Bitcoin (BTC) is poised to disappoint investors as it is poised to end October, a historically good month, in the red. Meanwhile, BNB Chain saw record activity as token prices surged in early October.
Within the EU, the territory is still in flux as countries decide whether or not to support the “conversation control” proposal, with nine outright opposing it. Worried about the lack of support, Brussels lawmakers delayed their decision on the controversial regulation until December.
While the U.S. government shutdown halted most federal activity, including decisions on exchange-traded cryptocurrency projects, crypto bills in four states moved forward this month.
Meanwhile, stablecoin adoption continues to grow. The total market capitalization of the stablecoin market surpassed $300 billion for the first time in October.
Here is October according to the rankings:
Bitcoin down 10% for the month in first red “Uptober” in seven years
For the past six years, Bitcoin traders have been hoping for gains in October. The trend was so reliable that the crypto community dubbed the month “Uptober.” However, this year, Bitcoin finished down more than 10% for the month, bucking the trend.
Several unique factors have put downward pressure on Bitcoin’s price this month, including a nearly $20 billion selloff sparked by U.S. President Donald Trump’s trade war with China and rate cuts from the U.S. Federal Reserve.
Some traders believe that a disappointing October could mean an even bigger rally in November. Others are less convinced. Analyst Crypto Rover said: “The last time October closed in red for Bitcoin, November saw a 36.57% decline. »
BNB Chain Transactions Soared 135% in October
According to Nansen Analytics, the month of October saw a 135% increase in transactions on the BNB chain as the issuance of memecoins increased. Bubblemaps declared that “memecoin szn is real” on BNB Chain.
According to the analytics platform, more than 100,000 new traders purchased memecoins on October 7, and 70% of them made profits. About 40 of them won more than $1 million, while 6,000 won at least $10,000.
Pseudonymous crypto trader Star Platinum claimed that most memecoins crashed on October 8-9.
“Retail bought the high. Large holders sold them. If we look at the on-chain data it shows: concentrated supply, tiny liquidity, repeated bot trades. [and] exits to DEX/CEX at the top,” they said.
The memecoin frenzy has seen BNB Chain’s Four.meme platform become the dominant format for launching memecoins. On October 1, Pump.fun accounted for over 90% of all new issuance, but on October 8, Four.meme flipped the scales to over 80% of all new token launches.
The memecoin frenzy led to a concomitant rise in the price of the BNB token (BNB), which surpassed $1,300 on October 13. The token has since fallen but is still up 6.6% for the month.
Nine countries oppose monitoring of discussions and postpone it until December
The number of EU Member States supporting Chat Control continues to evolve. At the end of October, 12 countries supported it, while nine openly opposed it. Six remain undecided.
Ahead of the vote scheduled for October 14, observers and privacy advocates were closely monitoring Germany’s vote. At the time, a majority of member states supported Chat Control, but the blockade did not represent the 65% of the EU population needed to pass.
Germany, being the most populous state in the EU, plays a crucial role if the European Council is to gain the support needed to pass the bill. However, at the time of publication, public records collected by Fight Chat Control, a privacy advocacy group that tracks the law, show that Germany opposes it.
The cat control bill has been around since 2022 but has not gained the support needed to pass. The current version, introduced by the Danish presidency of the European Council, would introduce mandatory monitoring of encrypted messages to detect people trafficking child pornography. The vote was postponed until December.
Four US states are working on crypto laws
As partisan gridlock slows progress in the U.S. Senate on the Responsible Financial Innovation Act, U.S. states continue to introduce their own laws for the cryptocurrency industry. In October, four US states made progress on their crypto laws.
In Florida, the legislature introduced a bill that “authorizes the Chief Financial Officer of Florida and certain public entities to invest a portion of state and local funds in digital assets, including Bitcoin and exchange-traded products.” It also introduced requirements for crypto kiosks and guidelines for stablecoin issuers operating in the state.
Wisconsin is updating its tax code. Current law allows crypto mining data centers to remain exempt from income tax. A new bill would fill this gap. The state Senate is also working on a bill that “ensures that individuals and businesses can accept digital assets as payment, use self-hosted or hardware wallets, operate blockchain nodes, develop blockchain software, transfer digital assets, and participate in staking.”
Related: Did you lose your Bitcoin in California? Maybe you could get it all back
New York is working on a new excise tax on electricity used in proof-of-work cryptocurrency mining. Massachusetts updates fiduciary rights regarding cryptocurrencies.
California passed a law stating that abandoned Bitcoin cannot be immediately sold by the state and must be kept in its original form. Observers say this will facilitate recovery and reduce the trade burden.
Stablecoins exceed $300 billion
As the adoption of stablecoins increases globally, their total market capitalization surpassed $300 billion in October.
The new high point comes amid further bullishness for stablecoins in October. EURAU, AllUnity’s euro-backed stablecoin, which itself is a joint project of Deutsche Bank and asset manager DWS, is expanding across multiple blockchains.
Neobank Revolut has introduced a 1:1 conversion between dollars and stablecoins for its customers. Indonesia’s central bank is reportedly considering issuing a “national stablecoin”, that is, a digital currency backed by government bonds.
On October 29, Ryan McInerney, CEO of Visa, announced: “Added support for four stablecoins running on four unique blockchains, representing two currencies that we can accept and convert to over 25 traditional fiat currencies. »
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