BTC has been in a choppy sideways trend for two weeks now. On Tuesday morning, we saw a 9% move to the upside, followed by an instant price drop during the day, eliminating all gains. It’s worth mentioning that first Monday and then Tuesday consecutively produced all-time highs in the BTC/USDT volume on Binance. BTC/USDT and BTC/BUSD on Binance currently have the highest 24-hour volume, and account for about 30% of all BTC exchange volume.
Likewise, volume on Monday for BTC/GBP, on its largest market Bitfinex, was 1000% more than its average daily volume. This happened on the day after the pound tanked. This reiterates the narrative of investors favouring BTC when FIAT currencies are threatened and trust in central banks is lost.
September is finally coming to an end. BTC has once again booked negative returns, as it has in the previous five years. October has historically been a green month for BTC. Since 2013, only two Octobers have produced negative returns for BTC. These came the year after the last two bull markets peaked at the end of 2013 and 2017.
QNT is the top gainer of the week, adding 29.6%. Quant is not a very hyped or known project; at least it flew under my radar for a while. The British company is known for its interoperable operating system Overledger, which facilitates the development of multi-chain applications. One of their specialisations is CBDCs. It’s no secret that governments are pushing to crack down on current stablecoins, and exploring their own digital currencies, CBDCs. Last week, details of a draft bill by the House Financial Services Committee to regulate stablecoins were released. While this week, Powell spoke on the ideal characteristics of a US CBDC. These recent political developments have sparked rumours of central banks adopting Quant Network’s overledger technology for CBDC developments.
MIOTA is up 7.4% on the week after the Shimmer network launched on Wednesday. This is an important stepping stone in developing the IOTA ecosystem. Shimmer is the staging network of IOTA. It promotes the development of smart contracts to launch DeFi applications, NFTs, and native tokens. The utility token SMR can already be claimed by IOTA stakers, and will be listed on exchanges soon.
