{"id":1059,"date":"2022-10-07T16:05:15","date_gmt":"2022-10-07T16:05:15","guid":{"rendered":"https:\/\/guardarian.com\/blog\/?p=1059"},"modified":"2026-03-17T09:03:12","modified_gmt":"2026-03-17T09:03:12","slug":"what-is-happening-to-crypto-in-october","status":"publish","type":"post","link":"https:\/\/guardarian.com\/blog\/what-is-happening-to-crypto-in-october","title":{"rendered":"What Is Happening to Crypto in October?"},"content":{"rendered":"

We rolled into the month of October amidst a long-running recession. \ud83d\udcc9 Throughout September, Bitcoin<\/a> was struggling to hit 20K while hinting at potential new lows – and the market was following a similar trajectory.\u00a0<\/span><\/p>\n

October brought along some changes and got people excited about what\u2019s to come until the end of 2022. Of course, it\u2019s important to stay up to date with the latest trends and developments – everyone wants to be ready for when the bull market returns. \ud83d\ude0f<\/span><\/p>\n

So let\u2019s talk about the latest news – what\u2019s happening with crypto market and the world of Blockchain today! \ud83d\udc47<\/span><\/p>\n

Bitcoin at 20K<\/b><\/p>\n

\"Bitcoin
Bitcoin weekly price chart.\u00a0 \u00a0 \u00a0Source: Coinmarketcap.com<\/figcaption><\/figure>\n

As we all know by now, the values of ETH<\/a> and BTC have gone down to <\/span>new lows<\/span><\/a> in September, as investors were trying their hardest either to flee the ship or to keep it afloat. \ud83d\udea2<\/span><\/p>\n

Last Friday however, Bitcoin\u2019s price went back up to $20,000, but whether it\u2019ll climb any higher or drop any lower we can\u2019t say for sure.\u00a0<\/span><\/p>\n

The current growth may be attributed to whales stocking up on BTC. According to data from <\/span>Santiment<\/span><\/a>, Bitcoin balance on exchanges is very low – it has dropped to 9% for the first time since 2018.\u00a0<\/span><\/p>\n

It is important to understand that short-term price developments don\u2019t 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.<\/span><\/p>\n

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.\u00a0<\/em><\/p>\n

Blockchain Games Advancements\u00a0<\/b><\/p>\n

The space of Play-to-Earn games has seen a couple exciting developments recently with big names showing interest in blockchain. \ud83d\udd79\ufe0f<\/span><\/p>\n

Sega first move<\/b><\/p>\n

\"\"<\/p>\n

Sega<\/span><\/a>, 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.\ud83d\udca5<\/span><\/p>\n

The game will be released on <\/span>Oasys<\/span><\/a> – a blockchain optimised for game-related projects.<\/span><\/p>\n

Importantly, Sega has stated that they don\u2019t want this move to be seen as a \u201cmoney-making scheme\u201d. Which is a problem because while there are low-quality money grab games going around, this doesn\u2019t mean that good products can\u2019t exist in this space too. \ud83d\ude24<\/span><\/p>\n

Shiba Eternity launch<\/b><\/p>\n

\"Shiba
Source: Gfinity Esports<\/figcaption><\/figure>\n

Shiba Inu<\/a>, one of the biggest meme coin<\/a> 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. \ud83d\udcaa<\/span><\/p>\n

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. \ud83d\udd28<\/span><\/p>\n

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. \ud83d\ude42<\/span><\/p>\n

Crypto Layoffs Continue\u00a0<\/b><\/p>\n

\"WazirX<\/p>\n

We\u2019ve 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! \ud83d\ude28<\/span><\/p>\n

Well, this October started with yet another major exchange following in their footsteps. WazirX, India\u2019s largest crypto exchange has released a <\/span>statement <\/span><\/a>about terminating 50 to 70 employee contracts – approximately 40% of its total workforce! \ud83d\ude2f<\/span><\/p>\n

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.<\/span><\/p>\n

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. \ud83e\uddd0<\/span><\/p>\n

BlackRock\u2019s Big Investment\u00a0<\/b><\/p>\n

\"\"<\/p>\n

Blackrock, the largest asset manager in the world right now, <\/span>announced<\/span> back on August 11<\/span>th<\/span> 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. \ud83d\udcb0<\/span><\/p>\n

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. \ud83d\ude00<\/span><\/p>\n

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. \ud83e\udd14<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

Altcoins in October<\/b><\/p>\n

It\u2019s 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. \ud83d\udcb2<\/span><\/p>\n

Let\u2019s look at some recent happenings to get a better feel for how the altcoin space is doing.\ud83d\udc47<\/span><\/p>\n

SUSHI<\/b><\/p>\n

\"SUSHI
SUSHI weekly price chart.\u00a0 \u00a0 Source: Coinmarketcap.com<\/figcaption><\/figure>\n

Global asset management company GoldenTree <\/span>revealed<\/span><\/a> having staked over $5 million on the SushiSwap exchange. SUSHI<\/a>, SushiSwap\u2019s native token has jumped an impressive 14% following these news.\u00a0 \ud83d\udcc8<\/span><\/p>\n

ATOM<\/b><\/p>\n

\"ATOM
ATOM weekly price chart.\u00a0 \u00a0 Source: Coinmarketcap.com<\/figcaption><\/figure>\n

Cosmos<\/a>, 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.<\/span><\/p>\n

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. \ud83e\udd14<\/span><\/p>\n

Polygon<\/b><\/p>\n

\"MATIC
MATIC weekly price chart.\u00a0 \u00a0 Source: Coinmarketcap.com<\/figcaption><\/figure>\n

Polygon<\/a> 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. \ud83d\udcc8<\/span><\/p>\n

MATIC, Polygon\u2019s token, is currently one of the top performing cryptos on the market, though some analysts <\/span>think<\/span><\/a> it may have reached its local top.<\/span><\/p>\n

Conclusion\u00a0<\/b><\/p>\n

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. \ud83e\uddd0<\/span><\/p>\n