The Week In Crypto In Five Graphs (10/27/19)

For those who love both crypto and graphs that tell a compelling story

#1 Bitcoin Rockets 42% In 4th Biggest Daily Gain Ever — #XiBoom

Via ZeroHedge

The surge started shortly after news of Xi’s remarks broke (“It is necessary to promote the deep integration of the blockchain and the real economy, and solve the problems in financing loans for SMEs, difficulties in controlling the risks of banks, and difficulties in departmental supervision”). These swings are exacerbated by the forced liquidations on derivatives exchanges:

The surge in Bitcoin’s price was nothing compared to the 109% price increase for Chinese blockchain company Xunlei Limited following Xi’s comments:

#2 DeFi Is Clearly Scaling

Via Alethio

Regardless of what lens you look through, DeFi is starting to scale. While the growth is off a tiny base, with the pending introduction of Multi-Collateral DAI on November 18th, it’s going to get increasingly interesting very quickly..

Click here to register for our conference call on November 21st at 1pm est titled “Multi-Collateral Dai & The Future Of DeFi”.

#3 Binance Continues To Hit On All Cylinders

Via Coinpage

Binance is a beast:

E-Trade was started in 1982. Binance in July, 2017.

Meanwhile, the shameful U.S. regulatory environment for crypto claimed another exchange casualty:

In an October 18th blog post, Poloniex announced they are spinning out from Circle, and will be spending more than $100M to “develop and expand” Poloniex. The post also states that:

Unfortunately, in order to be competitive in the global market, we will not be able to include US customers in the spin out, so Circle will be winding down operations for US Poloniex customers. Beginning today, US persons will no longer be able to create new accounts on Poloniex. Starting on November 1, 2019, US customers will no longer be able to execute trades on the exchange.

I have no inside info on the fall of Poloniex, but a difficult regulatory environment in the U.S. was certainly a major factor, if not the dominant factor in their cratering marketshare. Mike Dudas summed up the various strategies for dealing with regulators and competing in the U.S.:

#4 The Security Token Tsunami Is Still Just A Trickle

Via Smith & Crown

In June, 2018, I wrote “Prepare Yourself! The Security Token Tsunami Is About To Hit”. It’s the second most read piece I’ve written. While I’m as bullish as ever about the future of security tokens, the future clearly isn’t here yet:

#5 Red Pill / Blue Pill: The Two Faces of Bitcoin

Via Meltem Demirors of CoinShares

I’ve long been a fan of Meltem Demirors’ and her insight in to crypto. Meltem released her latest overview on Oct. 23, arguing that Bitcoin is two things at the same time. There’s the revolutionary Bitcoin (aka the decentralized social movement that’s trying to create a new financial system):

And then there’s the “watered down” Bitcoin, which is the adoption of blockchain by financial firms (Square, Fidelity, CME..), tech companies (Facebook, Rakuten, Telegram…), and governments (China, the EU, Turkey, …), that are leveraging the technology, to best fight the revolution and create value for their shareholders or citizens:

You can view the entire deck here.

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