The Weekly Airdrop: 0x87
October 20, 2023 // Overall Market +7.7%: Coinbase launches perps exchange, SEC softens tone on ETF's, Court to provide a path forward for Grayscale Trust conversion
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MARKET UPDATE
Crypto majors were off to a hot start this week following a strong weekend spot bid on BTC that carried over into the Monday session driving price 4.4% higher. This follows the SEC choosing to not appeal the Grayscale decision which provides the court 7 calendar days to provide a path forward with respect to the conversion application.
With BTC trading close to $30k, up another 3.8% overnight Thursday, it stands to reason that despite levels of geopolitical uncertainty not seen in decades there may be a paradigm shift in how the assets trades overall and whether it remains a risk asset or becomes a safe haven.
Given the current developments surrounding the SEC and BTC ETF’s, BTC dominance is likely to increase as we head towards the first of the final deadlines on January 10th, 2024, which is when we expect to have an approval by.
DEFI OVERVIEW
Onchain Activity
Uniswap is under pressure after announcing they will introduce a 15 basis point fee to use their front end for swaps on a wide range of the highest volume assets including ETH and USDC. This fee will not be applicable to swap aggregators, and we saw UNI trade down (-7.7%) while aggregators 0X ($ZRX) and CowSwap ($COW) traded up 20.2% and 10.5%, respectively
Offchain Activity
Gemini, Genesis, and DCG sued by NYAG for allegedly misleading investors with respect to the health of Genesis and the exposure Gemini Earn customers had to Genesis’s book of business in the wake of the 3AC collapse and subsequent suspension of withdrawals. This may finally bring a resolution for retail users of the Earn program
WEB3 OVERVIEW
Onchain Activity
Render ($RNDR) is among the top performing Web3 tokens this week last up 12.1%. This is on the back of an increased interest surrounding 3D rendering of art, videos, and pictures at a reduced cost through their decentralized GPU network
Offchain Activity
Circle is launching new tools for developers to help aid their drive into Web3 services such as the elimination of gas fees for apps plugged into Circle’s wallet as well as their own smart contract platform so Dapps on other chains can be ported over quickly and easily
THE NEWSROOM
About M31 Capital
M31 Capital is a global investment firm dedicated to crypto assets and blockchain technologies that support individual sovereignty.
Website: https://www.m31.capital/
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