Every Action has Equal and Opposite Reaction

  /  5 minutes read

The weeks just depicted sustained pumps in volatility. While the movements in price were zoned, fundamentally a lot of events took place to depict the condition of current market conditions.

A lot of inventory at ports is sitting idle. Demand destruction with increasing funds rate and prices is already in place. Mismanagement in demand prediction has led to excessive orders from multiple large-cap corporations. The same combined with supply chain issues have made container costs go down. While the rates are reaching pre covid levels, the same doesn’t represent just the supply chain getting better but ports being full with goods pending to be sold.

Source: Econdb
Source: Protocol

Continuing on our commentary regarding traditional and blockchain companies collaborating, Mastercard has made a move again. Mastercard will start a partnership with Paxos(leading stablecoin issuer) to enable institutional cryptocurrency trading services. The product will address general concerns institutions have with cryptos’ pseudonymous nature like AML and identity monitoring services

Deals, acquisitions, and funding continue to sustain the crypto ecosystem. Offchain Labs, the company behind Arbitrum rollups has acquired Ethereum Software Team Prismatic Labs. 

Source: Cryptoslate

Uniswap Labs(UNI) has secured $165 million in a Series B funding round. The funding round was led by Polychain Capital and saw participation from a16z crypto, Paradigm, SV Angel, and Variant. The funds raised will reportedly be used to expand its existing product offerings and improve the user experience. This was a big positive for the overall market and an indication of funding possibilities for good projects. While the deal went through smoothly. The same cannot be said about other purchases being executed in the ecosystem.

Source: Theindustryspread

While the acquisition of stressed Voyager Digital by FTX was completed, the state securities board and Texas Department of Banking claimed noncompliance by both parties. The liability on the voyagers’ end needed to be cleared up in structured language. While the issue might seem trivial on the surface, closer inspection depicts the sharp focus regulatory bodies are keeping on all things crypto. While gauging the direction of regulation is slightly tough, the magnitude of the same is surely going to be huge.

Problems keep rising for the exchange behemoth Binance. The cryptocurrency exchange Binance has been accused of “dodging” regulatory examination in the US and the UK. In the first case, Binance backdated a service contract to avoid having to register with the UK’s Financial Conduct Authority. On the second occasion, an entrepreneur connected to Binance made a suggestion to focus enforcement efforts on a US company rather than Binance. A continuous spurry of challenges and roadblocks has hit the global leader. But the company has experience in surviving hard times and seems to be resilient as always. Heightened scrutiny across parameters has lead Binance to delist a variety of tokens as mentioned in previous outlooks.

We are hiring
Source: Cryptotimes

While job shifts have been a recurring theme of our observations, new job roles and avenues have been spurring up in crypto pace at a good rate. Japanese Gaming Giant Konami is on a hiring spree for NFT, Web3, and Metaverse talent. While most coins are down with huge numbers, NFT space has shown a decent deviation and sustained a different economy of its own. The same has led to the introduction of mutated and unforeseen job roles. Additionally, it stated that it intended to offer an NFT trading platform so that players could trade their virtual goods obtained through in-game purchases. For its entry into Web3, Konami is seeking to fill a number of open roles, including system engineers, programmers, project managers, designers, and directors.

Source: U.today

Speaking of the latest developments, Aptos labs launched its APTOS token via big exchanges like Binance and FTX. While initial high criticism regarding tokenomics privacy was seen, the same had less effect on its listing performance. Following the APT listing launch on exchanges, APT token prices skyrocketed, reaching a high of $13.73 on October 19 in the morning. However, as of the time of posting, APT had already fallen by almost 50%, to $7.30. The retail sector may be the target of a mass unload by VCs and investors. While the core team has strong ex-META employees who worked on the DIEM project, a lot of negative sentiment aroused around the launch with speculation around price dumps and manipulation.


Source: Assettype

Under its Presidency, India is expected to host over 200 G20 meetings across the country, beginning in December 2022. India’s finance minister, Nirmala Sitharaman, has disclosed the country’s intention to create cryptocurrency standard operating procedures (SOPs) while holding the G20 chair from December 1, 2022, to November 30, 2023.
Sitharaman acknowledged the numerous studies and analyses on cryptocurrencies carried out by organizations such as the World Bank and the G-20, saying, that they would collaborate with multiple countries so that countries all over the world can have a technology-driven regulatory framework for digital assets.

Bitcoin returns were -1.53% for this week. The Alpha Blue Chip Focused Strategy returns were 0.49% during the same period (06 OCT-13 OCT). The Top Cap Digital Assets Strategy and Arbitrage & Balanced Opportunities Strategy returns were -1.07% and 0.71% respectively.
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