Crypto Market Overview October 6th | Dex-Trade
Bitcoin Returns $50,000 as Market Crisis Continues
The major cryptocurrency crossed the last "benchmark" of $50,000 for the first time in 4 weeks, which had no effect on key stock indices, which continued to stagnate or consecutive fall. Trustnodes reports. In particular, over the last month, the Hang Seng Index fell by 8%, the Dow Jones — by 3%, and the S&P 500 — by 4.43%. Now BTC continues its "triumphal march," and the main question for analysts is whether its rise in prices of key indices will push it up, or whether Digital Gold is becoming a kind of safe haven asset, at least for the time being. Some Wall Street traders assume that in the current market formation Bitcoin is primary and the stock market follows it: cryptocurrencies fall — stocks fall too. However, in the current period of BTC growth, there is no parallel growth of indices. On the other hand, some cryptoanalysts during the year hinted at Bitcoin's secondary nature and its dependence on the stock price of major indices. However, this is even less likely because Bitcoin is a short-reacting asset and can only reflect temporary movements, not fixated on a parallel trend. It seems that the asset crossing one of the key marks is the result of a powerful bullish stimulus in response to the "belt-tightening" by the Chinese and U.S. regulators.
IMF Recommends Introduction of "Global Standards for Cryptoassets”
In "The Crypto Ecosystem and Financial Stability Challenges," published by the IMF, the organization calls for stronger regulation, supervision and monitoring of the crypto-ecosystem, calculating the risks associated with stablocoins and managing macro-financial risks in emerging markets. Ambcrypto reports. These theses are recommendations for working with digital assets in an era of significant growth in interest in them from individuals and states. The paper also notes the effectiveness of these measures for making cross-border payments very quickly and inexpensively. While regulators must close data gaps and monitor the crypto ecosystem for better policy decisions, communication between national regulators is key. In addition, countries can be helped by issuing CBDCs, commensurate regulation and dedollarization policies to help governments manage microfinance risks.
Fifth Largest US Bank Launches Custody System for Cryptocurrencies
The National Association of United States Banks (also known as the US Bank), the fifth largest banking organization in the country, has launched a crypto custody service for investments in bitcoins and litecoins. Cryptoglobe reports. The savings will be carried out with the help of the NYDIG sub-custodian, which will eventually add support for Ethereum and other altcoins (no details yet). US Bank also plans to service crypto funds. He was selected this year to manage the NYDIG ETF and is currently in the process of regulatory approvals. Thus, US Bank is one of the first institutions to have access to a live custodian product. This imposes certain obligations on its clients, which can only be institutional investment managers with traceable origins of funds located only in the United States or the Cayman Islands. It is noteworthy that the American banks Bank of New York Mellon, State Street and Northern Trust, it seems, are going to follow the example of the Bank of the United States and have already announced their intentions to launch crypto storage.
