Home Analysis 5 Developments in October That Every Trader/Investor Should be Aware of.

5 Developments in October That Every Trader/Investor Should be Aware of.

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  • In the last quarter, the trading volume for NFTs is estimated to be $11 billion.
  • The U.S. Bank Introduces Bitcoin Custody Service.
  • The Whitehouse is planning on an executive order to mandate various federal departments to evaluate and offer suggestions on the cryptocurrency market.

On Monday, the 11th of October 2021, the price of Bitcoin crossed above the $57,000 mark, signifying an estimated 30% growth in October. However, at the time of this writing, the price was trading at $54,847. The price of Bitcoin has been rallying upwards for the past 2 weeks.

The reasons for this growth include the statement by Jerome Powell that assured investors that the Federal Reserve has no plans of banning crypto activities, the hope of the SEC approving a BTC futures ETF, and the use of BTC as a hedge against inflation by institutional investors. Shiba Inu is one of the altcoins that have benefitted significantly from this market optimism.

The chart below shows BTC’s current 4hr price action;

Here is a list of other 5 significant things that have happened in the crypto space in October;

  • In the last quarter, the trading volume for NFTs is estimated to be $11 billion.

According to DappRadar, the trading volume for NFTs has grown by an estimated 704% while comparing the 2nd and the 3rd quarter this year. August represented the most trading volume with an estimated $5.2B. The purchase of in-game NFTs accounts for roughly 23% of the total volumes.

  • The U.S. Bank Introduces Bitcoin Custody Service.

On the 7th of October 2021, the bank announced that they would be offering Litecoin, Bitcoin Cash, and Bitcoin custody services to fund managers. NYDIG, a sub-custodian, will also help in this venture. Managers will be able to preserve private keys via this service. Private keys hold access to a corresponding cryptocurrency wallet.

  • Dogecoin is now allowed to pay for AMC gift cards.

On the 7th of October 2021, Adam Aron, the CEO of AMC posted on Twitter that his company would be supporting Dogecoin payments.

  • Senator Cynthia Lummis confessed to having purchased Bitcoin amounting to $100k. The STOCK Act (Stop Trading on Congress Knowledge) required all the members of Congress to report on their existing cryptocurrency purchases.
  • Lastly, Bloomberg highlighted at the end of last week that the Whitehouse is planning on an executive order to mandate various federal departments to evaluate and offer suggestions on the cryptocurrency market.

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