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Little Change as Volatility Declines on Another Boring Day for Bitcoin and Ethereum Prices

Kyle Portman by Kyle Portman
October 24, 2022
in News
Reading Time: 4 mins read
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bitcoin ethereum crypto news thevrsoldier oct 24th
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This week’s price movement appears to be following a similar pattern as previous week’s, in which crypto assets trade sluggishly inside a constrained range with fluctuating volatility throughout the week. Ethereum is trading at about $1,300, while Bitcoin is at $19,000. As the new week gets underway, BTC and ETH trading volume have increased by more than twice as much as in the previous day. Let’s look at the recent news that has had an impact on the markets.

Key Notes:

  • This week’s trade volume has increased dramatically while cryptocurrency markets remain steady.
  • The most recent quarterly reports from Tesla seem to indicate that the corporation is still holding Bitcoin.
  • According to Goldman Sachs, the Fed’s continued monetary policy will result in a bullish market for the dollar and a bearish impact on cryptocurrencies.
  • The SEC is arguing for the regulation of ETH as a security, which is at the core of a contentious discussion about the classification of the asset.

Crypto Market News

One of the major stories of the day is the 10-Q, Tesla’s most recent quarterly financial report filed with the SEC.

Tesla reportedly admitted investing $1.5 billion in Bitcoin during the first quarter of 2021. Tesla also disclosed that, although suffering an impairment loss of $170 million, it was nevertheless able to make a $64 million profit on some Bitcoin to fiat currency exchanges:

“In the nine month period ended September 30, 2022, we recorded $170 million of impairment losses resulting from changes to the carrying value of our bitcoin and gains of $64 million on certain conversions of bitcoin into fiat currency by us.”

Currently trading at $201.05, Tesla’s stock is down 6% today. Speaking of the stock market, the NASDAQ, S&P 500, and Dow Jones have all recently gained several points. Most stocks opened today in the green.

In other events, a Coindesk story claims that Goldman Sachs has predicted a positive market for the Dollar, which might further exert adverse pressure on the cryptocurrency markets, such as Bitcoin and Ethereum.

The current bear market for cryptocurrencies may continue since the Fed is unlikely to soften monetary policy and interest rate hikes until 2024. Inflation, which is at an all-time high, continues to have a negative impact on the economy.

Ethereum’s Market News Update

Concerning Ethereum, the second-largest cryptocurrency asset by market size, the classification of the asset is the subject of a contentious argument with regulators, including the SEC. The Ethereum network merger, which converted the blockchain from a proof-of-work to a proof-of-stake consensus model, has led the SEC to assume that ETH should now be regarded as a security.

All transaction validation is carried out by validators, the majority of which are based in the United States, as opposed to miners who protect the network. Because of this, the SEC is beginning to treat ETH-based projects as securities and views post-merge Ethereum as such.

Even while Ethereum’s conversion to a viable blockchain project is crucial for its long-term survival, there are important considerations related to regulation and the categorization of staking-based assets that investors should take into account before investing in cryptocurrency.

Conclusion

The market is robust since Bitcoin and Ethereum can hold support rather effectively despite the different difficulties that crypto assets are facing. Additionally, the dramatic rise of over 100% in the past day in the trading volume of both assets is a very positive development this week.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.

Follow us on Twitter @thevrsoldier to stay updated with the latest Metaverse, NFT, A.I., Cybersecurity, Supercomputer, and Cryptocurrency news!

Image Source: Traxer on Unsplash // Image Effects by Colorcinch

Tags: bitcoinEthereum
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