Last Week Recap
China’s last week announcement to treat all cryptocurrencies transactions as illegal did little to dampen the cryptocurrency market. Quality projects like ETH, LINK and ADA recovered. In our view, the years of Chinese rhetorics against cryptocurrencies have already been baked into investors and traders risk assessment. Last week’s announcement seems to be the final salvo before China launches its widely expected CBDC.
The star for last week was UniSwap. After been beaten down to the high teens, its token price has skyrocketed to $25 representing more than thirty percent gain in a day or two.
For this coming week:
- We are now at the last week of 3Q. We may see crypto breaking out if no adverse news dominate the headlines. Last week’s announcement from the Chinese regulator did not do much damage to the overall crypto market.
- AXS proves its resilience and once again cement the old axiom of mass adoption – new technologies are always trail blazed by games.
- Chainlink continues to dominate the market for trusted third party oracle provider. We continue to like such infrastructure projects which sets the bedrock for the new blockchain evolution. Think ADA, SOL, LINK, ETH.
- Will UniSwap continues its stellar run? With regulators clamping down on CEXs around the world, will a global community managed DEX be the next best thing since slice bread?