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The crypto market continues its new bull run, which re-commenced in July, hitting a new high of $2.7 trillion. Both Bitcoin and Ether also reached all time highs in October. Binance Coin, Tether and Cardano make up the top five by market cap. The Fear and Greed index currently sits at ‘Greed’, which compares to last week’s ‘Extreme Greed’ and last month’s neutral.
SEC Approves Bitcoin Futures ETF
After years of false starts the crypto industry finally got its ETF (Exchange Traded Fund). The SEC approved the ProShare Bitcoin Strategy ETF. After two days on the NYSE ProShare’s ETF became the fastest fund ever to reach $1 billion in assets under management. Physically based bitcoin ETFs, where you invest directly in bitcoin, are still waiting approval, but it is a promising start.
SEC Chairman claims U.S won’t ban crypto
It came as a relief to the market when Gensler the Chairman of the SEC declared that the U.S would not ban crypto but would seek to better regulate it. Although the final decision would be up to Congress. That regulation is most likely to be focused on the stablecoin market to begin with.
Walmart enters crypto
Walmart shoppers can now buy bitcoin at 200 kiosks in its stores. The test is with Coinstar which offers bitcoin at more than 3,000 kiosks.
Axie Infinity creator raises $152 million
Axie Infinity is one of the most popular play-ro-earn games on the blockchain commanding a $38 billion valuation (fully diluted). An Investment in the creator rather than the tokens is a telling sign that the tokens do not represent good value. Avoid for now.
Shiba Inu, the memcoin named after another dog, saw its token rocket in value before falling back after a comment from Musk that he didn’t own any. But that comment didn’t stop its rise and it is now valued above Dogecoin at $38 billion. Of course that has reignited the search for the next Doge or Shiba, a search we won’t be embarking on.
Squid Games pump and dump
A token inspired by the Netflix show Squid Games saw its price spiral upwards by 380,000% on its debut. That upwards momentum continued as the price hit $2,861. However the price came crashing down as the founders cashed out with a $12 million profit and left the ‘project’. That my friends is the danger of investing in memecoins and projects with no fundamentals.
Coinbase announced it was launching an NFT marketplace focusing initially on Ethereum based NFTs.
The good and bad of Robinhood
Robinhood’s announcement that it was launching a crypto wallet hit the share price of Coinbase particularly after they revealed they had already signed up 1 million people to the upcoming product. However Robinhood suffered its own set back a few days later when it reported its quarterly earnings. The main cause of concern was the fall off in crypto trading from $233 million in the previous quarter to $51 million in the current. The shares tanked.
USDC finds itself under investigation
One of the leading stable coins, number two behind Tether, was issued with a subpoena from the SEC back in July, only recently coming to light however. It was also disclosed that the investigation continues. USDC announced it was shifting its reserves to only cash and treasuries. It is expected that the SEC will oversee the stablecoin market in the short term, something which will no doubt send shivers up the spine of Tether.
Tether’s house of cards
Last month we reported that the SEC is investigating Tether. This month they were hit with a $42.5 million fine by the CFTC. It was also reported in a Bloomberg expose that billions of dollars of client money has been invested in risky crypto projects, something the team at Tether initially denied but was later confirmed by Celsius who benefited from an investment of $1 billion. This is a devastating revelation and is a sure sign that if there was ever a bank run investors would suffer massive losses.
New York targets DeFi Lending
Both Nexus and Celsius received cease and desist letters from the New York Attorney General. Nexus and Celsius are lending platforms targeting private investors.
A new survey suggests 11.4% of adults around the world own crypto. Nigeria, Malaysia and Australia have the highest rate of adoption. Indonesia, Hong Kong, Singapore, India, Philippines, Mexico and the US make up the top 10.
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Mr. Moonshot gets his own TV show!
Last week we launched our new show, Moonshot Weekly. This is a weekly show where our very own Moonshot reveals one new moonshot every week. The focus will be on micro cap cryptocurrencies which he feels have the best potential for massive growth.
Listen to this week’s show here and discover what he believes is potentially one of the most exciting moonshot opportunities in the micro cap space right now.
Inside Track podcasts
We continue to build our library of interesting content from emerging projects and technologies in the blockchain space. Inside Track is the best way to learn about cryptocurrency from experts in the field as well as discover emerging projects from NFTs to DeFi, from memecoins to launchpads.
This month’s podcasts include:
Don’t KYC – A small cap project that claims to offer the first anonymous credit card in crypto. The podcast is a deep dive into how the card works, the risks and the rewards. Don’t KYC price, DKYC chart, market cap, and info | CoinGecko
Faceter – Faceter analyzes data from video and CCTV, its APP has over 500,000 downloads. Faceter is an emerging project with a low market cap. Find out more about this exciting project and what factors are set to drive its future growth. Faceter price, FACE chart, market cap, and info | CoinGecko
Listen to our series of Inside Track podcasts here
Staking and Yield Farming
Each week we provide the latest APRs from leading staking and yield farming platforms together with news from the industry.
Staking and yield farming has been a major driver in the huge growth in the DeFi sector. Investors are being enticed by the massive APRs on offer. Totally new projects tempting investors with returns of 10,000+ % are able to attract a deluge of money from investors who don’t seem concerned with the high risks involved. Our weekly review looks at the best platforms out there and the ones to avoid. We attempt to weed out the platforms that we think won’t stand the test of time.
You can read our weekly reviews here
You can also watch our YouTube video which takes a deep dive into the world of staking and yield farming and attempts to explain the most complex issues.
You can sign up to receive your weekly review here
A dive into Don’t KYC’s anonymous credit card
DKYC offers the simplest crypto off-ramp on Binance Smart Chain in the form of anonymous prepaid credit cards. Earn rewards, spend worldwide. With DKYC you no longer need confusing cross-chain conversions or long wait times to realize your crypto earnings at 37 million retailers.
The DKYC team plans to release the world’s first fintech NFT series with real utility during Q4 2021. The collection of designs is set to depict financial freedom, anonymity, and promote the quest to eliminate global financial inequality. The NFTs will contain an embedded range of unique financial perks for their owners and donations to relevant charities. Moreover, an in-built staking system will generate rewards while the NFTs are held. These NFTs will be mintable via the DKYC website and eventually tradable on rFind out more on dontkyc.com
DKYC is launching its new DPay blockchain-based payment solution to connect the Binance Smart Chain to real-world spending without merchant fees or proprietary hardware. DPay allows users to spend their tokens directly from the Binance Smart Chain (BSC). With DKYC and DPay, users won’t need to disclose their shopping behaviors, pay exorbitant merchant fees, or wait around for payments to be confirmed.
You can read the full article here
By Q1 of 2022, the DKYC ecosystem is set to be rolled out onto other blockchains, like Solana, to make DPay the fastest-growing multi-chain payment gateway.
Below are a few of the articles we published last month which you may like to catch up on:
Newly listed cryptocurrencies with moonshot potential
The complete guide for US crypto investors
Are reflection tokens a gimmick
View these and more here
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