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

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (1).jpg

Research

Jupiter has emerged as the undisputed liquidity backbone of Solana, commanding over 90% of spot DEX aggregation and 80% of perp trading volume. But behind the numbers lies a far more ambitious play: a cross-chain, vertically integrated super-app spanning swaps, synthetics, NFTs, memecoins, and launchpads. This report explores Jupiter’s rapid rise, the monetization upgrades reshaping its revenue profile, and the risks that could unwind its dominance, from token dilution to competition. With annualized revenues nearing $300M, the upside is undeniable, if it can navigate the turbulence.

article-image

Immutable has been building a game with Ubisoft that was slated to unveil in April. It may be a TCG.

article-image

Curve founder Michael Egorov is working on a new protocol designed to eliminate impermanent loss, rethink token emissions, and capture BTC-native yield

article-image

Mining outfits have gone bust in the wake of prior halvings. Not so this time around.

article-image

Zora’s announcement that its token is for “fun only” sparked a debate about the need for such tokens

article-image

In recent weeks, Helium has hit new all-time highs while passing major protocol milestones

article-image

Financial advisers in a January survey said equity ETFs were their top choice for gaining crypto exposure in 2025