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Monday, October 5th, 2020

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Your Weekly Update on All Things Crypto

OVERVIEW

Donald Trump tests positive for COVID-19
BitMEX Founders get indicted by the Department of Justice
Singularity Net partners with Cardono to provide on-chain governance for AGI.
Bitcoin growth - the big picture
Polkadot based Reef Finance closes seed funding
De-Fi Altcoin trades of the week

MACRO NEWS

Trumps Gets COVID

Just when we thought the US presidential election couldn't get any wilder, President Trump has tested positive for the Coronavirus. Trump is classified as a high-risk patient due to his age (74), his obesity, and prior health conditions. On Friday, Chief of Staff Mark Meadows said some of Trump’s vital signs were “very concerning” and that the next 48 hours would be critical in his care. Health concerns aside, the president will be forced to quarantine and will lose a critical window of his campaign less than 30 days before the election.

Republicans that have also tested positive include:

First Lady Melania Trump
White House Advisor, Hope Hix
Trump Campaign Manager, Bill Stephanie
Republican Senator, Tom Tillis
Republican Senator, Mike Lee
Notre Dame President, Rev. John Jenkins
Former White House Advisor, Kellyanne Conway
Former NJ Governor, Chris Christie

After flouting public-health guidelines throughout the entire Trump campaign, and propagating the narrative that the Coronavirus was a hoax, this bombshell serves as a wake-up call that this virus does not discriminate and won't go down without a fight. 😷

What This Means For Crypto:

After the news broke on Thursday, markets plummeted as uncertainty about the presidency went into overdrive. While crypto has already taken a beating in September, it will be interesting to see if these recent events lead to further downside in October. We feel that a more defensive position in crypto markets would serve investors well throughout the month of October.

TOP STORIES

BitMEX Founders Slapped With Indictments

Last Thursday, the US Department of Justice slapped an indictment on four of the senior officials of one of the world's largest crypto exchanges, BitMEX. BitMEX is one of the longest-running crypto exchanges in the world and is known for being notoriously relaxed when it comes to its "Know Your Customer" procedures.

While the exchange continues to operate, markets have clearly been shaken by the news, as many have begun to withdraw their funds from the exchange, resulting in a sudden Bitcoin price dump on Thursday.

What This Means for Crypto:

While some in the crypto space see this as a bearish sign, we at CryptoWeekly actually view this as quite the opposite. The United States has clearly taken a stance to begun laying down the law on some of the more lenient exchanges, but we feel that this is a calculated step towards clearing the field for the entry of a Bitcoin ETF. After years of discussion, the momentum finally feels like it is building for a Bitcoin ETF, which would be extremely bullish for Bitcoin, as it would provide an onramp for institutional investors like Hedge Funds, Endowments, and Pensions to start investing in Bitcoin through traditional investment channels.

SingularityNET Partners with Cardono

What happens when a decentralized AI marketplace meets a decentralized governance protocol? We're not exactly sure what, but we're excited to see how it plays out! SignularityNET, the leading blockchain based AI marketplace has agreed to a partnership with Cardono that will see a portion of the AGI tokens beginning to migrate to Cardono from Ethereum.

Last Wednesday Charles Hoskinson, CTO at IOHK and founder of Cardono sat down for an interview with Ben Goertzel, one of the leading minds in AI and founder of Singularitynet.io. In their interview they discussed their long-term partnership and what it will mean for both parties.

These are two of our favourite projects at CryptoWeekly and we're excited to see them working together. Click here to watch the full interview.

CRYPTO UPDATES

Playing The Long Game

Every once in awhile, it's a good idea to take a step back and look at the bigger picture. The chart above represents the exponential growth curve of bitcoin's price over the past decade. Each bar represents a month and price is plotted on a log scale to account for exponential growth. Each bull run is represented in blue.

What this means: While growth has stayed within the exponential parameters, we can also see that the bull runs get roughly 12 months longer with each cycle. With this, we can predict that this Bitcoin bull run will extend until roughly November of 2022. We can also see that the lions share of the games come in the second half of the bull run.

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TOP FUNDING DEALS

Polkadot-based Reef Finance Closes $3.9M seed funding round

Reef Finance, a cross-chain suite of DeFi services, just closed it's seed funding round this past Wednesday. Reef offers a kind of one-stop shop, combining a global liquidity aggregator, yield farming aggregator and asset-management product.

Key investors include NGC Ventures, AU21, QCP Capital.

Data Gumbo raises $4M in series B

On September 24th, Data Gumbo, an interconnected blockchain network designed to streamline smart contracts management for industrial companies, closed a series B funding round of $4M reaching a total of $15M in funding.

The private company is based out of Houston, founded in 2016, and has only 4 employee's. The series was funded by three companies: L37 Ventures, Saudi Aramco Energy, and Equinor Tech.

TRADES OF THE WEEK

Compound (COMP)

Compound is one of the leading decentralized finance protocols in the space. It is an algorithmic, autonomous interest rate protocol built for developers. The protocol powers many leading crypto-finance applications.

After a more than 50% retracement from its recent highs versus Bitcoin, Compound looks to be setting in a higher low, which is a good sign for a trend reversal. Watch this closely for a breakout to the upside.

Akropolis (AKRO)

Sticking with the de-fi theme, Akropolis is a de-fi project helping it's users lend, borrow, and grow their crypto assets. Built on Polkadot, this project has the potential to grow substantially as more focus moves to the Polkadot ecosystem in the coming year. After a nearly 80% correction versus Bitcoin, Akropolis may be a steal at current prices.

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