DAILY CONQUEST #098
The days crypto news, insights and alpha.
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- The future of Bitcoin: Taro Protocol.
- Markets pause rally.
- GMX listed on Binance — price soars.
- One step closer to MiCA regulations in Europe.
- The Do Kwon saga continues.
Good morning Fam,
Have you heard about the latest development in Bitcoin?
We’ve mentioned it in the newsletter before, but today we’ll dive a little deeper and show you why Taro might be one of the most important protocols to have emerged from the Bitcoin ecosystem.
Taro (Taproot Asset Representation Overlay) is a protocol that allows digital assets to be issued on the Bitcoin blockchain. Taro means tokens, stablecoins, and even NFTs will soon be available on the network.
Doctor Profit 🇨🇭 on Twitter: "Spoke in April about #Bitcoin Taro update, its happening now, and its bigger than most of people can imagine.Stablecoins, NFTs, Oil Contracts and Stock Market can be bounded to Taproots TARO #Bitcoin Blockchain.Only few understood, and few will understand. pic.twitter.com/hyD3oPuIMK / Twitter"
Spoke in April about #Bitcoin Taro update, its happening now, and its bigger than most of people can imagine.Stablecoins, NFTs, Oil Contracts and Stock Market can be bounded to Taproots TARO #Bitcoin Blockchain.Only few understood, and few will understand. pic.twitter.com/hyD3oPuIMK
But Bitcoin is old news. According to Arcane Research, the Lightning Network continues to see sustained growth. So what do you think will happen when stablecoins and NFTs are introduced to the Lightning Network?
Source: Arcane Research
Utilizing the Lightning Network, assets created on Taro can be transferred instantly and at a low cost, opening up a world of opportunities for Bitcoin to continue its growing network effects.
Click here to read more about Taro.
Market update 🌍
After two days of rallying, BTC fell to a low of $19,730 before closing the daily candle down -0.88% to $20,158. BTC shows strength ahead of the US jobs report on Friday morning. High numbers would represent continuing strength in the US labor market and incentivize the US Federal Reserve to continue aggressive rate hikes.
Within 24 hours after listing on its first major exchange (Binance), the GMX token rose from $41 to a high of $64.95. Traders took advantage of bullish development before returning the price to $50. GMX remains above its up-trend support (red) after testing the level on October the 2nd. There are plenty of reasons (covered in yesterday’s newsletter) to remain bullish on GMX, but expect high volatility as more centralized exchanges begin listing the token. GMX completed the daily candle up +21.74% to $50.56.
SWIFT proves it can handle CBDCs. In not-so-exciting news, the global cross-bank transaction system has presented a framework to transact with central bank digital currencies (CBDCs) in an interoperable system. SWIFT ran experiments with various central and private banks while carrying out transactions between blockchains and fiat currencies.
EU legislators agree to the Markets in Crypto Regulation (MiCA). EU legislators agreed to the text in the landmark MiCA regulation bill. The bill aims to regulate crypto’s various aspects and eliminate privacy concerns with crypto wallets. Additionally, the bill includes a framework for stablecoins to avoid future incidents such as Terra’s UST collapse.
Patrick Hansen on Twitter: "Update on MiCA: The text was approved today in the Council of the EU and is now public!Next steps: -ECON vote in the EP on Oct 10-lawyer/linguist checks-plenary vote in the EP-publication in the official journal of the EUMiCA text: https://t.co/7Er0dDJwxX / Twitter"
Update on MiCA: The text was approved today in the Council of the EU and is now public!Next steps: -ECON vote in the EP on Oct 10-lawyer/linguist checks-plenary vote in the EP-publication in the official journal of the EUMiCA text: https://t.co/7Er0dDJwxX
- Celsius Executives cashed out a total of $56M in crypto before bankruptcy.
- Crypto exchange OKX’s website was blocked in Russia for unknown reasons.
- Paxos will provide custodial services for crypto exchange EDX Markets.
- Coinbase to release a documentary this Friday.
- Do Kwon denies reports that South Korean prosecutors froze his funds.
NFT & metaverse update 🐵
- Cool Cats announces strategic partnership with Animoca Brands!
- Trademarks for Web3 and NFTs in 2022 have surpassed the 2021 total.
Mike Kondoudis on Twitter: "So far this year, 4317 US trademark apps have been filed for digital or cryptocurrencies and related goods/services:Jan: 481Feb: 539 March: 609 April: 584 May: 549June: 450July: 403Aug: 335Sept: 367The 2021 total was 3547#Crypto #Fintech #DeFi #Cryptocurrencies #Web3 pic.twitter.com/VevxKf31hZ / Twitter"
So far this year, 4317 US trademark apps have been filed for digital or cryptocurrencies and related goods/services:Jan: 481Feb: 539 March: 609 April: 584 May: 549June: 450July: 403Aug: 335Sept: 367The 2021 total was 3547#Crypto #Fintech #DeFi #Cryptocurrencies #Web3 pic.twitter.com/VevxKf31hZ
- The creators of Blankos Block Party, Mythical Games, step deeper into Web3 with the creation of Mythos Foundation.
My five cents…
What was the best-performing asset of Q3? Was it gold? Apple stocks? Maybe Nasdaq?
Nope. It was ETH!
In a chart released by Coin Metrics, ETH outperformed all major assets (excluding commodities).
Source: Coin Metrics
Even though the Merge was a “sell the news” event, Ether (ETH) still held the top spot in Q3. Moreover, with global macro conditions worsening, crypto is making its mark by maintaining its levels while many assets continue to struggle.
Things are looking up for Q4!
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The Latest Bitcoin Upgrade is a Game-changer. was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
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