October is historically a bullish month in crypto and so far this year is no exception. Bitcoin surged some 25% and seems poised to test the 58k mark shortly, while Ethereum posted a weekly gain of about 6% (at the time of writing this). Overall, positive sentiment marks the market and the macro outlook looks supportive as both the US Federal Reserve (FED) and the Securities and Exchange Commission (SEC) are taking a more constructive stance towards the cryptocurrency sector. This past week, SEC chair Gary Gensler said that a Bitcoin ETF would have ‘significant consumer protection’ and that he was looking forward to SEC staff reviews of the current ETF filings. Meanwhile, FED chair Jerome Powell was asked if he intended to ban or limit the use of cryptocurrencies, to which he replied that he had no such intention.
For us at Coinpad, it was also an exciting week as our site went live at coinpad.io. It is a customizable platform designed to be your crypto homepage and launching pad into your daily crypto world. Signing up to our site - which is free - will give you full access to our platform and will keep you up to date on what is happening in the crypto space - including upcoming IDOs, IGOs and yield farms. Subscribers are also eligible to receive our generous airdrop campaigns that we launch every week. So signing up will reward you!
Below is a quick wrap of the crypto stories that made headlines over the past week, followed by the coins that we have been eyeing or buying over the week. But first, our disclaimer needs to be noted: the information provided here, as well as on our website (coinpad.io), does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the content as such. Investing in cryptocurrency is risky; do your own research and invest at your own risk!
Let’s start with this market round-up, DEXs come to the rescue after China bans crypto Whenever the market drops due to negative crypto news coming out of China, typically these are great buying days. China seems to make some sort of announcement about banning crypto every few months. The fact that they do this should only underscore crypto’s strength - its decentralization is threatening to those who cling to control. “China Banning Bitcoin Just Made It Stronger” was Tweeted by Edward Snowden this past week, which a number of news outlets picked up. Could China’s “ban” also be a boon for decentralization? Whatever the case, one thing should be kept in mind - banning crypto is kind of like banning the internet.
Venture funding into crypto company is exploding, these are some impressive numbers! Record Amount of Venture Funding Flooding Into Crypto Companies, Clocks $15,547,000,000 in Nine Months: Report
Here are more of the week’s top stories on crypto adoption and the flow of institutional money into the sector:
Here’s how growing institutional appetite is cranking up Bitcoin’s dominance
India's adoption of cryptocurrency will pave way for the next dotcom like revolution, says industry
Twitter and TikTok embrace NFTs: mainstream adoption incoming?
The SEC just approved the closest thing to a US bitcoin ETF you can buy, for now
And finally, here are some coin or sector specific articles of interest:
Coinpad’s plays
We are super excited about Enjinstarter, a blockchain gaming launchpad focused on growing the Enjin ecosystem, allowing creators and game developers to run capital-raising campaigns and build communities using blockchain technology. Holding a certain amount of the project’s native token, EJS, gets you access to participate in the token pre-sales of IDOs and IGOs that launch on the platform. As we see the crypto gaming sector exploding in the coming months, this is one of our key plays - and certainly our main play of the week.
Other than that we have been saving up op our stable coins to get in on some exciting pre-sales this month - you can see these noted in our calendar feature when you register for our site.
As we discussed in an earlier weekly wrap, stablecoins can be a valuable part of one’s portfolio as there are numerous trusted platforms where you can deposit stablecoins such as USDC or USDT and earn interest at rates that are unfathomable in the traditional finance sector. Two examples of platforms that we use are Blockfi and Celsius. Both platforms offer interest rates of over 8% APY on stablecoins, while Celsius offers 6.3% APY on Bitoin deposits. Celsius also has a generous referral program where both you and your referral will receive $50 in BTC once the referral signs up and makes a first deposit of over $400 (and keeps it deposited for at least 30 days). So if anyone wants to sign up to Celsius, earn generous interest and get $50 worth of free BTC, please use our referral code: 18785571e8
That’s it for this week folks, and here’s too the bullish continuation of “Uptober”!