By Samuel Indyk
Investing.com – Most major cryptocurrencies were trading higher on Monday with trading in close proximity to $62,000. Outperformance was observed in some of the more prominent meme-based coins with retracing some of the losses from the weekend to rise by over 15% in the last 24 hours.
Monthly cryptocurrency performance
October was a great month for cryptocurrencies with Bitcoin once again hitting an all-time high after previously trading at its peak in April. For the month, Bitcoin was up almost 40% and recorded its best monthly gain since December last year.
The second-largest cryptocurrency by market cap, , had a similar performance, rising by around 43% in October.
Other cryptocurrencies with Decentralised Finance (DeFi) applications and smart contracts were mixed. , which was the third-largest cryptocurrency at one stage, shed over 7% of its value in October after falling 24% in September. However, the losses came amid a run in August that saw the coin’s value more than double.
, which also uses DeFi apps on its network had slightly stronger gains than Bitcoin and Ethereum with the value increasing by 43% during the month.
gained marginally less, rising by 37% during the month, however, this was still its best performing month since April this year when the dog-based cryptocurrency rose over 500% amid a surge in interest from retail traders.
However, there was one coin that ruled them all in October, Shiba Inu. The cryptocurrency rose almost 830% during the month as the coin rocketed into the top 10 largest cryptocurrencies by market cap, overtaking Dogecoin.
Outlook for cryptocurrencies
In the immediate term, focus could well fall on the key macro events in the US this week, including the on Wednesday and Friday’s report. A particularly hawkish Fed could put a cap on the rally especially if equities were to sell off in the wake of the decision. A decision that is perceived as dovish by the market could see Bitcoin retest its record high from 20th October.
On a technical level, the zone around $62,300-$62,500 remains key resistance for Bitcoin, which a break above could open the door to $65,000 and eventually the recent all-time high just below $67,000.
On the downside, support lies at the $61,300 pivot point before the psychological $60,000 level.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Korea begins blocking bitcoin holdings of Terra founder
The South Korean prosecutor’s office appealed to local cryptocurrency exchanges to block the assets belonging to Terra founder Do Kwon. Bloomberg writes about it citing law enforcement officials.
The prosecutor’s office sent demands to cryptocurrency exchanges KuCoin and OKX to freeze a total of 3,313 BTC worth about $67 million, which are owned by Kwon through Luna Foundation Guard. Representatives of KuCoinand OKX at the time of writing had not officially commented on the reports about the blocking of Kwon’s assets.
According to Bloomberg, citing research firm CryptoQuant, the LFG wallet address was created on September 15. After its creation, a total of 3,310 BTC were moved to KuCoin and OKX. Meanwhile, back on September 14, the South Korean prosecutor’s office announced an arrest warrant for Terra coin.
Meanwhile, Do Kwon continues to assure the cryptocurrency community via Twitter that he is not hiding from law enforcement. Moreover, the founder of Terra even questioned whether he was wanted by Interpol. He noted that he still can’t find himself on the Interpol wanted list.
Earlier we reported that the head of Celsius Network, Alex Mashinsky, had resigned.
Revolut and cryptocurrency news: Revolut received a license from the UK regulator for cryptocurrency services
Fintech broker Revolut can now provide cryptocurrency services in the UK thanks to a license from the Financial Conduct Authority (FCA). This is reported on the website of the regulator. Revolut and cryptocurrency were not previously linked.
In fact, the broker received approval from the regulator back on Monday, September 26, but it has become known only now. Before the license, Revolut provided cryptocurrency services through a temporary permit from the FCA. In addition to Revolut, CEX.IO, Copper Technologies, GlobalBlock and Moneybrain also provided crypto services on a temporary basis.
Revolut has long been exploring the expansion of cryptocurrency-related services. According to Revolut CEO Nikolai Storonsky, the company has been exploring options to introduce new services like Revolut cryptocurrency wallet. Revolut was also looking at integrating cryptocurrency stacking. However, it remains unclear whether the broker still plans to provide such services.
Earlier we reported that the head of FTX wants to buy the assets of the bankrupt Celsius Network.
U.S. exchange regulator fines Tether auditor company $1.5 million
Tether auditor company, Friedman LLP, was fined $1.5 million for improper services from 2017 to 2020. This was reported in a press release from the U.S. Securities and Exchange Commission (SEC).
According to the exchange regulator, the Tether auditing company didn’t properly develop audit procedures in its work for the iFresh product network. The company also didn’t exercise the necessary due diligence in auditing another unnamed company. Although the press release does not explicitly identify Tether, the issuer of the USDTstablecoin, as Tether, Friedman’s firm was Tether’s auditor from just 2017 to 2018.
Tether full audit
Earlier, a New York County court required Tether to disclose the USDT Stablecoin’s collateral and prove the assets linkage to the U.S. dollar. According to the court order, Tether is required to provide the company’s financials, income statements, cash flow statements, and so on. However, the time frame in which Tether must provide the statements is not specified.
The lawsuit is part of a legal battle between investors and Tether’s parent company, iFinex. The plaintiffs believe that Tether manipulated the cryptocurrency market by issuing unsecured USDT with the intention of artificially inflating cryptocurrency prices.
Earlier we reported that Vitalik Buterin announced the release of his book.
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