Crypto Markets Bounce; Equities Sell Off into the Close: Markets Wrap

Equities continued their struggles, coal was up big on China’s fight against an energy shortage, and the crypto market posted gains.

article-image

Blockworks exclusive art by Axel Rangel

share

key takeaways

  • Federal Reserve Chairman Jerome Powell confirms that the Fed has no plans to ban bitcoin
  • Subpoena that was allegedly served at Mainnet event is neither confirmed nor denied by the SEC

Equities continued their struggles today while the crypto market posted gains.

China faces a power crisis, paving the way for spot coal prices to take another leg higher.

Federal Reserve Chairman Jerome Powell confirmed that the Fed has no intention of banning bitcoin but that stablecoins are like money market funds or bank deposits and need to be regulated properly.

DeFi/NFTs/Gaming

  • Visa announced plans to roll out a ‘permissioned’ Layer-2 targeting stablecoins and central backed digital currencies (CBDCs).
  • The Terra ecosystem successfully launched Columbus-5 earlier today.
  • Popular play-to-earn game Axie Infinity rolled out staking.

TradFi

  • St. Louis Fed model sees loss of 818,000 jobs in September, per Danielle DiMartino Booth
  • According to a Tweet from Jurrien Timmer of Fidelity, The Fed is expected to start tapering in November by $15 billion per month.
  • China has issued an order to top energy companies to ensure supplies at all cost.

Insight

“Overall, September was a bearish month, mostly due to regulatory concerns, including SEC’s negative comments and China’s decision to declare all crypto transactions and businesses illegal. Price action in October would also largely depend on the behaviour of the regulators. As final decision dates for several ETFs are approaching, we would see a lot of action in the markets in the next 2 months,” Oleg Smagin, Head of Strategy at Delio, said.

DeFi

Decentralized exchanges are proving to be the cash cows of DeFi

Source: Ryan Watkins of Massari

Currencies

  • The DXY index dropped -0.12%, according to MarketWatch.

Commodities

  • Natural gas rose 6.65% according to the WSJ.
  • Spot coal prices were up 3.93%, per Business Insider.

In other news…

Loading Tweet..
Loading Tweet..
Loading Tweet..

We are looking out for

  • Federal Reserve Chairman Jerome Powell will discuss pandemic recovery on Friday.

That’s all for today, folks. Let’s do this again, same time tomorrow.


Are you a UK or EU reader that can’t get enough investor-focused content on digital assets?Join us in London on November 15th and 16th for the Digital Asset Summit (DAS) London. Use code ARTICLE for £75 off your ticket. Buy it now.


Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

ao cover.jpg

Research

Arweave recently launched the testnet for AO computer, a new messaging protocol that will sit atop a PoS network and aims to become a scalable global compute platform through parallel processing and modularity.

article-image

Plus, a Bored Ape burger restaurant closes, and Crypto: The Game presses on

article-image

Bitcoin scarcity is a meme, with or without the halvings

article-image

The current state of blockchain interoperability poses an existential threat to the mainstream adoption of blockchain technology as a whole

article-image

The fighting in pro wrestling is largely fake and the outcomes are mostly pre-determined, similar to Ethereum’s relationship with the crypto ecosystem

article-image

Shakeeb Ahmed was tied to two hacks, and the DOJ first filed an indictment against him in July of last year

article-image

HashKey is expected to be among the issuers who receive the green light, according to the report.