Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis.
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🗞 Bitcoin suddenly slides 4% as BofA predicts a 20% stock market crash
The price of Bitcoin abruptly dropped 4% from the day’s peak as the uncertainty in the stock market intensified.
The price of Bitcoin (BTC) abruptly dropped 4% from the day’s peak on Oct. 30 as the uncertainty in the stock market intensified. With five days left to the U.S. presidential election, Bank of America, or BofA, suggested a 20% drop is possible.
The Dow Jones Industrial Average declined 7.55% since Oct. 12. Tech-heavy stock indices performed slightly better in the same three weeks as the Nasdaq dropped 5.8%.
While the correlation between Bitcoin and stocks has declined in recent weeks, the slump of risk-on assets could negatively affect cryptocurrencies.
Would a “risk-off” drive hurt Bitcoin in the short term?
“Landslide victory for either Trump or Biden and rapid election conclusion would likely be welcomed by markets while a severely contested election could see risk-off and drive 10-year rates materially lower.”
For Bitcoin, it is still difficult to gauge whether a potential prolonged equities dump would cause a pullback.
Since Oct. 12, while U.S. stock market indices declined by 5% to 6%, Bitcoin rallied by nearly 16%. In the last 18 days, BTC rose from $11,167 to $13,290, massively outperforming gold, stocks and the U.S. dollar.
Maximum pain for altcoins
Throughout October, alternative cryptocurrencies have found themselves in an awkward position alongside rising BTC dominance. When Bitcoin increases so fast in a short period, it could hinder the altcoin market’s recovery because it creates a volume vacuum.
“As would be expected with $BTC’s increased #crypto market dominance, sentiment has grown more positive and dwarfed other large cap assets. Weighted social sentiment measures the positive/negative ratio of comments about assets, while also including volume.”
🗞 Uniswap moves closer to a new five million UNI airdrop
The second-ever governance proposal for the Uniswap decentralized exchange (DEX) is more than halfway to reaching a quorum with a little over 30 hours to go.
If passed, the proposal will see 12,619 wallet addresses that interacted with Uniswap via a proxy contract receive 400 UNI tokens each. 5.05 million UNI in total will be allocated to the users of MyEtherWallet, Argent, Dharma, DeFi Saver, Nuo, Eidoo, Opyn, Furucombo, Monolith, and Rebalance.
The proposal was put forward by Compound-based lending and savings protocol Dharma, who claimed its users felt “left out” by the initial distribution.
The cohort of proxies were chosen due to them being “less programmatically accessible,” suggesting “a lower likelihood of multiple addresses per end-user.”
“The Phase determination was made based on how easy it is to programmatically hook a trading bot into them, as this is a proxy for what portion of these cohorts risk representing multiple addresses per end-user.”
🗞 Bitcoin Miners in Iran Have a New Buyer: the Central Bank
Iran, hit hard by sanctions but brimming with oil and natural gas to supply electricity, turns to cryptocurrency to pay for imports.
- Iran's foreign exchange reserves are dwindling, but its oil and gas reserves give it cheap electricity.
- The country legalized cryptocurrency mining last year but prohibited trading.
- New regulations ask miners to sell their crypto to the central bank.
According to a report from the state-run Iranian Students’ News Agency (ISNA), Iran has established new regulations to funnel Bitcoin mined by Iranians into state coffers so it can use them to pay for imports.
The edict, put forth by the Ministry of Energy and Central Bank of Iran (CBI), requires the country’s legally registered cryptocurrency miners to sell the tokens they mine to CBI. The country, which has watched its foreign reserves dwindle by over 33% in two years, has increasingly eyed Bitcoin as a workaround to crippling US sanctions.
🗞 Why European Commission Regulations Won’t Kill Crypto in Europe
At the end of September, the European Commission released its new Digital Finance package, which included two sweeping regulatory proposals specific to crypto-assets and blockchain.
There is little doubt that this is a big deal. If passed, both the Regulation on Markets in Crypto Assets (MiCA) and the Pilot regime for market infrastructures based on distributed-ledger technologies (let’s call it Pilot) will set the tone for the crypto industry in Europe for a decade at least.
The good news is that the industry has been waiting for just this kind of regulatory clarity. But now that it is here, there are—perhaps predictably—voices crying foul as well. Criticisms of MiCA have run the gamut from crippling blockchain innovation to favoring incumbents to destroying all hope for DeFI in the EU.
🗞 Daily Crypto Calendar, October, 30th💰
- TomoChain (TOMO)
V2.3.0 due by October 30.
- LIBERTAS (LIBERTAS)
"- 30th October: Official release of the #Libertas DAPP."
- SparkPoint (SRK)
"SparkDeFi 101 Course on #SparkLearn"
- Tael (WABI)
"Masternodes rewards distribution."
- Zcoin (XZC)
"StakedXZC is an ERC20 token representing $XZC held in Znodes that will continue to earn Znode rewards and will go live on 30 October."
- Stratis (STRAT)
"Stratis community vote now on the sidechain masternode collateral which ends Friday at 5pm. 50% of each block will be distributed..."
Last Updates
- 🗞 Daily Crypto News & Video, October, 29th💰
- 🗞 Daily Crypto News & Video, October, 28th💰
- 🗞 Daily Crypto News & Video, October, 27th💰
- 🗞 Daily Crypto News & Video, October, 26th💰
- 🗞 Daily Crypto News & Video, October, 25th💰
- 🗞 Daily Crypto News & Video, October, 24th💰
- 🗞 Daily Crypto News & Video, October, 22nd💰
- 🗞 Daily Crypto News & Video, October, 21st💰
- 🗞 Daily Crypto News & Video, October, 20th💰
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