Someone may say that it’s boring to follow the crypto market, but he definitely does not know about Mr. Goxx. This trader earned 30% in three months, beating the yield of Warren Buffett and S&P 500. And this trader is a Hamster. In June of this year, the owner and “business partner” of a hamster named Mr. Goxx built a special cage with sensors connected to an Arduino Nano. The business-minded rodent has a trading office attached to his regular cage. Every day, when he enters the office, a livestream starts on Twitch, and his Twitter account lets followers know: Mr. Goxx has started a trading session. Inside the cage, there is a “wheel of intentions” which, after running through, the Hamster chooses one of 30 cryptocurrencies and two tunnels of “decision-making” — through one Hamster buys a coin for €20, through the other he sells the entire position. Thanks to random decisions, Hamster’s portfolio grew by 29% in less than three months — from $390 to $498. On Monday, before the market correction, Mr. Goxx’s assets were $580.
Amazing? And we will say it is also incredible and charming.
With the naked eye, you can see that the crypto market is now undergoing a serious correction. But for several weeks now, investors have not yielded to bullish positions. For example, co-founder and managing partner of “Thoma Bravo” Orlando Bravo invested in bitcoin and expects the price to rise along with widespread adoption of the cryptocurrency. He announced this during the CNBC Delivering Alpha conference.
Also, the well-known trader and blogger PlanB is still holding firmly to his positions and expects a large increase in BTC by the end of the year. We remind you that he predicts a rise in the price of bitcoin to $100k.
The author of the bestseller “Rich Dad, Poor Dad” and entrepreneur Robert Kiyosaki predicted “a giant stock market crash in October.” But he will still HODL Bitcoin.
Something else? Of course! Crypto Differ presented the top 15 decentralized applications (DAPPS) by user activity over the past 30 days. The leader is PancakeSwap with 3 million users, almost 6 times more than the closest pursuer of Alien Worlds, and more than the first 12 DAPPS combined!
Also, the global crypto market cap is $1.90, down 8% from last week. Alongside this uncertainty, the week was full of exciting and positive news related to both El Salvador’s adoption, and Twitter’s implementation of the Bitcoin Lightning Network.
Bitcoin price analysis
At the beginning of the week, Bitcoin started at $43.79k. In the middle of the week it fell to $41k. At the time of writing, BTC is holding at $44.1k with a 24-hour trading volume of $30,067,546,532.84. The dominance of BTC in the market is 42.57%.
The sell-off comes alongside continued pressure on the industry from regulators, a sell-off in the equities markets, challenging conditions in Chinese debt markets, and yet another Bitcoin ban in China.
Another sign of a bearish mood – transaction counts have indeed declined since May, returning to what could be considered a “bearish on chain activity channel”. According to Glassnode, transaction counts are currently at around 175k to 200k transactions per day which are similar to levels seen in the 2018 bear market.
The number of new participants in the BTC market has almost not changed, even decreasing. Now, long-term holders are holding the market. The question is, will they be able to hold the line and provide enough support when buying?
Ethereum price analysis
At the beginning of the week the price was $3103, and at the time of writing it’s $2976. Meanwhile, The current market dominance of ETH is 18.45%.
What’s new with ETH?
Soon, commissions in Ethereum can be paid with ERC20 tokens. Vitalik Buterin proposed an update, thanks to which services will be able to pay commissions on behalf of their users. Plus, an update to the Ethereum 2.0 network called Altair will take place on October 27th. The developers are integrating the EIP-2982 proposal, which will define node inactivity penalties and other violations to ensure the economic sustainability of Ethereum 2.0. Altair will also allow developers to test the upgrade mechanism on the mainnet before more major changes, including before the merger of Ethereum 2.0 with the existing network on Proof-of-Work.
Now let’s move on to the main news of the week!
TOP CRYPTO NEWS
- The largest US crypto exchange has launched a “Get Paid in Crypto” service, which will allow American citizens to automatically receive a salary in any cryptocurrency present on Coinbase. Customers also have the opportunity to receive payments in US dollars directly to their exchange account and spend them using a debit card from Coinbase. Among other things, the exchange will provide the opportunity to automatically convert salary into USD or DAI and receive interest for storing it on the trading platform.
- Bank Revolut plans to launch its own cryptocurrency Revolut – the largest neobank in Europe with a capitalization of $ 33 billion, serving more than 15 million users and 500 thousand companies. At the moment, approval is expected from British regulators, judging by the documents, it will be an exchange token not tied to fiat currencies.
- Morgan Stanley compared Bitcoin to Kenny from South Park – he dies in every episode, but then reappears on the screen. A representative of the American financial conglomerate said that the first cryptocurrency reminds him of the character Kenny from the animated series “South Park” because of its ability to quickly recover in price: I like to say that bitcoin’s kind of like Kenny from South Park — he dies every episode, and is back again.”
Dennis Lynch also added that at the current stage, Bitcoin is showing signs of antifragility — it only benefits from chaos, since it occupies a small part in investors’ portfolios and can grow very quickly, even if something goes wrong.
- If the market rally is not enough for you, there is always an extreme experience in an amusement park. PortAventura is the first amusement park in Spain to integrate a cryptocurrency payment option. The changes will take effect starting with the new season in 2022. Enjoy.
- Nayib Bukele showed a video showing the process of preparing for BTC mining — containers with the logo of the government of El Salvador are brought to the territory of the power plant using the thermal energy of volcanoes, after which the camera shows the connection of miners in a close-up.
- The US government should stay away from regulating the cryptocurrency market. This opinion was expressed by Elon Musk at the Code Conference in California, writes CNBC. In his opinion, digital assets have potential compared to traditional finance. But cryptocurrencies are not the solution to all of society’s problems. Musk suggested that digital assets are inherently “geared towards diminishing the powers of a centralized government,” contrary to the views of the ruling Chinese Communist Party.
- Following Elon’s statements, Twitter was filled with supportive hashtags and tweets, to which the government reacted faster than usual. US Federal Reserve Chairman Jerome Powell said during a live broadcast that the Fed has no plans to ban the use of cryptocurrencies, however it supports regulation of stablecoins as they serve the same function as other regulated assets. Not an answer, but attention to the problem has definitely appeared.
- According to the latest research by Blockdata, 32 out of the 100 largest global companies have a positive attitude towards cryptocurrencies, 61 companies are neutral, and 7 companies spoke about digital assets in a negative way. The trend of adopting a new financial instrument tirelessly reminds us to keep up with the times.
This is all the news, for now. We will continue to keep you informed of all the main events of the crypto market. This article is for informational purposes only and does not provide any financial advice. Stay tuned to our wallet, enjoy the usable interface and transaction security, and check back for updates and news on Twitter, Telegram, Facebook, TikTok and LinkedIn. Let’s learn the cryptocurrency market together step by step!