Bitcoin ends ‘Uptober’ in the red, BNB activity spikes: October in charts

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Bitcoin (BTC) is astir to disappoint investors, arsenic it’s connected the verge of ending October, a historically bully month, successful the red. Meanwhile, BNB Chain has seen grounds enactment arsenic token prices jumped astatine the opening of October.

In the EU, the territory is inactive shifting arsenic countries determine whether to enactment the “Chat Control” proposal, with 9 opposing it outright. Concern implicit the deficiency of enactment saw lawmakers successful Brussels hold their determination connected the arguable regularisation until December.

While the US authorities shutdown has crushed to a halt astir national business, including decisions connected crypto exchange-traded projects, crypto bills successful 4 states moved up this month.

Meanwhile, stablecoin adoption continues to grow. The full marketplace capitalization of the stablecoin marketplace surpassed $300 cardinal for the archetypal clip successful October.

Here’s October by the charts:

Bitcoin down 10% connected the period successful archetypal reddish “Uptober” successful 7 years

For the past six years, Bitcoin traders person looked guardant to gains successful October. The inclination was truthful reliable that the crypto assemblage dubbed the period “Uptober.” However, this year, Bitcoin finished implicit 10% down connected the month, shirking the trend.

Several unsocial factors enactment downward unit connected Bitcoin’s terms this month, including a near-$20-billion liquidation lawsuit triggered by US President Donald Trump’s commercialized war with China and rate cuts astatine the US Federal Reserve.

Some traders believe that a disappointing October could mean an adjacent bigger rally successful November. Others are little convinced. Analyst Crypto Rover said, “Last clip October closed reddish for Bitcoin, November saw a 36.57% drop.”

BNB Chain transactions spike 135% successful October

October saw a 135% summation successful transactions connected the BNB Chain arsenic memecoin issuance spiked, according to Nansen analytics. Bubblemaps stated that “memecoin szn is real” connected BNB Chain.

According to the analytics platform, implicit 100,000 caller traders bought into memecoins connected Oct. 7, and 70% were successful profit. Some 40 of them made implicit $1 million, portion 6,000 made astatine slightest $10,000.

Pseudonymous crypto trader Star Platinum claimed that astir of the memecoins had crashed by Oct. 8 and 9.

“Retail bought the top. Big holders sold them. If we look astatine onchain information it shows: concentrated supply, tiny liquidity, repeated bot trades [and] exits to DEX/CEX astatine the peak,” they said.

The memecoin frenzy saw BNB Chain’s Four.meme level go the ascendant format for launching memecoins. On Oct. 1, Pump.fun accounted for implicit 90% of each caller issuances, but connected Oct. 8, Four.meme flipped the equilibrium to implicit 80% of each caller token launches.

The memecoin frenzy saw a concomitant spike successful BNB’s (BNB) token price, which broke $1,300 connected Oct. 13. The token has since fallen but inactive remains up 6.6% connected the month.

Nine countries reason Chat Control, kicking it to December

The fig of EU subordinate states supporting “Chat Control” continues to shift. As of the extremity of October, 12 countries enactment it, portion 9 openly reason it. Six stay undecided.

Law, Bitcoin Price, European Union, Binance, Stablecoin, Features, Nansen, BNB

Ahead of a ballot scheduled for Oct. 14, observers and privateness activists were intimately watching to see which mode Germany would vote. At the time, a bulk of subordinate states supported “Chat Control,” but the artifact did not comprise the 65% of the EU colonisation needed to pass.

Germany, being the astir populous authorities successful the EU, is important if the European Council wants to unafraid the enactment indispensable to walk the bill. However, arsenic of publishing time, nationalist records collected by Fight Chat Control, a privateness advocacy radical tracking the law, amusement that Germany opposes it.

The projected Chat Control instrumentality has been astir since 2022 but has not secured the indispensable enactment to pass. The existent iteration, introduced by the Danish presidency of the European Council, would present mandatory screening of encrypted messages to drawback radical trafficking kid intersexual maltreatment material. The ballot has been postponed until December.

Four US states enactment connected crypto laws

While partisan gridlock slows down the US Senate’s advancement connected the Responsible Financial Innovation Act, US states proceed to present their ain laws for the cryptocurrency industry. In October, 4 US states made advancement connected crypto laws.

In Florida, the legislature introduced a measure that “authorizes Florida’s Chief Financial Officer and definite nationalist entities to put portions of authorities and section funds successful integer assets, including Bitcoin and exchange-traded products.” It besides introduced requirements for crypto kiosks and guidelines for stablecoin issuers operating successful the state.

Wisconsin is updating its taxation code. Current instrumentality allows crypto mining information centers to stay exempt from income tax. A caller measure would adjacent that loophole. The authorities legislature is besides working connected a measure that “ensures that individuals and businesses whitethorn judge integer assets for payment, usage self-hosted oregon hardware wallets, run blockchain nodes, make blockchain software, transportation integer assets, and enactment successful staking.”

New York is moving connected a caller excise taxation connected energy utilized successful proof-of-work crypto mining. Massachusetts is updating fiduciary rights regarding cryptocurrencies.

California passed a instrumentality stating that abandoned Bitcoin can’t beryllium instantly sold by the authorities and indispensable beryllium kept successful its archetypal form. Observers accidental this volition easiness betterment and little burdens connected exchanges.

Stablecoins apical $300 billion

As the adoption of stablecoins increases globally, their full marketplace capitalization surpassed $300 cardinal successful October.

The caller high-water people comes amid bullish quality for stablecoins successful October. AllUnity’s euro-backed stablecoin, EURAU, which itself is simply a associated task from Deutsche Bank and plus manager DWS, is expanding to respective blockchains.

Neobank Revolut has introduced a 1:1 conversion betwixt dollars and stablecoins for its customers. Indonesia’s cardinal slope is reportedly planning to contented a “national stablecoin” — i.e., a integer currency backed by authorities bonds.

On Oct. 29, Visa CEO Ryan McInerney announced, “Adding enactment for 4 stablecoins moving connected 4 unsocial blockchains, representing 2 currencies that we tin judge and person to implicit 25 accepted fiat currencies.”

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