Crypto's October Prospects: Hope Amid Political Turmoil?
With BTC Uncertain we also Explore Layer 1 Protocols Arcana Network and Haven1
An interesting start to October. What was supposed to be “Uptober” is turning into “Rektober” for impatient crypto investors. But investors never became wealthy in a week and need to learn patience. There is still hope for Bitcoin to finish the month strong, but political turmoil may send shockwaves into the market.
Meanwhile, I delve further into research on two very strong Layer 1 protocols, Arcana Network, and Haven1. Both are substantial projects building networks that could host the next super app. Additionally, I explore BTC mining alternatives with the Lumerin hashpower marketplace. I've never researched BTC mining in-depth because the upfront costs to mine are quite high. However, with new marketplaces launching that have no upfront cost to start participating in the Bitcoin network, I am intrigued.
So let's dive in! Be sure to check the weekly crypto news at the bottom and my analysis of where BTC moves next.
Arcana Network Mainnet Launch and Sendit Crypto by Email
What's stopping us from driving 10 million new users into Web3?
Many non-tech people find it intimidating to jump into a new technology where there are risks of not understanding exactly what they're doing, losing funds, or getting taken advantage of somehow.
Blockchain needs to be as easy as email. And it seems it is with the new dApps from Arcana Network, like Sendit. Sendit allows you to send crypto over email. It comes in handy, especially for people who don't have a wallet and don't own any crypto yet. All they have to do is open their email, and they are now a Web3 user.
It's already generated 250,000 registered users and 1 million new transactions in a short period of time.
Beyond that, Arcana just launched their mainnet and has an entire blockchain protocol dedicated to easy user-interface apps, which could drive millions more into blockchain. Their native cryptocurrency has yet to launch, so I am also following closely (and you'll probably get some if you try out Sendit).
How will DeFi grow past what it did on 2021?
Decentralized Lending and Borrowing on the blockchain.
The previous DeFi growth cycle was fuelled by speculation. However, now the Total Value Locked (TVL) in DeFi is stagnating, and the industry needs to strengthen its fundamentals to be taken seriously by big money.
What are the missing pieces needed to attract big institutions to inject capital into these DeFi protocols? Safety and security are definitely major factors. Haven1's blockchain protocol is taking a specific approach to safety and security to grow the DeFi industry. They understand that institutional adoption will not happen if billions of dollars are placed into shabby smart contracts offering high APY, created by anonymous cryptopunks. This is what it will take to make blockchain go mainstream. I believe it, so I am following their journey closely as they prepare for the next stage of launch.
They are just entering an incentivized testnet, which means you can now get involved and try it out (with incentivizations!). There are significant airdrops planned for most of the Layer 1 and Layer 2 blockchains that have yet to launch, so I wouldn't doubt that there could be handsome rewards for those interested in trying out their testnet.
Hashpower Marketplaces: Better than BTC Mining?
How much do you know about Bitcoin mining? It's a complicated process, buying a rig and setting it up. Then there's competing with warehouses that have thousands of ASIC mining rigs... And when do you hit profitability?
Through my research, I've come across an amazing alternative: a decentralized marketplace for hashpower. You're just dealing with Smart Contracts, not with some people getting the hashpower from who knows where, as in some traditional Cloud Mining platforms, which were most popular many years ago.
So, this morning I spoke with Ryan Condron, the Founder of Lumerin, whose team set up the decentralized marketplace that was just launched on the Arbitrum network. Ryan was mining in his garage back in 2012, and he now understands the perfect way to set up a mining marketplace in a trustless manner. I learned a lot from our conversation about mining and the alternatives.
Bitcoin hashpower and the difficulty in mining continue to rise to new All-Time Highs, despite the price of BTC. This is why it's especially important to learn a bit about BTC mining beyond just the market price.
My conversation with Ryan should help, and you might even start mining some Bitcoin through the marketplace!
Crypto News:
Uniswap DEX release new Android App early user release (Early Access). Early users may be entitled to another UNI Airdrop, so sign up!
Ethereum Foundation’s Sales: They transferred 1,700 ETH to Uniswap DEX on October 9, 2023, and sold it for $1,611 per coin.
Polygon Co-Founder Jaynti Kanana steps down after 6 years (source)
Coinbase spot trading volume falls by 52% compared to 2022: (Report)
The blockchain gaming industry attracted $600 million in investment in Q3 2023, currently one of the leading sectors in blockchain
Scroll, a layer 2 scaling solution to the Ethereum blockchain, has launched its Sepolia zkEVM testnet (Try it out)
Gary Wang, FTX co-founder, testifies in court that FTX gave special privileges to Alameda Research, allowing for unlimited withdraws of funds
Caroline testifies under oath She and Sam Bankman Fried conspired to keep Bitcoin under $20,000.
Coinbase tax head calls on IRS to revise strict crypto tax rules (Source)
Minterest unleashes their DeFi solvency engine to revolutionize decentralized lending (Source)
WOO DEX repurchases all shares and tokens from 3AC’s estate after reaching a mutually and the 20M tokens will be burned.
Other Good Reads:
Check out
newsletter for condensed summaries from the world’s most popular crypto coins with daily alpha, news, and analysis, all free. Read it hereMarket Analysis:
$BTC Bitcoin:
BTC price and the crypto market overall have been moving down since the “Uptober” October 1st market pump. Market participants were hoping that turmoil in global politics would help Bitcoin’s appeal as a safe haven asset ie. digital gold, but it appears it has had no positive effect so far.
The SEC decide not to appeal the grayscale decision to convert their Bitcoin Trust into a Spot ETF, effectively green lighting spot bitcoin for some time in 2024. The decision today (Friday October 13th) saw a small pump in BTC price (around 1%) and a retracement.
This goes to show there is not a lot of strength in the market now. Ethereum and the altcoins cannot drive upwards into the market with a weak Bitcoin.
Traders are still expecting BTC price to end October higher than when it started, and some are hoping for a black swan world politics event that will flash crash BTC down to the low $20,000’s and then head up to $30,000 and beyond.
EngineeringRobo is showing a Sell signal on the 12h but still hasn’t triggered on the 1D, and CryptoBirb’s indicator has his BTC position stopped out with a small loss. We may be in no-mans land at the moment.
Meanwhile, the stock market is has not shown weakness during October. As well , Gold and Silver price action is moving up, in part from the politic turmoil in the middle east. While Bitcoin and digital assets show weakness and the other markets don’t, it isn’t a good sign for crypto in the near term.
Thanks for reading!
-Ashton Addison, CEO of Crypto Coin Show