Bitcoin (BTC) is about to disappoint investors, as it’s on the verge of ending October, a historically good month, in the red. Meanwhile, BNB Chain has seen record activity as token prices jumped at the beginning of October.
In the EU, the territory is still shifting as countries decide whether to support the “Chat Control” proposal, with nine opposing it outright. Concern over the lack of support saw lawmakers in Brussels delay their decision on the controversial regulation until December.
While the US government shutdown has ground to a halt most federal business, including decisions on crypto exchange-traded projects, crypto bills in four states moved ahead this month.
Meanwhile, stablecoin adoption continues to grow. The total market capitalization of the stablecoin market surpassed $300 billion for the first time in October.
Here’s October by the charts:
Bitcoin down 10% on the month in first red “Uptober” in seven years
For the last six years, Bitcoin traders have looked forward to gains in October. The trend was so reliable that the crypto community dubbed the month “Uptober.” However, this year, Bitcoin finished over 10% down on the month, shirking the trend.
Bitcoin October price chart. Source: TradingView
Several unique factors put downward pressure on Bitcoin’s price this month, including a near-$20-billion liquidation event triggered by US President Donald Trump’s trade war with China and rate cuts at the US Federal Reserve.
Some traders believe that a disappointing October could mean an even bigger rally in November. Others are less convinced. Analyst Crypto Rover said, “Last time October closed red for Bitcoin, November saw a 36.57% drop.”
BNB Chain transactions spike 135% in October
October saw a 135% increase in transactions on the BNB Chain as memecoin issuance spiked, according to Nansen analytics. Bubblemaps stated that “memecoin szn is real” on BNB Chain.
According to the analytics platform, over 100,000 new traders bought into memecoins on Oct. 7, and 70% were in profit. Some 40 of them made over $1 million, while 6,000 made at least $10,000.
Pseudonymous crypto trader Star…
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