Breaking

Wednesday, October 3, 2018

October Crypto Outlook: What to Expect After a Wild September...

October is here and it’s time for your Crypto Outlook provided by Contentworks, an agency specializing in financial services marketing.

September was a mixed month for cryptocurrencies. The month started with the major currencies falling sharply against the dollar. Bitcoin, Ethereum, Litecoin and Ripple dropped to monthly lows of $6,100, $167, $47, and $0.2545 respectively. They then recovered substantially and BTC, ETH, XRP, and LTC ended the month at $6,500, $228, $60.19, and $0.55 respectively.

The market capitalization of the 100 biggest currencies shrank to a monthly low of $186 billion and ended the month above $220 billion. The biggest news of the month was the hacking of a major exchange in Japan where more than $60 million was lost. September will be an important month for the currencies because traders will want to see whether the upward trend will continue.

As always, traders will focus on the security of their cryptocurrencies. Every day, hundreds of people are trying to find a way of breaching the security of major exchanges. This year, cryptocurrencies worth more than $731 million have been stolen from major exchanges. This is major news for cryptocurrencies because the blockchain technology behind them was created to increase speed and safety. As such, when cryptocurrencies are hacked easily, people and businesses lose trust in them.

Traders will also focus on regulations. Cryptocurrencies like bitcoin were created to be autonomous. This means that unlike fiat currencies, it is difficult to track the transactions made by cryptocurrencies. With the US midterm elections nearing, traders will want to hear what US politicians have to say about crypto regs.

Crypto-related events are also major source of news for cryptocurrency traders. This week, the annual Swell Conference started in the United States. This is an event organised by Ripple, the company behind the popular product known as Ripple (XRP). XRP is different from Bitcoin in that it is not a currency alternative. Instead, it is a product that helps in international funds transfer. On the first day, the event was headlined by former US president Bill Clinton. The CEO of the company behind it revealed that three companies - MercuryFX, Cuallix and Catalyst Corporate Credit Union - have started using it. Last year, other large players like MoneyGram and Western Union announced that they were testing it.

Later this month, the Texas Bitcoin Conference will take place at Austin. The event will feature some of the biggest names in blockchain in the United. They will include policymakers, founders, and researchers in the sector. Another important event will be the Money 20/20 event which will happen in Las Vegas. The event will also feature some of the most prominent people in business like Richard Branson, Patrick Gauthier of Amazon, and Naureen Hassan of Morgan Stanley. It will also be sponsored by the Federal Reserve where a few representatives will speak. Representatives from the CFTC will also be present.

The other major event will be the World Crypto Con, which will be held at Las Vegas. This one too will see major speakers who are drawn from different sectors including business and government. Interestingly, one of the speakers will be Lyn Ulbricht, who is the mother of Ross Ulbricht, the founder of Silk Road. Other speakers will be the founder of EA Sports and the Bitcoin Foundation.

At Contentworks, our team of financial professionals closely follows market movements for FX, Crypto and other tradable instruments. We are proud to serve some of the biggest crypto and fintech companies in the world by delivering high-impact articles, videos, PR and white papers.
------- 
Information provided via press release