BitcoinBTCInvestors are about to be disappointed by, because it is close to ending a historically successful month in the red. BNB Chain, meanwhile, has experienced record-breaking activity after token prices spiked at the start of October.
As countries continue to decide on whether they will support or not, there is still movement in the EU. “Chat Control” The proposal was opposed by nine people. The lack of support has led to a delay in the decision by Brussels lawmakers on this controversial regulation.
The US Government shutdown has halted most federal work, including the decisions made on exchange-traded crypto projects. However, bills relating to crypto in four states have moved forward this month.
The adoption of stablecoins continues to rise. Market capitalization for stablecoins exceeded $300 billion in October.
Check out the October charts.
Bitcoin drops 10% in the first month of red “Uptober” Seven years of a lifetime
The last six years have seen Bitcoin traders look forward to gains during October. It was so predictable that crypto traders dubbed October “October of the year”. “Uptober.” This year Bitcoin has finished the month over 10% lower than the previous one, thus bucking the trend.
Bitcoin’s price was impacted this month by a number of unique factors. This included a nearly $20,000 billion liquidation. triggered by US President Donald Trump’s trade war With China rate cuts at the US Federal Reserve.
Many traders believe A disappointing October may lead to a bigger rally in the month of November. Some are not as convinced. Crypto Analyst said, “Last time October closed red for Bitcoin, November saw a 36.57% drop.”
BNB Chain Transactions Increase 135% in October
Nansen analysis reported that the BNB Chain saw an increase of 135% in October transactions as memecoins were issued at a high rate. Bubblemaps reported that “memecoin szn is real” BNB Chain.
According to analytics, on October 7, over 100,000 traders purchased memecoins and 70 percent were profitable. About 40 traders made more than $1 million and 6,000 others made $10,000 or more.
Star Platinum, a crypto-trader who uses a pseudonym. claimed By Oct. 8th, most memecoins were already in a state of collapse.
“Retail bought the top. Big holders sold them. If we look at onchain data it shows: concentrated supply, tiny liquidity, repeated bot trades [and] exits to DEX/CEX at the peak,” “They said.”
BNB Chain’s Four.meme became the most popular platform for launching new memecoins. Pump.fun launched on Oct. 1. accounted for over 90% of all new issuancesOn Oct. 8 Four.meme changed the equation to over 80% for all token launches.
BNBs (also known as memecoins) jumped in response to the frenzy.BNBThe price of the token, which surpassed $1,300 in October 13, has since fallen but still remains up 6.6% for the month. Although the price of the token is down, it still represents a 6.6% gain for this month.
Chat Control is opposed by nine countries, pushing it into December
Number of EU members states that support “Chat Control” Continues to change. Twelve countries have openly backed it as of end October. Six are undecided.
Before the vote on Oct. 14th, observers and privacy advocates were watching closely. see which way Germany would vote. A majority of the member states at that time supported “Chat Control,” But the bloc did not have the required 65% population of EU to pass.
Germany’s position as the EU’s most populous country is vital if the European Council hopes to gain the needed support for the legislation. As of the time this article was published, however, there were no public records. collected Fight Chat Control is a privacy advocacy organization that tracks the law. It shows Germany’s opposition.
Chat Control Law has been proposed since 2022, but it hasn’t received the support needed to become law. This current version, proposed by the Danish presidency of European Council, will introduce a screening requirement for encrypted messages in order to identify people who are trafficking material containing child sexual abuse. The vote was postponed to December.
Four US states are working on crypto legislation
While the US Senate is stalled in its efforts to pass the Responsible Financial Innovation Act (RFIA), US states are continuing to develop their own legislation for the crypto industry. Four US states have made significant progress in October on their crypto laws.
Florida’s legislature introduced A bill is a “authorizes Florida’s Chief Financial Officer and certain public entities to invest portions of state and local funds in digital assets, including Bitcoin and exchange-traded products.” The state also issued guidelines and requirements to stablecoin issues in the area.
Wisconsin has updated its tax code. Crypto mining data centers are exempted from income taxes under current law. This loophole would be closed by a new bill. State senate also working On a bill “ensures that individuals and businesses may accept digital assets for payment, use self-hosted or hardware wallets, operate blockchain nodes, develop blockchain software, transfer digital assets, and participate in staking.”
Related: Lost your Bitcoin in California? You might get it all back
New York is currently working on an excise on electricity for proof-ofwork crypto mining. Massachusetts updates fiduciary laws regarding cryptocurrency.
California adopted a law saying that abandoned Bitcoins cannot be immediately sold and they must be stored in their original form. This, say observers, will help exchanges recover and reduce their burden.
Stablecoins reach $300 billion
The total market value of stablecoins surpassed $300 Billion in October as the adoption rate increases worldwide.
This new milestone comes in the midst of bullish news about stablecoins for October. AllUnity’s EURAU stablecoin is supported by the euro and is jointly developed with Deutsche Bank Asset Manager DWS. expanding to several blockchains.
Neobank Revolut introduced Customers can convert dollars into stablecoins at 1:1. Indonesia’s central banks is reported to be planning to issue a “national stablecoin” — i.e., a digital currency backed by government bonds.
On Oct. 29, Visa CEO Ryan McInerney announced, “Adding support for four stablecoins running on four unique blockchains, representing two currencies that we can accept and convert to over 25 traditional fiat currencies.”
Magazine: Grokipedia: ‘Far right talking points’ or much-needed antidote to Wikipedia?
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Source: cointelegraph.com
