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Markets Daily Crypto Roundup
Crypto Update | Crypto Markets Slump and a Potential Bitcoin Innovation
Oct 12, 2023
Noelle Acheson, author of the Crypto Is Macro Now newsletter, discusses the weak state of crypto markets, regulatory approaches in Europe, DeFi risks, and the BitVM proposal for Bitcoin's evolution.
10:52
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Quick takeaways
- The cryptocurrency market experienced a slump attributed to high-profile regulatory concerns, but the easing of US rates and a weakening US dollar are expected to benefit the crypto market.
- The European Securities and Markets Authority (ESMA) acknowledges the risks in DeFi applications, highlighting operational vulnerabilities and security concerns, while also recognizing the need to address these issues rather than outright banning DeFi activities. Additionally, the proposal for BitVM highlights the evolving use cases of Bitcoin and the challenges of estimating its future value.
Deep dives
Crypto market slump and regulatory concerns
The cryptocurrency market experienced a slump with Bitcoin down 1.6% and Ether down 1.7%. Tokens like Avax, Maker, Solana, and Optimism also saw significant declines. The main catalyst for this slump seems to be concerns of high-profile regulatory actions from the US Securities and Exchange Commission. However, the easing of US rates expectations and the downtrend of the US dollar since October are expected to benefit the crypto market.
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