October 2019 Crypto Outlook: What Next After the September Crypto Plunge?

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Welcome to the October 2019 Crypto Outlook with Contentworks, an agency specializing in content marketing for financial services, crypto and blockchain.

In September, Bitcoin made the biggest decline this year. In the month, the price declined by as much as 20%, which led to the decline of other cryptocurrencies as well. The decline happened after the lukewarm reception of the new futures contracts by the New York Stock Exchange. The market also reacted to the news that VanEck/SolidX had withdrawn their ETF proposal from the SEC. This was a major news because enthusiasts have been following the news hoping that an ETF will bring in more demand.

In October, cryptocurrency enthusiasts will focus on price movement. They will want to see whether the decline will continue or whether the price will retest the previous highs. There are those analysts who expect the price to continue moving lower and others who expect the price to jump. In a Tweet, John McAfee said that his target of the Bitcoin price reaching $50,000 remained. In addition, traders will be focusing on the earnings season, which will start in the next few weeks. In the past, some major crypto-related news has been released during the season.

Another thing enthusiasts will be watching will be Libra, the cryptocurrency project that is being created by Facebook. The currency has continued to face increased scrutiny as regulators and policymakers think about how it will impact the world. Some countries, like China have said that they could accept the currency. Other countries, particularly those in Europe have opposed the currency. In a report by BBC, France finance minister said that the currency should be blocked in the region. He said:

"This eventual privatisation of money contains risks of abuse of dominant position, risks to sovereignty and risks for consumers and for companies. Libra also represents a systemic risk from the moment when you have two billion users. Any breakdown in the functioning of this currency, in the management of its reserves, could create considerable financial disruption. All these concerns about Libra are serious. I therefore want to say with plenty of clarity: in these conditions, we cannot authorise the development of Libra on European soil."

Europe has been very vocal in opposing the currency. The region’s cautiousness and over-regulation have been blamed for the recent slowdown in the EU’s economy. It has also been blamed for the lack of any major technology company from the region.

While Europe and some politicians from the US have opposed Libra, China has been busy developing its own digital currency. The currency is being developed by the People’s Bank of China as it tries to digitize the yuan.

In October, crypto enthusiasts will be following a number of high-level events. On October 1 and 2, focus will be in Seoul, where the CoinGeek Conference will be taking place. All eyes will be on Dr. Craig Wright, who will be the main speaker of the event. Craig has publicly claimed that he is the founder of Bitcoin. Other top speakers will be Jimmy Nguyen, the founding president of the Bitcoin Association and Lise Li from the Bitcoin Association.

On October 30 - November 1, the crypto crowd is heading to Decentralized in Athens. Decentralized has established itself as Europe’s premier conference on blockchain and digital currencies. Decentralized 2019 will bring together the world’s leading business executives and academic experts to debate current trends and future developments.

Other events that will be watched closely will be the Global Blockchain Summit in Colorado, the eight annual blockchain mastermind in Washington, and the Osaka blockchain week in Japan.

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
Distributed by Global Crypto Press Association Press Release Distribution for industry.

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