In this report:
- Week in Review - SEC is attacking Crypto (via Staking)
- Top 100 Gainers (7-days): BinaryX (BNX) +84%
- Small Cap Gainers (30-days): AIMX +12,826% (30d)
- Emerging Low-Cap Crypto Gem: SingularityDAO (SDAO)
- Monthly Altcoin Pick - Altcoin Pick for February will be released in two weeks
What Happened This Week?
The top crypto stories this week:
- BTC to $500k: Rich Dad, Poor Dad author, Robert Kiyosaki tweeted Bitcoin will hit $500k by 2025 and that a giant market crash is coming (tweet).
- Kraken to Discontinue Staking: Kraken crypto exchange will cease offering staking services to U.S. customers and settle $30 million in charges by the SEC.
- Paxos Faces SEC Charges: Paxos has been ordered to stop minting new Binance USD (Stablecoin) tokens.
- LocalBitcoins is Shutting Down: One of the oldest peer-to-peer bitcoin providers is shutting down, citing market conditions.
The War Against Crypto...
If you are wondering why cryptos have fallen this week, it's largely due to the recent SEC attacks on "Crypto Staking" within the US.
The downturn in the market started with a tweet from Brian Armstrong, the CEO of Coinbase when he said "We're hearing rumors that the SEC would like to get rid of crypto staking in the U.S. for retail customers"
Following this tweet, the SEC went after Kraken for selling "unregistered securities" by selling unsecured crypto staking services and fined $30 million.
This week the SEC has gone after Paxos, the company which issues Binance's BUSD, stablecoin. Just yesterday, the SEC informed Paxos that it is considering charging it with selling unregistered securities. Paxos has subsequently confirmed that it will stop issuing Binances Stablecoin (BUSD) - the second largest stablecoin.
With these recent SEC attacks on crypto, more specifically with its attempts to get rid of crypto staking for the U.S. retail market, there will likely continue to be lots of uncertainty and volatility within the market.
This will continue especially if there is more news of other exchanges (or stable coins) being impacted by this new SEC attack on crypto staking.
While the crypto market is down, it may very well be a good time to buy the dip.
Crypto Market at a Glance:
Bitcoin & Ethereum Price Movement
Bitcoin price for the first time in more than a month has fallen, currently trading at $21,733 (90-day high of $24,167).
Ethereum has also fallen in price over the last week, currently trading at $1,500 (90-day high of $1,704).
Global cryptocurrency market capitalization continues above the trillion dollar level, sitting at $1.003T.
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Top 100 Gainers - Last 7 Days
Over the last 7 days, the biggest gainers (within the top 100):
BinaryX (BNX) 82.05% - Ranked #80
BinaryX ($BNX) is the platform crypto for the BinaryX ecosystem, which includes the DAO and all products & games utilizing $BNX. BinaryX began as a decentralized derivative trading system and has evolved into GameFi and metaverse games. It is also focusing on offering IGO services to bridge Web2 developers to Web3.
Oasis Network (ROSE) +28.2% - Ranked #94
Oasis is a leading privacy-enabled and scalable layer-1 blockchain network. It combines high throughput and low gas fees with secure architecture to provide a next-generation foundation for Web3 and will power DeFi, GameFi, NFTs, Metaverse, Data tokenization and Data DAOs.
Oasis is helping to grow web3, scaling it and evolving it from infancy to maturity. Oasis recently announced the $235 million Ecosystem Fund to support projects to build on the network and has partnered with the likes of Meta, BMW Group Genetica and others.
Herdera (HBAR) +24.7% - Ranked #29
Hedera is an enterprise-grade public network for the decentralized economy that allows individuals and businesses to create powerful decentralized applications (DApps).
Hedera (HBAR) is the native cryptocurrency of Hedera Hashgraph, a platform that is positioned as an alternative to traditional blockchain technology and aims to excel in speed, efficiency and security.
Unlike most other cryptocurrency platforms, Hedera Hashgraph isn’t built on top of a conventional blockchain. Instead, it introduces a completely novel type of distributed ledger technology known as a Hashgraph. HBAR is also purported to be one of the few cryptocurrencies which are ISO 20022 compliant.
MINA (MINA) +16% - Ranked #57
Mina has been described as the world’s lightest blockchain since its size is designed to remain constant despite growth in usage and remains balanced in terms of security and decentralization. The project was rebranded from Coda Protocol to Mina in October 2020.
Mina is all about revolutionizing the current blockchain landscape where most platforms have verifiers such as miners/stakers and light clients who act as third parties when verifying transactions.
Do You Own a Hardware Wallet?
If you own crypto, you need a hardware wallet. Period. Hardware wallets (also known as cold storage devices) are the best devices to keep your crypto investments safe and under your personal custody.
Ledger supports more cryptocurrencies than any other wallet on the market. This means if you have a portfolio with a bunch of exotic altcoins (especially small-caps), then Ledger is the best wallet to keep your portfolio secure.
Store +1,000 cryptos in a single wallet.
Trending Crypto Sectors for 2023
We see the greatest growth taking place within these 3 crypto sectors for 2023:
- Artificial Intelligence (AI)
- Decentralized Finance (DeFi) - Including DEXs
- Web 3.0 - Including DeSCI
Likely the next big growth sector within the Web3 space will be within the Decentralized Science sector. This is an industry that is still in its infancy and will likely completely revolutionize the body of scientific study.
Every week we review and analyze low-market-cap cryptos looking for the next low-cap gem and every month we research the cryptocurrency marketplace for the next successful cryptocurrency project and announce it to our subscribers as our Monthly Altcoin Pick.
To get access to our past and upcoming Altcoin picks, be sure to signup as a paid subscriber.
Biggest Small Cap Gainers in the last 30 days
The greatest gains within crypto are within the nano, micro & small market-capitalized projects.
Best Performing Small Cap projects over the last 30 days:
- AIMX +12,826% - Blockchain Healthcare (Nano-Cap)
- BDP +1,327% - DeFi protocol to source & tokenize data (Nano-Cap)
- DAFI +857% - Decentralized Rewards Protocol (Micro-Cap)
- DMTR +755% - Decentralized Farming (Nano-Cap)
- SRLTY +496% - Tokenized Real Estate (Micro-Cap)
- PSWAP +412% - DeFi Polkadot Exchange (Nano-Cap)
- BEND +377% - Web3 Liquidity Provider (Micro-Cap)
It should be noted the bulk of the biggest gainers in the last 30 days (above) are within the Web3 and DeFi space.
Emerging Low-Cap Crypto Gems:
Monthly Altcoin Pick:
We will be releasing our Altcoin pick for February at the end of the month. If you would like access to this and prior Altcoin Picks, please consider becoming a member.
Our Altcoin Picks for the prior months can be found here.
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Until the next report,