Summary
The crypto market cap is at $1.06 trillion, down 2.41% in the last 24 hours. However, some experts believe that October could be a green month for crypto, albeit with some volatility. Bitcoin is currently trading at $27,540.
Regulatory developments
The Financial Conduct Authority (FCA) in the UK has issued warnings to top crypto exchanges like KuCoin and Huobi mandating prominent risk warnings to customers. These regulations are causing some exchanges to leave the UK.
Crypto firms are also registering with the FCA before new ad rules come into effect. However, there is also an increase in hacking attempts on crypto exchanges.
BlackRock and the crypto market
BlackRock, the world’s largest asset manager, is reportedly considering launching a Bitcoin ETF. This could have a significant impact on the prices of Bitcoin, Ethereum, and XRP, as BlackRock’s involvement in the crypto market would bring more institutional investors into the space.
UK crypto firms comply with new rules
Binance, OKX, and other crypto firms are working to comply with new financial promotion rules in the UK. These rules require crypto firms to provide clear and fair information about their products and services, and to avoid misleading or pressuring customers into investing.
Nexo phases out cashback
Nexo, a crypto lending platform, is phasing out cashback for UK exchanges and card transactions due to the FCA’s new rules.
Staking pool changes
Vitalik Buterin, the co-founder of Ethereum, is facing criticism from Charles Hoskinson, the founder of Cardano, regarding staking pool changes for decentralization.
Cardano AI platform partners with Decentraland
Cardano-linked AI platform SingularityNET has partnered with Decentraland, a metaverse platform. This partnership will allow SingularityNET to offer its AI services to Decentraland users.
Ripple CTO discusses Elon Musk’s plans
David Schwartz, the CTO of Ripple, has discussed Elon Musk’s plans to hide interaction buttons on Twitter. Schwartz argues that this could have negative consequences for cryptocurrencies, as it would make it more difficult for people to learn about and invest in crypto.
Overall
The crypto market is still in its early stages of development, and it is important to be aware of the risks involved before investing. However, there are also many exciting developments happening in the space, and the future of crypto looks bright.
