Welcome back to Cheeky Crypto with Chris. In this market update, we will be discussing the following:
- Cryptocurrency market capitalization down to $1.05 trillion
- Bitcoin at $26,468, down 2.08% in the past 24 hours
- Market volatility expected for the early month
- Geopolitical events may impact market predictions
- HSBC Bank users can now use crypto for payments
- Mercedes also accepts crypto for payments
- UK regulators causing confusion in the crypto industry
- MPs want football clubs to stop using crypto tokens for fan engagement
- Crypt bank obtains European broker license
- Investigation involving Caroline and Sam Bankman-Fried
- 33.9 million USDT injected into the crypto market by institutions
- Increase in active wallets and deposits on USDT
- Cardano leads in development activity
- Google’s picks for coins with 20x potential by December
- Market challenges in the bear market
Market Volatility Expected in Early October
The cryptocurrency market is expected to be volatile in the early month of October. This is due to a number of factors, including:
- Rising interest rates: The US Federal Reserve and other central banks around the world are raising interest rates in an effort to combat inflation. This is making riskier assets, such as cryptocurrencies, less attractive to investors.
- The ongoing war in Ukraine: The war in Ukraine has caused uncertainty and volatility in the global financial markets, including the cryptocurrency market.
- Geopolitical events: Other geopolitical events, such as the tensions between the US and China, could also impact the cryptocurrency market.
Other News and Developments
Some other notable news and developments from the cryptocurrency industry include:
- HSBC Bank users can now use crypto for payments: HSBC Bank users in the UK can now use cryptocurrencies to pay for goods and services at select merchants.
- Mercedes also accepts crypto for payments: Mercedes-Benz is also now accepting cryptocurrencies as payment for its vehicles and services in select markets.
- UK regulators causing confusion in the crypto industry: UK regulators have been criticized for their confusing and inconsistent approach to regulating the cryptocurrency industry.
- MPs want football clubs to stop using crypto tokens for fan engagement: A group of MPs in the UK have called for football clubs to stop using crypto tokens for fan engagement, citing concerns about consumer protection and financial stability.
- Crypt bank obtains European broker license: Crypt bank, a cryptocurrency bank, has obtained a European broker license. This will allow the bank to offer its services to customers across Europe.
- Investigation involving Caroline and Sam Bankman-Fried: The US Securities and Exchange Commission is reportedly investigating Caroline and Sam Bankman-Fried, the founders of cryptocurrency exchange FTX, for possible insider trading.
- 33.9 million USDT injected into the crypto market by institutions: Institutions injected 33.9 million USDT into the cryptocurrency market in the past week. This suggests that institutional investors are still interested in cryptocurrencies, despite the recent market downturn.
- Increase in active wallets and deposits on USDT: The number of active wallets on the Tether (USDT) blockchain and the total deposits on USDT have both increased in recent weeks. This suggests that there is growing demand for USDT, which is a stablecoin that is pegged to the US dollar.
- Cardano leads in development activity: Cardano is currently the leading cryptocurrency project in terms of development activity. This suggests that the Cardano team is actively working on improving the platform and developing new features.
- Google’s picks for coins with 20x potential by December: Google has recently released a list of cryptocurrencies that it believes have the potential to increase by 20x by December. The list includes coins such as Cardano, Solana, and Avalanche.
Market Challenges in the Bear Market
The cryptocurrency market is currently in a bear market, which means that prices have been declining for an extended period of time. This can be a challenging time for investors, but it is important to remember that bear markets are a normal part of the cycle.
Some of the challenges that investors face in a bear market include:
- Declining prices: The most obvious challenge is that prices are declining. This can lead to losses for investors who are not careful.
- Volatility: The market is also more volatile in a bear market. This means that prices can move up and down sharply, which can make it difficult to time the market.
- Fear and uncertainty: Bear markets can also be a time of fear and uncertainty. This can lead investors to make irrational decisions, such as selling their assets at a loss.