Uptober off to good start.

Weekly Wrap: 25th September - 2nd October September

gm

The timeline is practically bubbling with excitement at the prospect of "Uptober". This is based on the fact that 8 out of the past 10 Octobers have seen positive price action for Bitcoin.

Things got off to a good start with the crypto majors both jumping about 3% in a matter of minutes at the start of this week. Although things have cooled off a little since then.

This week has seen the launch of Ether futures ETFs in the US and that no doubt is being paired with optimism for potential Bitcoin Spot ETF approvals before the end of the year.

I don't claim to know the odds, but even though things seem positive right now, I've been hearing Bitcoin ETF rumours since about 2013 so I won't get ahead of myself celebrating a launch just yet.

Onwards...

- @nuconomist

P.S. The featured image above was generated by DALLE2. I am eagerly awaiting the 3.0 update because I've heard good things and this was barely worth spending a credit 😬

Crypto Market Cap: $1.16 Trillion Dollars 🔼 +7.21%

Bitcoin: $27,981 🔼 +6.59%

Ethereum: $1,733 🔼 +9.68%

Bitcoin Dominance: 45.89% 🔽 -3.79%

Ethereum Dominance: 17.48% 🔽 -0.91%

Other Crypto (excl. BTC & ETH): 36.63% 🔼 -5.68%

A New Trustless Way to Calculate the Bitcoin Price - Bitcoin Magazine

What is old is new again. One of the first cryptocurrencies proposed back in the 1908s is currently being launched with a little help from the Bitcoin Lightning network. You can learn more about running a node here.

Ordinals creator proposes new way to create fungible tokens on BTC - Bitcoin Magazine

Runes are the "hot new thing" in the Bitcoin innovation world that aim to replace horribly inefficient BRC-20 trend.

Should Ethereum be OK with enshrining more things in the protocol? - Blog Post

This post from Vitalik Buterin, one of the founders of Ethereum, asks the question of whether more features should be added to Ethereum itself, rather than applications that live on top. This is a long post exploring the pros and cons often in a technical manner. And the conclusion appears to be "it depends".

Personally I feel like as little as possible should be hard coded as we are still early in this experiment and new features are more likely to get dev time if they are funded by companies that will benefit from the change and their incentives may not always align with that of end users. If standards later find product/market fit and there are cost and compute optimisations that will benefit everyone then it may make sense to consider changes.

FTX Hacker Moves 15,000 Ether - CoinDesk

This weekend $26 million of previously dormant funds from the FTX hack last year made a move, with a significant amount finding their way through Thorchain, a protocol for censorship resistant cross-chain swaps.

Grayscale files to convert Ethereum Trust into Spot ETF - Decrypt

Following a recent wave of ETH ETF activity, Grayscale have applied to convert their trust into a spot ETF. This probably provides some hope to people that have bought into their Bitcoin trust at a discount hoping to make a gain if it can convert and close the gap.

NFT Market Cap (ETH): Ξ 6.9 Million 🔼 | $11.40 Billion (+23.50%)

Weekly NFT Volume (ETH): 30,199 🔼 +5.96%

Weekly NFT Traders: 48,977 🔼 +2.85%

Weekly NFT Loan Volume (USD): $58.3 Million*

*This data excludes a source so can't be compared to prior week

Weekly NFT Deposited as Collateral: 3622 🔽 -1.84%

Bored Ape Yacht Club: Floor: 26.49 ETH | Volume: 4,399 ETH

Amazon is giving away free Gaming NFTs - Decrypt

Subscribers to Amazon Prime can claim a selection of NFTs that can be used on their platform for free. As we've seen recently with Zynga NFTs, rising to about .4 ETH each, free doesn't always mean without value.

Proposal to develop alternative front-ends for Nouns DAO - Mirror

While not financial, this is an interesting use case for crypto. Proof of attendance for the moon. They plan on deploying cubes to the moon which will act as cryptographic proofs when signed. It will be interesting to see how key generation is managed for this, because the ability to hold duplicate signing devices on earth would invalidate the entire premise.

Adidas and Moncler Collab Features AI 'Adventurers' and NFTs - Decrypt

The fashion world continues its exploration into the world of digital collectibles. This time in a partnership that sees the NFTs as a marketing component for a new physical line that is set to launch shortly after.

The post that kicked off the RUNEs phenomenon on Bitcoin.

Link to Tweet

Published with ♥ by {{ admin_name,fallback=Nuconomist }}.
Here’s where you can find me online:

{{ admin_address,fallback=nuconomist.com }}

Unsubscribe here.