0/ The crypto market began the week of Sept 28 - Oct 4 in the 🟢 as BTC broke above 20,000. This price action posted a 7D gain of 4% for BTC.
This came as Wall Street rallied & the US dollar dipped. Macro data suggested a likely decline in inflation stats & less hawkish Fed.
1/ September was a bearish month for the U.S. stock market due to the CPI release, rate hike, and hawkish comments from the Fed.
A harsh macro environment sent S&P 500 & Nasdaq deeper into a bear market.
Such losses weren't exactly mirrored by the crypto market.
2/ In September, the major tech stock index was down nearly 10%, but BTC just posted a minor 2.5% drop in price.
October is, historically, called Uptober. But with a tougher macro environment, it is a question if there's enough buying power.
3/ Recently, @crypto has reported that the money flowing out of crypto exchange-traded funds has slowed down by 97% in Q3 compared to Q2.
This can be a sign that many bearish investors may have already piled out of the risky asset class.
4/ RSR (+21%) was the best performer among cryptos with 150M+ market cap for a 2nd straight week.
This was a result of the upcoming mainnet launch on Ethereum, but it might become a "sell-the-news" event despite a 68% gain over the last two weeks.
MKR (+14%) rose following
5/ @Gemini proposal to pay it a 1.25% annual interest rate on deposits of GUSD.
6/ VGX (-19%) slumped as @investvoyager is unlikely to continue its operations following an asset auction.
7/ LINK (-13%) plunged despite the much-anticipated staking rewards program, which was announced during SmartCon 2022 conference.
8/ Both DEX & CEX volumes dropped during the bear market, but DEXes were hit harder.
@DuneAnalytics data showed that DEX trading volumes in September are the lowest they have been in 2022 (44B), falling by 62% since January (117B).
The massive drop in crypto assets' price
9/ can be a reason, but CEX volumes remained quite stable compared to DEX.
CEXes' marketing campaigns, promotions and other incentives helped them to retain more users in the bear market, where people show more lack of interest.
10/ Notable news:
@Panteracapital is seeking 1.25B for a second blockchain fund:
@Uniswap eyes over 100M in new funding:
11/ European Parliament members vote in favor of crypto and blockchain tax policies:
@CelsiusNetwork founder withdrew 10M ahead of bankruptcy:
@BitwiseInvest launches web3-focused ETF:
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