Bitcoin ends ‘Uptober’ in the red, BNB activity spikes: October in charts
Bitcoin finished October down over 10%, marking the first red 'Uptober' in seven years, while BNB Chain saw a 135% transaction spike due to memecoin issuance.Summary
October proved disappointing for Bitcoin (BTC) investors as the cryptocurrency ended the month down over 10%, breaking a six-year trend of gains known as “Uptober.” Factors contributing to the drop included liquidation events linked to the US-China trade war and US Federal Reserve rate cuts. Conversely, the BNB Chain experienced a massive surge in activity, with transactions increasing by 135%, largely driven by a frenzy in memecoin issuance, which briefly pushed the BNB token price above $1,300. This memecoin activity saw the Four.meme platform dominate new token launches, though many retail buyers who entered late reportedly lost money. In regulatory news, the EU postponed its decision on the controversial “Chat Control” proposal until December, as nine member states openly oppose it. Meanwhile, four US states advanced crypto-related legislation, focusing on state investment in digital assets, tax code updates, and rules for abandoned Bitcoin. Finally, the total market capitalization of stablecoins surpassed $300 billion for the first time in October, supported by developments from entities like Visa and Neobank Revolut.
(Source：Cointelegraph)