Welcome to our weekly crypto market report.
In this report:
- The Week in Review - Upcoming Crypto Regulations
- Top 100 Gainers (Last 7-days) - LiteCoin (LTC) climbing the ranks
- Small Cap Gainers (Last 30-days) - Web 3.0 projects continue to trend
- Monthly Altcoin Pick - November Altcoin Pick coming out next week
The Week In Review
The big news continues to be FTX this week, but rather than rehash the absurdities of this crypto exchange collapse, I think it's more important for my readers to focus on what is coming - Crypto Regulation.
Upcoming Crypto Regulations
You may have heard in the news Biden is now leading a 'critical' call for game-changing global Bitcoin and crypto rules after the FTX Collapse.
As I mentioned last week, the FTX collapse is a perfect opportunity to push for new crypto regulation, which is what is currently happening - but it is not the Biden administration leading this regulatory guidance. It's far more global and strategic.
If we look at the recent G20 Bali Leaders declaration, a global leadership summit that took place on November 15-16, 2022 we see it is really the Financial Stabilities Board (FSB) taking the lead on the implementation of new crypto regulations (globally).
Digging into the most recent FSB Report (October 2022), on the face of it, it actually seems to be good news for crypto however, it is looking like it will become highly regulated and controlled by 'authorities'.
While oversight and regulation to help avoid the FTX and Luna type failures would be good on one hand, on the other hand, such regulation will take away from privacy and anonymity, one of the foundational pillars of cryptocurrency.
The organizations participating with the FSB on this new regulation include the International Monetary Fund (IMF), the World Bank, BIS, Financial Action Task Force (FATF) as well as the International Organization Securities Commission (OICU).
Dates for the Implementation of New Crypto Regulations
According to the most recent FSB report, the FSB will be taking recommendations from many of the above-mentioned entities all the way until mid-2023.
The document further mentions how there won't likely be any implementation until the end of 2023 and possibly 2024. The document further goes on to say they will review these recommendations by the end of 2025.
Crypto regulation is coming, but it's a lengthy process requiring the input of many global entities and financial bodies and only after review and consultation of these recommendations, can we expect new crypto regulations to come into play.
While there may be fearmongering in the media about upcoming crypto regulations, it's likely the implementation of any such regulations won't take place for at least a few more years, or at least until 2025.
Bitcoin & Ethereum Price Movement
We are continuing to see new all-time lows for Bitcoin over recent years with Bitcoin currently trading at $15,794 and Ethereum at $1,104.
The full impact of the FTX saga isn't yet over and may likely continue to result in lower prices for both Bitcoin and Ethereum over the upcoming weeks.
Top 100 Gainers - Last 7 Days
Over the last 7 days, here are the biggest gainers (within the top 100):
ApeCoin (APE) +8% - Rank #39
ApeCoin is a decentralized project created by Yuga Labs, the creators of the Bored Ape Yacht Club project. It's been down-trending all month with a small recovery this week.
LiteCoin (LTC) +10% - Rank #15
Despite the downtrend of the markets, Litcoin has quietly been trending up over the last few months, overtaking Solana (SOL) for 15th position in the last few days. Litecoin is based on the BTC protocol and is one of the few cryptocurrencies which could be considered as a commodity (vs security) given its fair distribution and lack of traditional governance mechanism. This would be significant positive news if new crypto regulations distinguish cryptocurrencies as either falling into commodity or security.
OKB (OKB) +8% - Rank #34
OKB is the cryptocurrency released by OK Blockchain Foundation and exchange, OKEx.
There’s no major catalyst for OKB’s surge. However, a 20.32% uptick in its trading volume suggests that users have been quite busy. It might have something to do with the exchange’s announcement of adjusting the position tiers of its perpetual swaps and futures.
BinaryX (BNX) +7% - Rank #71
BinaryX is the platform cryptocurrency for the BinaryX ecosystem, which includes the DAO and all products & games utilizing BNX. BinaryX began as a decentralized derivative trading system and gradually evolved into developing decentralized video games and is now fully transitioning to be a GameFi platform offering IGO services to bridge Web2 developers to Web3.
Decentralized Exchange Usage is Surging
Over the last few weeks, there has been a marked uptrend in the migration of digital assets to decentralized exchanges (re: FTX collapse). As bank runs are threatening centralized exchanges, decentralized exchanges are taking up their trading volume. Many DEX tokens are surging when compared to their CEX counterparts.
Small Cap Gainers in the last 30 days
The greatest gains within the cryptocurrency market are within the nano, micro & small market capitalized projects.
Despite the recent market downturn, these are the small market cap projects that have retained their gains over the last 30 days:
- KASPA +300% - Kaspa is the fastest, fully decent, Layer-1 in the world (Small-Cap)
- MASQ +135% - dMeshVPN, browser, dAppStore, Web 3.0 (Nano-Cap)
- GEIST +117% - A lending and borrowing market on Fantom (Nano-Cap)
- MASK +145% - Privacy Browser for Web 3.0 (Small-Cap)
Two Web 3.0 projects make up this list this week. As the market moves to this new iteration of the internet, we will likely continue to see more successful projects within this space.
Monthly Altcoin Pick:
We will be releasing our Altcoin pick for November at the end of this month. Our Altcoin Picks for the prior months can be found here.
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Until the next report,