Rowan Currey 
In the past week, the crypto-market showed a consolidated movement, still showing favorable positions for entry into long-term investing. The current rate of bitcoin is $19,297 and Ether is fluctuating at $1,300. The global cryptocurrency market capitalization is $923.29 billion. Bitcoin’s dominance is currently 40.03%. The average daily total cryptocurrency market volume is $36.30 billion.
Today’s latest news:
EU Commission plans to study DeFi monitoring capabilities
It is launching a tender to investigate the possibility of monitoring the Ethereum network with embedded surveillance. This would allow data on DeFi applications to be passed directly to regulators.
Europe continues to take steps to monitor the cryptosphere. Last week, it became known that provisions of the MiCA cryptocurrency regulation bill had been agreed upon.
“Merging” Ethereum has not reduced gas or increased transaction speeds
As you know, the Ethereum blockchain recently switched to the Proof-of-Stake consensus algorithm. But, alas, contrary to the expectations of many market participants, the long-awaited change did not come:
- Transaction fees never went down.
- The speed of transactions has not increased.
These were and still are the main complaints about Ether: long and expensive.
Google will accept payments in cryptocurrency
Google officially announced that in the near future will begin to accept payments for subscriptions to cloud services in cryptocurrency. Coinbase exchange will be a partner of Google. Ten cryptocurrencies will be accepted, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash and, unexpectedly, Ilon Musk’s favorite coin, Dogecoin.
USDT or other stablecoins are out of the question so far.
Initially only “a few corporate clients in the world” will be able to pay with crypto, but then the list will expand and many more people will be able to use crypto.
The bearish phase of the market could last another 2-6 months
Galaxy Digital founder Mike Novogratz said the current bear market phase could last another 2-6 months. He said:
“You know, the bear case means we have two to six more months of this pain. In a bull case, the market starts to break down. And we’re going to see a lot of fractures. Not necessarily in cryptocurrencies, but in the rest of the world.”
The oldest bank in the U.S. offered custody services for Bitcoin and Ethereum
The oldest bank in the U.S. BNY Mellon began providing services for cryptocurrency storage, writes The Wall Street Journal. To do so, the company received a license from the New York financial regulator. The bank will store the keys needed to access and transfer cryptocurrency, as well as provide accounting services for Bitcoin and Ethereum.
BNY Mellon says it is the first of eight systemically important U.S. banks to provide custody services for digital currencies and allows customers to use one custody platform for both traditional and cryptocurrency assets.
Tether is no longer backed by commercial bills
Most of USDT’s stablecoin reserves now consist of U.S. Treasury securities. According to the company, these are the safest and most liquid assets on the market. The reduction of commercial paper to zero demonstrates Tether’s commitment to providing its tokens with the safest reserves in the market, according to the report.
According to CoinGecko, USDT Stablecoin has a market capitalization of $68.5 billion as of October 14, ranking third among the largest cryptocurrencies, behind only Bitcoin and Ethereum.
Briefly on other news of the week:
Bitcoin mining difficulty increased 13.5% and broke the previous record
This is the strongest increase since May 2021. At the same time, given the current bitcoin price, the profitability of mining is close to zero.
Annual inflation in the U.S. slowed to 8.2%
Against this news, the value of Bitcoin could not hold at $18.6 thousand and continued to decline
Binance burned BNB to the tune of more than $547 million
The withdrawal of coins from circulation by “burning” is done automatically every quarter. This will take place until the total supply of token falls below 100 million pieces
This is what the crypto news has been like this past week.
Remember: now could be a golden time for you to break into the crypto world and to get all benefits of the new era trend!
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