QCP: Crypto Market Weakness Likely Short-Term
The crypto market has been experiencing a downturn due to geopolitical tensions in the Middle East, particularly following ballistic missile attacks from Iran against Israel. This led to a significant selloff on October 1st, with Bitcoin (BTC), Ethereum (ETH), and other major cryptocurrencies dropping by approximately 4%. According to analysts at QCP Capital, this weakness is expected to be short-lived as they anticipate that U.S. equities will recover soon, which should positively impact cryptocurrency prices too. They highlight the strong correlation between these markets and suggest that macroeconomic factors are currently driving risk asset prices.
The Most Important Difference Between Bitcoin And Crypto
Michael Saylor of MicroStrategy recently highlighted the distinction between Bitcoin and the broader "crypto" space during an appearance on CNBC's "Squawk on the Street." He expressed frustration over being associated with what he considers less decentralized projects within the crypto industry. The debate centers around decentralization; while all cryptocurrencies use blockchain technology for transactions without central authority control, none match Bitcoin’s level of decentralization according to its advocates like Saylor. Forbes reports how proof-of-stake systems popular among newer blockchains may lead towards oligarchic structures unlike Bitcoin's proof-of-work consensus mechanism.
BBVA Plans Visa-Backed Stablecoin Launch in 2025
Spanish banking giant BBVA plans to launch its own stablecoin backed by Visa in 2025 as part of their digital assets strategy, reported Fortune magazine after interviewing Francisco Maroto, head of Digital Assets & Blockchain at BBVA. He revealed they're already testing out functionalities through sandbox programs offered via new initiatives launched under the VISA umbrella aimed specifically at helping financial institutions create tokenized versions of traditional currencies such as Euros and Dollars, potentially transforming settlement layers in exchanges worldwide once fully operational next year.
Focusing Too Much On 'Uptober' Is A Mistake Says Trader
A prominent trader cautions investors about placing excessive emphasis solely on historical performance patterns observed throughout Octobers past when evaluating potential future gains related investments involving BTC or ETH. Instead, they suggest adopting more holistic approaches encompassing longer timeframes spanning several months rather than focusing exclusively on single-month periods alone. A Cointelegraph article published earlier this week discussed the same topic, further elaborating on reasons why doing so could prove beneficial overall despite current price declines seen since the start of the month thus far.
XRP Price Collapses As SEC Appeals Ripple Case
The XRP community was dealt another blow when news broke regarding the US Securities Exchange Commission's decision to appeal a recent court ruling favoring the San Francisco-based company behind the popular altcoin, effectively classifying secondary sales as non-securities. This resulted in an immediate drop in value of nearly eleven percent overnight according to the latest updates provided by U.Today, covering developments surrounding the ongoing legal battle closely watched across the entire sector given the implications the outcome might have on the wider regulatory landscape moving forward, especially considering the timing coinciding with the beginning of the traditionally bullish period known colloquially amongst enthusiasts simply as “Uptober.” Meanwhile, Shiba Inu experienced a massive spike in whale activity, increasing net flow almost three thousand percent the day prior, signaling renewed interest in the meme coin amidst turbulent times elsewhere in the marketplace.
Sources:
- QCP: Crypto market weakness likely short-term
- The Most Important Difference Between Bitcoin And Crypto
- BBVA plans Visa-backed stablecoin launch in 2025
- Focusing too much on Bitcoin Uptober is a ‘mistake,’ says crypto trader
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