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Gate.ioBlogOctober 2022 | Gate.io Monthly Featured Articles
October 2022 | Gate.io Monthly Featured Articles
31 October 17:22
Gate.io monthly featured articles will include the most liked and most viewed entries from our October blog posts. We will also integrate the release of macro global events in the following month. Because the market is changing rapidly, our updates will help you capture the latest valuable information and ensure your access to quality articles.
🔹 US Treasuries hit a record high of $31 trillion, causing further concern in the market.
🔹 The BNB Chain BSC Bridge was hacked, and 2 million BNBs were stolen.
🔹 The Lack of liquidity In the US Treasury triggers worry about default.
🔹 British Prime Minister Liz Truss resigned, and Rishi Sunak (billionaire, former Goldman Sachs hedge fund manager, former Chancellor of the Exchequer, and cryptocurrency supporter) took over as British Prime Minister.
🔹 Sino-US Tension On The Rise Coupled With An Inevitable US Recession.
🔹 Alphabet and Microsoft's third-quarter financial results were disappointing.
“Now, "quantum entanglement" has been proven to exist for the first time, and has officially stepped onto the stage of world science, which is also the foundation of high-speed computing in the future.”
🔍 Market Highlights in October 🔍
Since late August, the Fear & Greed Index of the BTC market has been hovering in the "Extra Fear", especially when the global economy is in recession, making investors more cautious.
As of October 31, the crypto market Fear & Greed Index was [Extra Fear 31], up 10 from [Extra Fear 21] last month.
This year, the correlation between the crypto market and the stock market reached an unprecedented height. On the 27th of this month, the correlation between BTC and ETH and the NASDAQ index reached 0.52 and 0.63 respectively. In addition, the third-quarter financial statements released by large technology companies this month were also disappointing - Microsoft's third-quarter revenue fell 14% year on year, while Google's parent company Alphabet's fell 27% year on year. Since this year, Microsoft's share price has dropped nearly 26%, Apple's has dropped nearly 15%, and Meta's decline is the largest among several large technology companies, falling nearly 60%.
However, the large-scale selling and collapse that people feared did not happen, and Black October finally passed through "safely".
In the following days, we need to focus on the upcoming Federal Reserve meeting. According to a survey conducted by Chicago Mercantile Exchange, the market now believes that the possibility of the Federal Reserve raising interest rates by 75 basis points in November has reached 94.2%. If the 75 basis points increase is realized, the policy interest rate will rise to 3.75% - 4%.
According to the media, there are wide differences of opinion within the Federal Reserve on whether to slow down the pace of interest rate increase. Some officials believe that the interest rate should be increased by 75 basis points at the next two meetings; some argue that the suspension of an interest rate increase should be considered after the inflation rate drops to 4.4%; whereas others believe that the Federal Reserve should slow down the pace of interest rate increase as soon as possible, and stop raising interest rates at the beginning of 2023 to observe the impact of this year's interest rate increase on the U.S. economy and reduce the risk of a sharp economic slowdown.
🟠 The BTC opening price in October was $19424.0, and the current quotation was $20568.9 at 12:00 on October 31, representing an increase of 5.89%.
🔵 The ETH opening price in October was $1328.72. At 12:00 on October 31, the current quotation was $1589.69, representing an increase of 19.64%.