CandleFocus Exploring the ‘Uptober’ drivers and current outlook
2024-10-04
Author: Content Editor
The crypto market's performance in October, known as "Uptober," is uncertain this year due to factors such as the upcoming US elections, Fed rate uncertainty, and conflicts in the Middle East, according to XBTO chief commercial officer Javier Rodriguez-Alarcon. Despite this, Bitcoin saw a rise to almost $62,000 after a positive US jobs report, ending the day around $61,980. Bitcoin's volatility appears to be more correlated to traditional financial markets this year, and the upcoming presidential election could continue to fuel market volatility. In other news, TeraWulf, a Bitcoin miner, sold its equity interest in a joint venture to Talen Energy and plans to use the funds to expand its high-performance computing and AI capabilities. Tokenization efforts are also progressing, with Visa launching a platform to help financial institutions issue fiat-backed tokens and BBVA testing the issuance of a bank token on the Ethereum blockchain. Taurus has partnered with Chainlink Labs to accelerate the adoption of tokenized assets, and major traditional finance players like BlackRock and Franklin Templeton are embracing blockchain technology. The full potential of tokenization is expected to gradually unfold as regulations and technological issues are addressed.
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