What Is Happening to Crypto in October?

We rolled into the month of October amidst a long-running recession. 📉 Throughout September, Bitcoin was struggling to hit 20K while hinting at potential new lows – and the market was following a similar trajectory. 

October brought along some changes and got people excited about what’s to come until the end of 2022. Of course, it’s important to stay up to date with the latest trends and developments – everyone wants to be ready for when the bull market returns. 😏

So let’s talk about the latest news – what’s happening with crypto market and the world of Blockchain today! 👇

Bitcoin at 20K

As we all know by now, the values of ETH and BTC have gone down to new lows in September, as investors were trying their hardest either to flee the ship or to keep it afloat. 🚢

Last Friday however, Bitcoin’s price went back up to $20,000, but whether it’ll climb any higher or drop any lower we can’t say for sure. 

The current growth may be attributed to whales stocking up on BTC. According to data from Santiment, Bitcoin balance on exchanges is very low – it has dropped to 9% for the first time since 2018. 

It is important to understand that short-term price developments don’t necessarily signify long-term trend changes. And with Bitcoin showing sideways movement around the 20K level, there is not a great deal of hope for a positive trend reversal in the nearest future.

P.S. During the writing of this article, BTC has dropped to 19.5K as if to prove the point – the volatility is very real right now and the fluctuations can and will go both ways. 

Blockchain Games Advancements 

The space of Play-to-Earn games has seen a couple exciting developments recently with big names showing interest in blockchain. 🕹️

Sega first move

Sega, the Japanese gaming giant, announced their expansion into blockchain gaming. Double Jump.tokyo studio will help them bring this idea to life by making a game in the Sangokushi Taisen series.💥

The game will be released on Oasys – a blockchain optimised for game-related projects.

Importantly, Sega has stated that they don’t want this move to be seen as a “money-making scheme”. Which is a problem because while there are low-quality money grab games going around, this doesn’t mean that good products can’t exist in this space too. 😤

Shiba Eternity launch

Shiba Inu, one of the biggest meme coin projects on the market, has dropped its Shiba Eternity card game. The game was added to the Apple app store on October 1st, and after a few hours it was already ranked 4th in the top card games list in the Apple App Store. 💪

The game became available for download yesterday – the 6th of October. It received mostly positive reviews from the public, however people are mentioning many points for improvement. 🔨

And though the SHIB price has not been affected that much by this release, it is nice to see another crypto project making efforts to advance the blockchain gaming scene. 🙂

Crypto Layoffs Continue 

We’ve heard of multiple major layoffs over the last year. Most notably, Crypto.com has supposedly laid off over a 1000 employees throughout Spring and Summer months! 😨

Well, this October started with yet another major exchange following in their footsteps. WazirX, India’s largest crypto exchange has released a statement about terminating 50 to 70 employee contracts – approximately 40% of its total workforce! 😯

The management of WazirX blames the economic recession for the necessity to do so. They also stated that the main priority is to ensure the financial stability of the exchange to be able to serve the customers as usual.

This event demonstrates that the current bear market is not at all over. And despite the many predictions of an upcoming bull market flying around, you should always keep the volatility and unpredictability of the crypto market in mind. 🧐

BlackRock’s Big Investment 

Blackrock, the largest asset manager in the world right now, announced back on August 11th that they would launch a private Bitcoin trust for its clients, which could result in a way for investors to have their digital assets legitimized once and for all. 💰

This new private trust will make Bitcoin available to all of its institutional clients. This means an influx of traditional investors into the crypto space as well as a move towards increasing the legitimacy of the blockchain technology. 😀

And though this news is generally seen as a positive step for crypto, some have also expressed worries about Wall Street investors coming into crypto trading and gaining significant control over the market. 🤔

Blockchain industry has always been at the forefront of finance democratization. And though we cannot say for sure if Blackrocks involvement will necessarily undermine what we the community has been fighting for until now, we should definitely be keeping a close eye on how such situations develop. 

Altcoins in October

It’s hard to deny the importance of the major cryptos like Bitcoin or Ethereum in the world of blockchain. But there are over 5,000 altcoins on the market right now! And with such an abundance of projects, there are also many investment opportunities out there. 💲

Let’s look at some recent happenings to get a better feel for how the altcoin space is doing.👇

SUSHI

Global asset management company GoldenTree revealed having staked over $5 million on the SushiSwap exchange. SUSHI, SushiSwap’s native token has jumped an impressive 14% following these news.  📈

ATOM

Cosmos, a blockchain network of interconnected apps has recently released its new whitepaper, describing new issuance model for ATOM as well as a big Cosmos Hub revamp.

But though this crypto has shown major growth in the last few months, these news failed to push its price upwards, with some calling this a sell-the-news event. 🤔

Polygon

Polygon is a decentralized Ethereum scaling platform that allows developers to build scalable and user-friendly dApps. Recently, the project has been closing successful deals with partners which may be the reason for its 14% rally last week. 📈

MATIC, Polygon’s token, is currently one of the top performing cryptos on the market, though some analysts think it may have reached its local top.

Conclusion 

As you can see, the crypto market has had many ups and downs as of late. While many are hopeful about the bull market returning in the near future, it is crucial to remain vigilant with investments, especially in such a volatile time. 🧐

Thankfully, there is no lack of interesting investment opportunities, as long as you DYOR and invest responsibly. 🙂

And if you do decide to stock up on some crypto, you should definitely check out Guardarian.

With us you can buy over 300 different cryptos in a fast and secure way. On top of that, we will never charge any hidden fees and we don’t require registration!

So come visit www.guardarian.com for a quick and reliable way to buy and sell crypto. And as always – good luck and safe investing! ✨