BTC hit a new high for the year, what catalyst is there for the crypto market in October?

Written by Aurelian

Compiled: DeepTide TechFlow

The market is on the rise, established giants like Link are experiencing a sharp price increase, and even the meme coin season seems to be returning due to Hay’s madness. Let’s take a look at what the market has to pay attention to.

Newsletter

• New York State Attorney General Letitia James filed a lawsuit against Gemini, Genesis Global Capital and Digital Currency Group, accusing them of defrauding investors of more than $1 billion.
• The U.S. Securities and Exchange Commission (SEC) withdrew charges against Ripple executives Brad Garlinghouse and Chris Larsen, but the case against Ripple continues.
• Grayscale has filed a new registration statement with the SEC aimed at converting its Grayscale Bitcoin Trust into an instant Bitcoin ETF.
• $HAY, created by Uniswap founders five years ago, has risen to nearly $4 million, with the founders burning 99.99% of the supply, leaving only 56 coins in circulation.
• Beneficiaries of the Celestia airdrop will have their distribution significantly increased after the redistribution of unclaimed tokens.
• Two Reddit moderators may have sold tokens before Reddit publicly announced the termination of the Community Points program.
• The U.S. Treasury Department plans to designate international cryptocurrency mixers as a money laundering center due to their use by terrorist organizations like Hamas.

Catalyst of the week

! [BTC hits a new high in the year, what other catalysts are there for the crypto market in the autumn of October?] ](https://cdn-img.panewslab.com//panews/2022/10/24/images/09876385cf940cfffe7a2eedb445e537.jpg)

Monday: Ziliqa Plunder Swap released, BNB listed on Bitbank, NvirWorld released its third update. Tuesday: Seedify goes public on Openfabric, Beefy distributes BIFI tokens, Merit Circle announcements and keynotes. Wednesday: Concordium ecosystem update, Gods Unchained release of Tides of Fate, Terra Classic proposal. Thursday: Stella Incentive Program Begins, Magic Opens Token Claim for 2021 Users, Avalanche Developer Community Conference Call. Friday: The Floki Staking Program will go live, Lords BIP-15 proposal voting, JUST 31st supply mining phase.

Market Conditions

• A recent market shift triggered by a false tweet from CoinTelegraph led to a breakthrough that pushed BTC towards the $35,000 mark. However, there is still uncertainty about the sustainability of this rally.
• After the market rally, investors began to anticipate the imminent approval of the instant Bitcoin ETF, recognizing that they may not have allocated their investments to BTC enough. Many believe that ETFs may be approved before the end of the year.
• Despite recent developments, the Fear and Greed Index and other sentiment indicators reflect a lack of bullish sentiment among investors. Many remain cautious, probably because of distrust of the current market rally.
• Notably, Bitcoin’s dominance is steadily increasing, indicating a massive influx of BTC liquidity.
• Investors seem to prefer BTC, allocating most of their funds to BTC with limited interest in other currencies.
• Despite positive performance in some other currencies, overall market dynamics do not appear to match the continued rally in other currencies in the near term.
• The main factors that could dampen this rally include the introduction of significant regulatory measures or a possible decline in Binance.
• Notably, market participants appear to have anticipated these events, and investors are preparing to mitigate their impact.

Industry News

• The SEC has obtained a default judgment against Thor Technologies and its founder, David Chin. The judgment is related to the alleged $2.6 million unregistered crypto-asset securities offering.
• Binance has established partnerships with new fiat currency providers to conduct euro transactions, including deposits and withdrawals. Following the termination of Binance’s previous euro banking partner, Paysafe, with the exchange, the new agreement aims to offer Binance users a range of fiat currency services.
• Coinbase has chosen Ireland as its European MiCA hub. This allows exchanges to serve 450 million people in 27 countries under a unified regulatory framework. Ireland’s favourable political environment and regulatory infrastructure played a key role in this decision.
• U.S. Senator Elizabeth Warren is asking senior officials for detailed plans to address the possible terrorist risks posed by cryptocurrencies.
• DCG issued a statement on NYAG’s civil lawsuit.
• Mike Novogratz believes the SEC will approve an instant bitcoin ETF by the end of the year.
• Van Eck’s recent tweet seems to hint that an instant BTC ETF is coming.
• A new Ethereum improvement proposal is being introduced to enhance the tokenized vault standard for real-world assets.
• The European Central Bank (ECB) has announced it will enter the “preparatory phase” of the Digital Euro Project, following a two-year investigation.
• Finland is working to develop instant payment solutions using digital euros.

Project Dynamics

• The total value of Gnosis Chain’s locks has doubled since early October to $150 million, driven by a surge in transactions and fees on the network. This increase is attributed to the transfer of $50 million of stablecoins to Gnosis Chain, where users are taking advantage of MakerDAO’s Spark lending protocol to earn more than 7%.
• Lightning Labs has launched its Taproot Assets protocol on the main network. This protocol allows stablecoins and other assets to be issued on the Bitcoin and Lightning networks, providing developers with the necessary tools to scale Bitcoin as a multi-asset network while maintaining scalability and maintaining Bitcoin’s core values.
• Ethereum co-founders Joseph Lubin and ConsenSys face lawsuits filed by more than two dozen former employees.
• Aptos Network experienced a 5-hour outage.
• Magic Eden temporarily suspended BRC-20 trading.
• MultiversX, EGLD, saw prices rise nearly 10% after announcing a partnership with Google Cloud’s AI and data analytics tools at MultiversX’s xDay conference.
• Coinbase has announced its intention to support the launch of dYdX Chain as a validator.
• According to a recent article, the Infura token may be on the horizon.
• Approval without gas is now available on Cow Swap.
• SuperDao has announced its closure and plans to return the remaining funds to investors.

Data

What VCs are doing: For the third consecutive quarter, startups in the trading, exchange, investment and lending space received the most venture capital financing, totaling $611 million, or 32.5% of all venture capital investments during the period.

! [BTC hits a new high in the year, what other catalysts are there for the crypto market in the autumn of October?] ](https://cdn-img.panewslab.com//panews/2022/10/24/images/67ffe2842427268123c84b760d8a23fd.jpg)

Scarce Resources: The number of BTC that has not been touched for more than a decade is close to 3 million, accounting for about 15% of the total circulating supply of BTC. This trend has been steadily increasing, in contrast to the amount of BTC held on exchanges, and heralds a significant shift in the future supply of BTC.

! [BTC hits a new high in the year, what other catalysts are there for the crypto market in the autumn of October?] ](https://cdn-img.panewslab.com//panews/2022/10/24/images/dd8a566fbef2eb1c65a6eb6cc11c531a.jpg)

$10 trillion market in 2030: According to 21.co’s latest research, the market for tokenized assets is expected to reach $3.5 trillion (bear market scenario) to $10 trillion (bull market scenario) by 2030, driven by the adoption of blockchain technology by traditional financial institutions.

! [BTC hits a new high in the year, what other catalysts are there for the crypto market in the autumn of October?] ](https://cdn-img.panewslab.com//panews/2022/10/24/images/3688fb305d2aafdd619a42eab19a89d9.jpg)