Crypto Classified Issue #9

Hi there! ??

We’re back to give you the latest updates in the crypto world... ???

Thank you for subscribing to our monthly “Crypto Classified” newsletter. If you’re new here, welcome to the family! ??

This newsletter will give you the most current and important information you need to know when it comes to navigating the crypto world. If you don’t have time to follow crypto news daily, by simply subscribing to LocalBitcoins’ newsletter you’ll have access to useful information including a general idea of where the market may be headed as well as what’s going on with Bitcoin and the wonderful world of cryptocurrency…

We all know October is the spookiest month of the year! But let’s see if the crypto world is also out to scare us. ?? In this month’s edition, we’ll be talking about recent Bitcoin anniversaires, crypto adoption in the middle east, and how the Colombian National Bank wants to take on Bitcoin!

Oh! We also have some exciting news about LocalBitcoins. Don’t miss out!? ??

BTC Price… ??

As you may already know, October tends to be a positive month for both Bitcoin and Ether.? After two consecutive months of declines, Bitcoin advocates are hoping that the largest cryptocurrency reverts to form in October, which has typically been one of its best months for gains. ?? As September ended, Bitcoin’s? price held firm, appearing to stabilize above $19,000 as volatility attempts to subside. The stability in Bitcoin’s price could be due to the asset standing out as a favorable hedge as the U.S. dollar is toppling other global fiat currencies. ??

Traders are obviously excited, as the virtual currency tends to rise roughly 25% in October and has, since 2015, advanced more than 85% of the time during this month.? What about this year? Well, on October 4, Bitcoin price saw its first October spike above $20K as daily gains hit 5%. This month is known to favor the asset, and this could actually be a key psychological boost for most investors! ?? Most investors are likely looking forward to capitalizing on the bullish season but will remain weary of the prevailing macroeconomic factors.?

Cryptocurrency prices rebounded on Oct 13 after sliding to new October lows following the release of a key U.S. inflation reading that came in more difficult than expected. Bitcoin dropped below $19,000 early on that same day, but it recovered before noon. At the time of writing, Bitcoin has been steady at around $19K.

Traders say Bitcoin is overdue for a breakout, but are also keeping a lid on how optimistic they should be about a macro trend reversal.

Popular cryptocurrencies in recent times… ??

• Ethereum ?? Ethereum has been on a downtrend ever since reaching its all-time high price of $4,850 back in November 2021. That may sound familiar by now, as most cryptocurrencies reached their all-time high prices during that same time and quickly fell. From October 8, ETH supply dropped by over 4,000 tokens, but saw no corresponding price boost. Ethereum has been deflationary since that date, and the total supply declined by about 5,500 ETH in five days. ETH price is currently stuck at $1300 and now expected to have a 35% rebound by the end of October after holding testing at a key support level.?
• Tether ??? As we know, this crypto has a pretty stable price, so we wanted to give you some different news this month! Eight years ago, on October 6th, 2014, Tether launched USD? for the first time! This month, on October 13, Tether reduced its commercial paper holdings to zero, replacing those holdings with U.S. Treasury bills. “Reducing commercial papers to zero demonstrates Tether’s commitment to backing its tokens with the most secure reserves in the market,” Tether wrote in its blog. The current price of Tether is $1.000015 per, which is about 18% of its all-time high.
• Polkadot ?? When the month started, some predicted that the Polkadot price was expected to increase about 40% before the end of the month to trade above $9. Polkadot price is showing erratic trends as volatility is at an all-time low. · Polkadot price action is trading in abnormally tight ranges. After starting the month at $6.30, on October 10, the price began declining from $6.47. As of October 21, the price is at $5,87.

World Crypto News… ???

13 Years since First Bitcoin-to-Dollar Exchange

Did you know that you could buy a thousand bitcoins (BTC) for one dollar if you managed to travel exactly 13 years into the past? ?? That's precisely what the cryptocurrency cost on October 12, 2009 when its first known exchange to dollars took place.

That exchange, which is 13 years old today, was 5,050 BTC for USD 5.02, which is basically nothing compared to what it costs today. ?? Right now, that amount of bitcoins is worth a whopping USD 96 million!

I guess we’ll all have the same answer next time someone asks: What would you do if you had a time machine?

Crypto Adoption in the Middle East

21Shares is one of the world's leading providers of cryptocurrency exchange products (ETPs). It is now debuting a physical Bitcoin in the United Arab Emirates! This is the region’s first Bitcoin ETP. ??

On October 12, 21Shares announced that the company’s new Bitcoin ETP began trading on the Nasdaq Dubai international financial market under the ticker ABTC.

The newly launched crypto-product is physically backed. This means it is fully collateralized by the underlying Bitcoin assets they track with 1:1 leverage. He also added that the ETP's underlying cryptoassets are deposited in an offline wallet to ensure greater security.

It’s always good news to hear a region is taking more steps towards crypto adoption!

Bank of Colombia Set on Making a Digital Peso to Beat Bitcoin ????

The Bank of the Republic of Colombia is assessing the advantages and disadvantages of issuing a digital peso or central bank digital currency (CBDC), as revealed in a recently published report.

In the document, the National Bank states that one of the biggest challenges to overcome is the issuance of a retail digital peso (aimed at the general public). ?? Its concern is that its CBDC will not be sufficiently accepted to survive. In order to achieve its objectives, the Central Bank of Colombia will have to compete with bitcoin and other cryptocurrencies more widely used in the country!

In view of this, the entity proposes to create a "dynamic and flexible asset, to generate a high capacity for technological adaptation and innovation to adapt to the changing needs of the market", as stated in its report.??

In this sense, the financial institution considers that it should focus on the creation of a fairly robust Immediate Payment System (IPS). It is considering supporting it on six basic principles: 24/7 immediacy, security, interoperability, innovation, broad access and cost efficiency.

LocalBitcoins News ?????

LocalBitcoins new website rollout is progressing smoothly with new features added every week?? - have a look and play around it. LocalBitcoins mobile app also has already got well over 500,000 downloads and is steadily progressing towards the one million download mark. If you haven’t downloaded it yet, don’t worry, you can get it here for Android and for iOS!

Well, that’s it for another newsletter. Stay tuned for next month’s newsletter! Did we miss something? Let us know on Twitter, Facebook or Instagram! ????