1k BTC addresses has remained stable. Concerns about Glassnode's data accuracy have been raised, suggesting that staking activities and ETH holdings by top addresses may influence the interpretation. Despite initial appearances, Bitcoin and Ethereum whales seem to maintain a positive outlook.
M3TA Telegram - Oct 17, 2023
Yesterday, Bitcoin briefly surged to $30k due to an incorrect report about the SEC approving the iShares Bitcoin ETF by Cointelegraph. BlackRock's clarification led to a swift drop back to $28k, resulting in notable consequences.
M3TA Telegram - Oct 17, 2023
Hayden Adams, the inventor of Uniswap, announced a 0.15% swap fee for select tokens, including ETH, USDC, and others, when traded through Uniswap Labs' interfaces. The fee aims to support Uniswap Labs' development and expansion.
M3TA Telegram - Oct 17, 2023
The "GBTC discount," tracking Grayscale Bitcoin Trust, is at its narrowest in 22 months, reflecting optimism about Grayscale's open-ended ETF transformation. The 15.87% discount has steadily reduced from its 50% low in December 2021. The SEC's decision not to appeal the court ruling that favored Grayscale's ETF conversion has increased approval prospects, potentially enabling a spot ETF launch in January 2024.
M3TA Telegram - Oct 17, 2023
Lido has confirmed the phased shutdown of its operations on the Solana protocol, with immediate cessation of Solana deposits. While stSOL rewards will persist, the Solana frontend will be discontinued by Feb 2024, and stakers will need to use the Command Line Interface (CLI) for unstaking. Node operators can opt to leave the platform starting Nov 17.
M3TA Telegram - Oct 18, 2023
Sui team faces investigation for token supply manipulation by the South Korean Financial Supervisory Service. Sui Foundation denies allegations, emphasizing transparency and no token sales after Community Access Program (CAP) distributions.
M3TA Telegram - Oct 17, 2023
Reddit is ending its "Community Points" tokens like $MOON, $BRICK, and $DONUT, used to reward quality contributions. They will be phased out by November 8 due to scalability and regulatory concerns. Reddit is shifting focus to the Contributor Program, which lets users convert Reddit gold into fiat currency. This change has led to a significant drop in the values of tokens like $MOON, $BRICK, and $DONUT.
M3TA Telegram - Oct 19, 2023
This mirrors the level of holdings in the past three quarters, yet signifies a long-term decrease due to prior sales and price fluctuations, following Tesla's initial $1.5 billion Bitcoin purchase in 2021, which had exceeded $2 billion in value but was mostly sold in 2022.
M3TA Telegram - Oct 19, 2023
Bitcoin remains above $28k, with over 33.5k BTC moved to cold storage, resulting in multi-year low exchange reserves. Long-term holders anticipate a bullish future, potentially due to hopes of a spot Bitcoin ETF approval, which could add $1 trillion to the market cap.
M3TA Telegram - Oct 20, 2023
The SEC has dropped charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen for securities law violations related to XRP sales, and these charges cannot be refiled. The SEC's case against Ripple continues, potentially bringing the case closer to resolution or an appeal.
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