Crypto Week: Uptober and Gensler’s Fury

Bitcoin is adding 1.0% to $27,400 per coin since the beginning of the week. Prices rolled back a little as they were rising by 5.3% to $28,598 per coin. This upside could be associated with a seasonal factor as October is usually a good season for Bitcoin to go north.

Coin prices deteriorated in October only in 2018 and 2019 when the S&P 500 broad market index was going down. Otherwise, Bitcoin prices were rallying during the month of October since 2013. So, crypto enthusiasts believe that October is a lucky month for the crypto industry. However, a possible upside for Bitcoin should not be extended to the entire crypto industry, as it is not a guarantee that Bitcoin prices would go up this October, especially when stocks are going down. Either way, any upside for the cryptocurrencies would not be translated to nonfungible tokens (NFT) market.

Stocks are going down today as it was in October of 2018 and 2019. The S&P 500 index is losing 1.8% since the beginning of October. It the yield in the debt market continue to go higher stock would go down dragging Bitcoin prices lower.

Meanwhile, U.S. District Judge Analisa Torres refused to let the U.S. Securities and Exchange Commission (SEC) appeal her decision on Ripple Labs that says that the sale of Ripple's XRP digital token on public exchanges complied with federal securities laws because purchasers had no reasonable expectation of profit based on Ripple's efforts. The judge declined the appeal saying that there are no "substantial ground for difference of opinion" about her findings that was presented by SEC. This is another sound victory for the crypto community. Ripple prices jumped by 6.5% on the news, but quickly lost all gains afterwards. 

The trial is not over yet, as SEC Chair Gary Gensler is certainly furious about the decision and is likely to put every effort to put the crypto industry under control. He may even double his efforts in other cases to bring crypto assets under regulation of the Commission. These efforts have resulted in Coinbase case when the SEC asked a federal judge to deny a motion from Coinbase Global to dismiss the regulator's lawsuit against the cryptocurrency exchange. And this could be only the beginning of the Gensler’s crusade against the crypto industry.