Monday, 18 October 2021

Market Summary

Market Summary 18 October 2021

Yield Strats #32 – Money Markets, Cosmos and Airdrops

  • SCREAM is a decentralized lending protocol for individuals and protocols to access financial services. The protocol is permissionless, transparent, and non-custodial. SCREAM is built as a highly scalable lending protocol based on Compound Finance, and an exchange platform based on Balancer Labs utilizing the capacity of Fantom’s highly scalable EVM. 
  • Osmosis is an advanced AMM protocol built using the Cosmos SDK that will allow developers to design, build, and deploy their own customized AMMs. 
  • Trader Joe is a one-stop trading platform on Avalanche. It has first launched with regular trading and has now launched with lending, which combines together to offer leveraged trading. Banker Joe offers investors the ability to lend or borrow against whitelisted assets, enabling the deployment of flexible DeFi investment strategies on the blazingly fast, low-cost Avalanche network. 


Next Bitcoin price crash will be ‘shallower’ than 80%, says Pantera Capital CEO

  • Bitcoin (BTC) market’s tendency to crash by over 80% after logging strong bull runs might come to an end.
  • That is according to a new report published by California-based hedge fund Pantera Capital. In detail, the report notes that the recent periods of BTC price drops have been less severe than in the past.
  • For instance, in 2013-15 and 2017-18, Bitcoin crashed by as much as 83% after topping out near $1,111 and $20,089, respectively. Similarly, the cryptocurrency’s bull run in 2019-20 and 2020-2021 led to massive price corrections. Nevertheless, the scales of their retracements afterward were -61% and -54%, respectively.


Steam Bans Crypto Games While Epic Games Welcomes Them

  • Video game developer and publisher Epic has said it will accept games built with blockchain technology.
  • The news comes after online gaming store Steam yesterday announced it would ban applications “built on blockchain technology that issue or allow exchange of cryptocurrencies or NFTs.”
  • Epic, which competes with Valve, Steam’s developer, then told The Verge that it would be “open to games that support cryptocurrency or blockchain-based assets.”
  • Epic’s CEO and founder, Tim Sweeney, wrote on Twitter yesterday: “Epic Games Store will welcome games that make use of blockchain tech provided they follow the relevant laws, disclose their terms, and are age-rated by an appropriate group.” 


Square is considering building Bitcoin miners, says CEO Jack Dorsey

  • Digital payment platform Square may become the next big thing in ASICs.
  • In an October 15 tweet thread, CEO Jack Dorsey announced Square’s plans for Bitcoin mining:
  • In addition to promising to “build in the open,” Dorsey emphasized the need for greater accessibility and decentralization of Bitcoin mining. The outsized role of the major mining pools and, particularly, geographic concentration has been a longstanding criticism of the Bitcoin network. 


Finance Redefined: Celsius raises $400M, and Rari’s 7.5K% yields, Oct. 11—15

  • Cryptocurrency lending platform Celsius Network announced a $400 million equity fundraise this week led by Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) and equity firm WestCap, taking the company’s valuation in excess of $3 billion.
  • The firm has expressed intentions to utilize the funds in a two-fold strategy: enhance its institutional product and service offering, as well as doubling the workforce to nearly 1,000 employees across the globe.
  • DeFi protocol Rari Capital surpassed $1 billion in total value locked (TVL) this week to reach an all-time high of $1.225 billion according to analytical data from ranking platform DeFi Pulse.
  • The eight-figure total marks a monumental rise from $500 million two weeks ago and just $100 million three months ago. Launched in July 2020, Rari provides an automatic yield optimizing strategy to participants in the DeFi space seeking to secure the highest possible return from their investment.


Bitcoin entering final stage of major bull trend, crypto analyst says

  • Trader and cryptocurrency analyst Alessio Rastani believes Bitcoin (BTC) is entering the final stage of the current bull market, which will propel the leading cryptocurrency to a $100,000 price target. 
  • To explain his prediction, Rastani cited the Elliott Wave Theory, which divides upward price trends into five waves. Rastani believes we have entered the final wave of a bull trend that started at the beginning of 2019 and that should see its top at some point next year.
  • “When this five-wave move completes, then I’m expecting a bear market,” he said.


U.S. Bitcoin futures ETF slated to list Monday

  • The ProShares bitcoin futures-based exchange traded fund (ETF) is slated to list Monday pending no last minute regulatory interference.
  • The firm filed a post-effective amended prospectus today stating its intention to launch on Oct. 18. It will list under the ticker $BITO
  • There will likely be no formal green light from the Securities and Exchange Commission (SEC). In the case of such registrations, once 75 days lapses from the initial filing with no dissent from the SEC, a product is clear to list. ProShares most recent filing indicates it will list on NYSE Arca this Monday.

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