Dear Teroxx Community,
This week we witnessed a digital asset market which experienced low volatility and small price changes despite unsatisfactory inflation figures (USA).
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Digital Asset News
As data from Markets Pro and TradingView shows, the weekend ended rather “boringly” for the market-leading cryptocurrency, as the bitcoin price remains virtually unmoved.
After new American economic data caused characteristic fake-outs during the week, BTC has since returned to its starting position, as the applicable price range is still fully intact.
However, expert Michaël van de Poppe predicts that new volatility is coming, but when it will occur is unclear:
“Only a matter of time before massive volatility finally returns to the markets after four months of sideways movement,” as the analyst predicts on Twitter. To which he adds, “The majority seems convinced that things will continue to go down, but I believe that the chances of a new uptrend are getting better.”
Nirmala Sitharaman, the finance minister of India, has announced that the populous country’s government will formulate standard operating procedures (SOPs) for dealing with cryptocurrencies during its G20 presidency from Dec. 1, 2022, to Nov. 30, 2023. However, speaking to the Indian press on October 15, the finance minister has now confirmed that “crypto will be a part of India’s G20 presidency.”
Web3 developers seem unfazed by the ongoing bear market, with one Web3 platform now concluding through its surveys that they are actually “more active than ever before,” particularly on the Ethereum network.
Accordingly, as Web3 platform Alchemy writes in a Q3 2022 market research study, 2022 could be “the biggest year ever” for Web3 developers.
For example, 36% of all smart contracts ever deployed and verified on the Ethereum blockchain were spun up in 2022 alone. That’s nearly 118,000 out of 323,700 total smart contracts, the study calculates.
Compared to Q3 2021, the increased volume again represents a 143% increase, as a total of more than 48,500 new smart contracts were ingested on ETH in Q3 2022.
In this context, Alchemy also notes that following Ethereum’s long-awaited merge – which saw the second-largest blockchain network switch from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus – the inclusion of new smart contracts went up by 14%, suggesting that some developers specifically waited for the big upgrade.
John Hickenlooper, a U.S. senator from Colorado, has written a letter to Gary Gensler urging the Securities and Exchange Commission chairman to establish “clear rules” for the crypto market.
In a letter dated Oct. 13, Hickenlooper urged the SEC to take action on regulatory issues. For example, he asked that it clarify which cryptocurrencies are considered securities, set registration guidelines for trading platforms, and determine “what information is necessary to ensure investors are adequately informed.” Hickenlooper urged the SEC to speak with the public by opening a “notice and comment period” to develop rules and regulations for cryptocurrencies. He offered to work with the regulator to create such a framework.
Technical term of the week
Web3: Also known as Web 3.0 is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics. Some technologists and journalists have contrasted it with Web 2.0, wherein they say data and content are centralized in a small group of companies sometimes referred to as “Big Tech”. The term “Web3” was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms.
Digital Asset Markt
Bullish outlook: With positive global markets, a bear market rally could take prices up to $22,000.
Bearish outlook: With neutral / slightly negative world markets, support levels at ~$18,500 could be tested.