October was anything but a 180 degree flip from the month we had in September filled with DeFi thematics, rug pulls, and more of the scammy nature of food-themed protocols barraging out Twitter feeds. I think the undertone and feeling October gave was a sense of relief and ‘back to bitcoin’ pivot where the crypto king once again gave us a feeling of rejuvenation. The price of bitcoin has finally broke through the $13k resistance level for the first time since June of 2019. A year of literal bitcoin sideways trading with a few drops here and there. But the institutional headlines we’ve been absorbing will be the wind on our backs as we end a year of bizarreness on all fronts.
Here’s a collection of some of the top headlines that occurred this past month of October.
Square, Inc. Invests $50 Million in Bitcoin
announcement by Square was good on all sides, but something that really wasn’t
too surprising in the crypto world. Square’s founder, Jack Dorsey, has always
been bullish on crypto. His Twitter profile page only reads “bitcoin” with the
BTC logo in its profile section. The one disappointment one could take from
this is the fact that it was only $50 million. Chump change when it comes to
institutional bitcoin moves.
Bobby Ong on PANews’ The Conversation
In an exclusive podcast on PANews’s The Conversation, PANews had the chance to speak with one of the biggest contributors in the crypto industry, Bobby Ong, on how CoinGecko is providing transparent crypto data and educating the masses on DeFi. Bobby shares with us his crypto introduction story and what inspired him to start CoinGecko. We then get deeper into the discussion of how CoinMarketCap no longer became independent after the acquisition by Binance. In hindsight, this has been a major catalyst for CoinGecko to shine and continue moving forward its brand.
PayPal becoming pals with Bitcoin
This has got to be the biggest news in the crypto-sphere this month. PayPal, which is recognized globally, has been one of the market leaders in online payments for the past decade. And in the past few years with its acquisition of Venmo, that monstrosity of power has been solidified. The news of PayPal being able to offer and accept cryptocurrencies for all online payments was a shock to even the most OGs of bitcoiners. Of course it came on the backs of its up and coming competitor’s, Square, announcement of stashing bitcoin in its reserves, but nonetheless a major move in keeping the music playing amongst institutions and bitcoin. If there’s ever a pendulum swing in bitcoin’s history, this could be the spark of when the real institutional money starts flowing in.
DBS launching its own digital exchange
On October 27th, DBS Bank announced on its official website that it will launch the digital trading platform DBS Digital Exchange , which will provide legal currency ( SGD , HKD , JPY , USD ) trading services in four digital currencies: BTC , BCH , ETH and XRP . At the same time, relevant compliant companies can also raise funds through the platform, allowing companies to convert their securities or assets into digital currencies. But soon after, DBS Bank's official website deleted the relevant introduction page of the digital trading platform.
"NFT C-Seat Debut, More Than Just Encryption Art" co-sponsored by PANews and Cocos-BCX
This week marked the start of the annual Shanghai International Blockchain Week where numerous events and meetups took place. “One too many” if that’s the better way of putting it but the team here at PANews took the initiative and hosted two events. On October 26 , the " NFT C -Seat debut, More than Just Encryption Art" co-sponsored by PANews and Cocos-BCX was successfully held in Shanghai, attracting the active participation of many practitioners on a panel where the center theme was, NFT. Click more in the link to see a full summary.
PANews’ second hosted event on the Bund.
On the evening of October 27th , the " Blockchain Wonderful Night" jointly organized by PANews , PCHAIN , Cocos-BXC and Bingbon came to a successful conclusion at Shanghai Wanda Ruihua Hotel, bringing a unique party for blockchain practitioners and enthusiasts , Shared blockchain carnival night. At the beginning of the event, PANews co-founder and editor-in-chief, Bi Tongtong, and PCHAIN founder, Cao Feng, delivered poignant speeches respectively, sharing the original intention and vision of holding the event.
WRAPPING IT UP
The month of October by and large delivered a great welcome back surprise from our pal, bitcoin. Nothing against DeFi and the antics it brought over during the summer, if anything it was a great experiment in high finance for retail usage on the blockchain. Our consulting arm has been steadily bonding relationships with more burgeoning DeFi projects out there as result which has supplemented our business as a whole. But with bitcoin making its resurgence, it’s vital to go ‘back to basics’ and focus on key areas such as ‘not your keys, not your bitcoins’ in the wake of OKEx’s private key controller being arrested. More education on that front should take place front and center as the months go by.