Table of Contents
In this report:
- Market News: Bitcoin ETF news; a rollercoaster in the crypto market
- Top 100 Gainers: Toncoin (TON) +35% (7D)
- Micro-Cap Gainers (30-days): Autonolas (OLAS) +631% (30d)
- Monthly Altcoin Pick: Our Altcoin Pick was released yesterday!
Crypto News this Week:
Anna Petrov
Anna Petrov
Anna Petrov
What Happened This Week?
The crypto market pumped this week with Bitcoin reaching $27,977 on the news that a federal appeals court ruled in Grayscale's favor, directing the SEC to reconsider its prior refusal of Grayscale's plan to transform its Bitcoin Trust into an ETF.
However, a day later the SEC got its revenge and on Thursday announced that it would postpone its decision on seven Bitcoin exchange-traded fund (ETF) proposals, including the one submitted by BlackRock, the world's largest asset manager resulting in the market dumping and Bitcoin now trading at $25,700.
It's been a rollercoaster this week with Bitcoin ETF news driving the crypto market up and down.
Many analysts agree it's not "if" but "when" the Bitcoin ETF will be approved.
The SEC has delayed their decision for 45 days, which means the market will be waiting at least until mid-October for a verdict. I have been saying to our members that the next bull run will not take place until around November, which would tie in nicely with the SEC's vedict.
What will happen When Bitcoin ETFs are Approved?
There will likely be a massive price surge in both Bitcoin and the overall market and this may initiate the next bull run for crypto (which is timed to the Bitcoin Halving event).
Bitcoin ETFs will draw in a broader range of retail investors as well as attract more institutional investors into the crypto space - Institutions prefer regulated and traditional investment vehicles, and a Bitcoin ETF fits that bill. With companies like Blackrock, the world's largest asset manager, we could see a tremendous amount of institutional money pushed into the crypto space.
It's almost certain that ETFs will be approved and when they are, the market will see a massive price surge.
If you have been thinking of investing in crypto, the best time to start buying is now before the SEC publically approves Bitcoin ETFs.
In this month's Altcoin Pick, we identified the one crypto we believe will see more growth than any other crypto project on this news - And it's not Bitcoin.
You'll need to become a member to find out.
Join Us - As We Accumulate
Yesterday we released our latest Altcoin pick for the month, a project we believe will perform better than any other crypto project on the news of the approval of Bitcoin ETFs.
If you would like to know what we are buying, you are more than welcome to join us as we share our monthly Altcoin picks in preparation for the upcoming bull run - You just need to become a member.
Richard.
Crypto Market at a Glance (7D):
Crypto Fear & Greed Index:
Today's Crypto Fear and Greed index = Fear – Increased to 39 (from 38 last week).
The crypto fear and greed index is determined by human emotions - Fear and greed. These two primal emotions, play pivotal roles in shaping investors' decisions.
Learn more about the emotional landscape of the crypto markets when it comes to fear and greed and how to safeguard yourself and your crypto investments from it.
Bitcoin & Ethereum Price Movement
Bitcoin has decreased 0.97% in the last week, currently trading at $25,806. In the previous 90 days, Bitcoin has decreased by 4.43%.
Ethereum has decreased 1.38% in the last week, currently trading at $1,631. In the previous 90 days, Ethereum has decreased by 13.62%.
Global cryptocurrency market capitalization has decreased to $1.04T from $1.05T last week.
Top 100 Gainers - Last 7 Days
Over the last 7 days, the biggest gainers (within the top 100):
Toncoin (TON) +35.6% - Ranked #11
TON (The Open Network) was a decentralized blockchain technology initially developed by the Telegram team, and spearheaded by Nikolai and Pavel Durov. Telegram withdrew from TON in May 2020 due to legal issues with the US Securities and Exchange Commission.
The project aimed to promote widespread cryptocurrency adoption and was envisioned as a platform for decentralized apps. To fund its development, Telegram initiated a private offering of its cryptocurrency, "Gram." However, legal disputes with the SEC halted its distribution. After Telegram's exit, other projects, like "Free TON," continued the development using the open-source code, introducing the "TON Crystal" token.
Maker (MKR) +15.1% - Ranked #40
Maker (MKR) is the governance token for MakerDAO, a decentralized organization on the Ethereum blockchain responsible for the stablecoin DAI, which is pegged to the US dollar. MKR holders can vote on changes to the Maker Protocol, including decisions about collateral and risk parameters.
When users borrow DAI, they pay a stability fee in MKR, which is then burned, reducing its supply. MKR plays a vital role in maintaining the stability of DAI and ensuring its value remains close to $1. The token is central to achieving a decentralized finance (DeFi) platform through the Maker system.
XDC Network (XDC) +11.4% - Ranked #43
The XDC Network is an open-source, enterprise-grade blockchain designed for trade finance applications. It's compatible with Ethereum's tools and supports enforceable smart contracts. The network aims to transform the trade finance industry by tokenizing assets and financial instruments. It offers efficient and secure solutions for businesses and provides tools for developers to build on its platform. Is it also considered to be an ISO 20022-compliant cryptocurrency.
IOTA (MIOTA) +11.3% - Ranked #74
IOTA (MIOTA) is an open-source digital currency designed for the Internet of Things (IoT). Unlike traditional blockchains, it uses the Tangle, a feeless and scalable structure. IOTA ensures data integrity and offers secure data and value transfers without any fees.
It's involved in various sectors, including global trade and digital identity, and provides solutions for tracking, customs management, and more. The platform encourages community involvement and the development of innovative solutions.
Biggest Micro-Cap Gainers in the last 30 days
Every week we review and analyze small and micro market cap cryptos looking for the next low-cap gem. These are the best-performing (quality) micro-cap projects over the last 30 days:
Best Performing Quality Micro Caps (Last 30 days):
- OLAS +631% - autonomous agent technology (Nano-Cap)
- BRICK +611% - Reddit: r/FortNiteBR (Micro-Cap)
- ARC +531% - Secure Web3 AI Platform (audits, swaps) (Micro-Cap)
- SCI+ +390% - SciMatic Hybrid Blockchain (Micro-Cap)
- TARA +351% - Web3, Smart Contract utilizing blockDAG (Micro-Cap)
Monthly Altcoin Pick:
We just released our Altcoin Pick for the month. If you would like access to this and future Altcoin picks, consider becoming a member.
Altcoin picks are emailed to members as soon as they are published. If you are wondering how we choose our monthly Altcoin Picks - this is the methodology we use.
Our Altcoin Picks for the prior months can be found here.
Thanks and appreciation to all our members!
Until the next report,
Richard.
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