Week29 2023

Summer drought

Jul 23, 2023

All Snaphots at 10.00 CET 23-07-23

Vola:

Highlights:

Blazing hot temperatures around the globe and liquidity drying up in this holiday starting period. Earnings season full underway and Central Bank bonanza next week.

Digital asset markets were down this week with the total industry market cap hovering above $1.2 trillion

Let the ETF waiting game begin:

https://tokeninsight.com/en/news/u.s.-sec-to-commence-review-of-spot-bitcoin-etf-application-initial-decision-deadline-set-at-45-days

Ripple (XRP ) Follow-Up:

Magistrate Judge Sarah Netburn, the judge presiding over the Securities and Exchange Commission’s (SEC) lawsuit against Ripple Labs, has ordered both parties to determine three mutually convenient dates for a potential settlement conference “if they believe it to be productive at this time.”

https://www.bloomberg.com/news/articles/2023-07-20/house-republicans-sponsor-crypto-bill-to-create-rules-framework#xj4y7vzkg
https://cointelegraph.com/news/sec-hints-at-potential-appeal-to-xrp-ruling-from-ripple-labs-lawsuit
https://finance.yahoo.com/news/secs-gensler-both-pleased-and-disappointed-by-ripple-crypto-ruling-194258709.html?

and Gary wants more money ;)

https://www.theblock.co/post/240637/gensler-wants-fresh-109-million-to-help-sec-rein-in-wild-west-of-crypto

MK Opinion

Will give a brief fundamental overview about XRP token :

Today, the XRP Ledger (XRPL) has limited functionality, but does offer a token standard and decentralized exchange (DEX) that serves as the XRPL’s exclusive exchange for fungible tokens and NFTs.

Unlike for instance Ethereum and Solana, two examples of Turing-complete smart contract blockchains, the XRPL does not support smart contracts, making it impossible for the chain, in its current form, to support crypto activities beyond swaps through the native DEX.

If you’ve spent enough time in the XRP ecosystem, you’ve likely seen some version of the statement, “Ripple replaces SWIFT,” a messaging network used by financial institutions to exchange information and instructions related to international financial transactions.

Unfortunately for XRP HODLers, this activity is not found on the public XRPL, but is instead being facilitated by Ripple Labs through their RippleNet, a closed network of banks and financial institutions. On this private network, however, Ripple supports “cross-border payments” and provides liquidity on crypto assets with a capability called “On-Demand Liquidity.” (ODL). This feature uses XRP as a bridge currency for transactions and gives back some amount of utility to the token.

Since early March 2023, Ripple claims to have engaged with over 20 countries in conversations on their CBDC plans.

Much like with RippleNet, however, it is important to note that the CBDC platform is based on the XRPL, but does not require XRP to operate. As Ripple discloses with Blockworks, “central banks using the [CBDC] platform do not need to use or interact with XRP.”

Think I made my point…

MK Rating: Avoid

Fair Value: 0.10

Coin | Other News:

2023 Ethcc was held in Paris between July 17 to 20, many projects have announced their latest updates.

Chainlink Launches Cross-Chain Protocol to Bridge Blockchains With Traditional Capital Markets (LINK):

https://blog.chain.link/ccip-mainnet-early-access/
https://tokeninsight.com/en/news/chainlink-s-cross-chain-interoperability-protocol-ccip-goes-live
https://www.coindesk.com/markets/2023/07/20/chainlinks-link-climbs-as-whales-add-to-holdings-following-protocol-release/?

Chainlink has collaborated with prominent players like Swift, BNY Mellon, Citigroup, and BNP Paribas, among others.

Tezos (XTZ):

Tezos introduced Etherlink at EthCC, an EVM-compatible solution that settles to the chain.

Celo (CELO) Proposes to Ditch Own Standalone Blockchain for Layer-2 Network on Ethereum:

https://tokeninsight.com/en/news/celo-proposes-transition-to-ethereum-layer2-network-based-on-op-stack?

Uniswap (UNI):

https://www.theblock.co/post/239854/uniswap-hayden-adams-uniswapx

BlackRock Larry Fink positive notes on Crypto:

https://www.cnbc.com/2023/07/14/blackrock-has-a-responsibility-to-democratize-investing-including-in-crypto-larry-fink-says.html?

Justin Sun → Huobi-stUSDT:

https://protos.com/justin-sun-advised-huobi-controls-85-of-decentralized-stusdt/

More possible shady stuff by TRON (TRX) and Justin Sun.:

MK Opinion

Can’t stress enough to avoid anything “His Excellency” Justin Sun related.

DeFI: New U.S. Senate Bill Wants to Regulate DeFi Like Banks:

https://www.coindesk.com/policy/2023/07/19/new-us-senate-bill-wants-to-regulate-defi-like-banks/?

AFM | DNB:

https://www.rijksoverheid.nl/actueel/nieuws/2023/07/14/verbod-op-misleiding-in-cryptowetgeving

VC Money into crypto still alive:

https://www.bloomberg.com/news/articles/2023-07-18/vc-firm-coinfund-raises-158-million-to-back-crypto-startups#xj4y7vzkg
https://fortune.com/crypto/2023/07/18/crypto-vc-polychain-200-million-staff-shakeup/?

Custody good and bad news (EU vs US):

https://www.theblock.co/post/240538/nasdaq-halts-plans-to-custody-crypto-citing-regulatory-concerns
https://www.theblock.co/post/240504/societe-generale-french-crypto-license

AAVE (AAVE):

https://www.bloomberg.com/news/articles/2023-07-15/defi-lender-aave-set-to-launch-decentralized-stablecoin-gho#xj4y7vzkg

Solana (SOL):

https://www.theblock.co/post/240527/solana-labs-rolls-out-solang-compiler-to-enhance-ethereum-compatibility

and amazing!:

https://cointelegraph.com/news/solana-uptime-improves-with-one-outage-this-year

Binance (BNB):

https://www.coindesk.com/markets/2023/07/17/bnb-token-is-being-heavily-shorted-perpetual-futures-show/?

For Dutch Binance Users → Take Action:

“If you have not withdrawn your Digital Assets from your Binance account before August 17th 2023, your individual Binance wallet will in any case be closed. As a result, you will have a contractual claim corresponding with the number and type of Digital Assets that were held in your Binance account on August 17th 2023, after which you can only log in to your Binance account for informational purposes.”