October started on the crypto market with a $ 8,000 Bitcoin and continued with a flash in the middle of the month, when the cryptocurrency reached $ 7500. But the situation has changed rapidly in the last week of this month.
Chinese President Xi Jianping has urged to accelerate the implementation of blockchain technology in the financial industry.
As a result, an explosion of interest was recorded for companies developing solutions based on this technology. At the same time, the price of Bitcoin jumped from $ 7500 to over $ 10,000 in 24 hours. Subsequently, a correction was recorded up to $ 9100, the level recorded at the end of this month.
Things didn’t go as well for the Libra crypto project, though.
The Libra Association has lost many major founding members
Libra’s stable cryptocurrency project has not received a warm welcome from global financial authorities. The pressure they exerted generated negative results for the Libra Association this month.
Paypal, eBay, Stripe, Visa and Mastercard have announced they will no longer participate in the project. The online payment platform of Mercado Libre, MercadoPago and Booking Holdings Inc also withdrew from Libra Association.
Despite these losses and increasingly negative statements from governments, project manager David Marcus is still supporting the launch of the project.
No pound, yes CBDC
The Libra project, however, had a positive effect on the central banks’ impetus in adopting new technologies. The Central Bank of Switzerland, Canada, Russia and China have begun to take the idea of digitizing fiat currencies seriously.
China seems to be the most advanced in this area, and analysts expect a digital yuan to be the first cryptocurrency issued by the central bank (CBDC) released.
Crypto-unicorns and IPOs
A list published by research firm Hurun shows that, of the 494 “unicorns” (companies with a $ 1 billion valuation that were not listed on the stock exchanges), 11 companies are active in the blockchain industry. These include the mining hardware manufacturers Bitmain, Canaan Creative and Ebang. Cannaa Creative has already submitted the documentation for an IPO in the US, and Bitmain seems to have followed suit.
Other blockchain and crypto companies on the list include Coinbase exchanges in the US, Binance in Malta and Liquid Global in Japan. Ripple, Circle, Bitfury, Block.one and Dfinity are other big names in the industry that have surpassed $ 1 billion.
October on the crypto market in Romania
The CryptoZZ beginner’s guide has been launched. It is the first platform that popularizes these technologies, offers quality information about this phenomenon, in a video series generically called Crypto Guide.
The LDV Bank Exchange has launched Crypto Spots, locations where the public can instantly buy and sell Bitcoin and Ethereum through the traditional exchange offices. The service wants to support the use of cryptocurrencies through the facility of fiat-to-crypto exchanges.
In conclusion, we can say that the market is maturing. Authorities are increasingly interested in regulating digital assets and in addition, legislative guides are emerging. Halving is close and it starts to feel the agitation.