Bitcoin trading volumes on exchanges have hit a six-year low, according to research from on-chain analytics platform CryptoQuant. Since March, both spot and derivatives exchanges have seen a significant decrease in daily transactions, with recent figures showing between 8,000 and 15,000 daily spot exchange transactions, compared to over 600,000 in March. This decline in trading activity comes as Bitcoin prices have remained relatively stable, and traders exhibit caution amid macroeconomic uncertainty and fears of a possible recession influenced by the Federal Reserve’s policies.
What to Watch Out for Today
1. US Lawmakers Push for Bitcoin ETF Approval: Four members of the US Congress have called on SEC Chair Gary Gensler to promptly approve the listing of spot Bitcoin ETFs. They argue that the SEC has been discriminating against such products and that a regulated Bitcoin ETP would offer safer and more transparent access to Bitcoin. What does this mean? It could signal a potential shift in the regulatory landscape for Bitcoin ETFs, impacting investment strategies and market dynamics.
2. Chase U.K. Puts a Stop to Crypto Payments: Citing concerns over increased crypto scams, Chase U.K. will prohibit crypto-related payments via debit card or bank transfer from October 16. While customers are free to use other banks, finding a crypto-friendly bank in the U.K. may be challenging. What’s the takeaway? U.K. customers of Chase looking to invest in crypto should explore alternative banking options and stay informed about the evolving stance of banks and regulators on crypto transactions.
3. Crypto Wallets on Xbox? Leaked Documents Reveal Plans: Leaked documents suggest that Microsoft is planning to integrate cryptocurrency wallets into its Xbox gaming console. While not officially confirmed, this has sparked optimism in the crypto community about potential new use cases for cryptocurrencies in the gaming industry. What’s the big picture? With the gaming industry being larger than Hollywood and the music industry combined, this development could open up significant opportunities for crypto. Long gaming, long crypto?
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