October was the least volatile month for the major cryptocurrencies this year. The reason for this was that the earnings season did not bring major news on the currencies. This was unlike the second quarter’s earnings where Blackrock announced its intention to invest in cryptocurrencies. This was a major news because as the biggest asset manager in the world, its entry would attract more liquidity to the industry. In addition to the low-profile earnings season, there were no major news on the regulation of the industry.
November is likely to be more active than October. This is because in the financial market, a long period of low volatility is usually seen as the ‘calm before the storm’. This is because the reason prices are often unchanged is that there is indecision among the participants. As a result, when the price starts to move in either direction, more participants enter the market.
In October, the SEC met with the Chicago Board of Exchange (CBOE), VanEck, and SolidX on the Bitcoin ETF issue. In the meeting, the regulators discussed the proposed ETF, the risks they pose to investors, and how the companies will protect retail investors. A key aspect of their ETF is the fact that they will be priced at $200,000, which will make them unaffordable to many investors.
This month, the SEC will likely rule on the ETF and whether it meets the requirement. If it does, it will likely cause the price of Bitcoin to rise. This is because with the ETF, institutions like Blackrock will be able to buy the currencies. However, for the long-term, this will not be a major driver for Bitcoin. As you recall, many investors expected the list of Bitcoin futures at the CME and CBOE to improve demand. A recent report showed that the volumes have been minimal.
This month, several crypto-related events will take place. First, there will be The Decentralized event in Athens, Greece that will happen mid-this month. Contentworks is among the media sponsors for the event that will attract over 1000 participants. The company’s co-director, Charlotte Day said the following about the event:
“Decentralized is an exciting event that brings together companies, policymakers, investors, and other participants together to share ideas about the future of blockchain. We are excited to be a sponsor and will continue supporting the cause”
Speakers at the event include Eva Kaili of the European Parliament, Angeliki Dedopoulou of the European Commission, and Llew Claasen of Bitcoin Foundation. Other major events that will take place are the Southeast Asia Blockchain Summit that will take place in Indonesia, World Blockchain Summit that will take place in Amsterdam, The ICO Summit at Zurich, and World Blockchain Forum at New York. It is important to pay close attention to these events because they could deliver important updates.
As the month goes on, it is important to focus on the security of the cryptocurrency industry. This is because these events are usually unplanned and when they happen, they could affect cryptocurrencies significantly. This year, cryptocurrencies worth over $700 million have been stolen. In addition to security, watch out for news on regulation and a large company’s entry into crypto.
Did you enjoy this month’s crypto outlook? Contact the team at www.contentworks.agency to discuss content marketing for your finance or blockchain brand.
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Information provided via press release
