Our experts told us about possible price movements for cryptocurrencies in coming weeks. And gave forecast for their prices in accordance with different variants of events development

On October 13, after the publication of inflation data in the U.S., leading cryptocurrencies updated their price lows. Bitcoin rate fell to $18.3 thousand, less than the last time it was worth on June 20, when it was trading about $18.2 thousand. Also Ethereum showed decline – it fell to $1.2 thousand, updating its minimum since mid-July.

But by October 14 Bitcoin had recovered to the level of $19.8 thousand, the daily growth was 5.4%. Аnd Ethereum also rose in price by 7.2%. And the total market capitalization of cryptocurrencies is $980 billion, which is 5.5% more than a day ago.

Current situation on crypto market

Macroeconomics is the leading factor for cryptocurrency markets right now. Our experts notice that after the new release of inflation data in the U.S., there was a rare volatility in leading indices. But at the same time, the sharp drop was just as sharply bought back by investors. Cryptocurrencies reacted in a similar way.

Crypto market heavyweights such as Bitcoin and Ethereum are hardly reacting to events in the cryptosphere right now. However, there are not many negative factors. The main factor “confusing crypto-enthusiasts” is the trend toward tighter regulation in many countries. Because this brings cryptocurrencies closer to traditional asset classes.

Also, cryptocommunity is concerned about the decline of decentralization. Or the lack of growth of this indicator in many blockchains. In addition, the outflow of capital from GameFi, NFT and Metaverses markets looks logical against the background of energy crisis and risks of recession in economics.

Negative forecast scenarios

In case of a prolonged fall in Bitcoin, it is possible that those miners who have been working at a loss for a long time will capitulate. This is likely to lead to a decrease in the level of support. And it will bring Bitcoin’s price down to around $14,000 or $10,000.

Large capital is now panicking and seeking to withdraw funds in stablecoins and US dollar. The most likely scenario is that bitcoin will drop to $17,800 in coming weeks.

In addition, the fall in Bitcoin is accompanied by the biggest sell-offs of miners in the last 2 years – about 8,000 BTC per month (according to Glassnode). This has also influenced the rate of BTC decline and overall current market sentiment, our Crypto-Upvotes experts say.

Positive forecast scenarios

Crypto-Upvotes experts called a scenario in which cryptocurrency rates will start growing in the near future unlikely. However, if Bitcoin breaks through resistance level of $20.4 thousand, it will be possible to see movement to $22.5 thousand, our expert believes.

Positive factors that could support cryptocurrency rates are hard to find right now. At the same time, the option to increase prices of cryptocurrencies should not be discarded either. Because investors are eager to redeem assets at lower prices right now.

According to our expert, it could lead to overcoming the level of $1.4 ths for Ethereum. Bitcoin may initially reach a psychologically important level of $20,000. And its overcoming will lead to increase of BTC price up to $22 ths.

Binance will issue loans to develop this industry. Also the company intends to launch products for cloud mining

The cryptocurrency exchange announced that it has launched a $500 million project on Binance Pool platform to support cryptocurrency mining industry. This project involves lending to companies. Which are engaged in mining Bitcoin and infrastructure of digital assets around the world.

Funding will be available for 18 to 24 months at 5-10%. This will be subject to security of physical or cryptocurrency assets satisfactory to Binance.

Also, company intends to launch products for cloud mining. So, cryptocurrency mining will be carried out with the help of rented equipment located in data centers of service providers. Binance Pool is currently looking for such providers to cooperate with.

On October 10, Bitcoin’s mining complexity increased by 13.5%. This was the strongest increase since May 2021. Meanwhile, at $20,000 per Bitcoin, the profitability of mining companies is already close to the cost of production. And in some cases it goes into negative values.

BNY Mellon licensed from New York state regulator to handle two cryptocurrencies. Review by Crypto-Upvotes experts

The oldest U.S. bank BNY Mellon began to provide services for cryptocurrency storage, writes The Wall Street Journal. For this purpose, the company received a license from the financial regulator of New York.

Bank will store the keys needed to access and transfer the cryptocurrency. It will also provide accounting services for Bitcoin and Ethereum.

BNY Mellon claims to be the first of eight systemically important U.S. banks to provide custody services for digital currencies. And it allows customers to use one custody platform for both traditional and cryptocurrency assets.

The platform will go live with select investment-fund firms this week. The bank said it expects to expand its crypto custody offerings to additional clients in the future, pending regulatory approvals.

In the summer of 2021, BNY  joined a group of six banks that plan to launch Pure Digital, a digital asset trading platform. At the time, the bank said it would roll out cryptocurrency infrastructure as the legal and regulatory framework emerged.

Thanks to the integration of services of one of largest cryptocurrency exchanges. Some Google customers will be able to pay with cryptocurrency for cloud services, Crypto-Upvotes expert review

Some Google customers will be able to pay for cloud services in cryptocurrency at early 2023. This was announced by representatives of corporation at conference Google Cloud Next, reports CNBC. This will be possible due to cooperation of corporation with one of the leading cryptocurrency exchanges Coinbase.

First, corporation will accept payments in cryptocurrency from a limited number of customers through its integrated service Coinbase Commerce. Amit Zaveri, vice president and general manager and head of the Google Cloud platform, told CNBC. Currently, Coinbase Commerce supports 10 currencies, including Bitcoin, Bitcoin Cash, Dogecoin, Ethereum and Litecoin.

As time goes on, corporation will allow many more customers to use cryptocurrency. Also, corporation is considering using Coinbase Prime service to store cryptocurrency and conduct transactions in it.

At the same time, Coinbase said it will use Google cloud infrastructure for storage. Additionally, Coinbase will migrate its applications from Amazon Web Services cloud service. Also, when making cryptocurrency payments Coinbase will receive a percent of transactions.

This is largest increase in Bitcoin mining complexity since May 2021. Cryptocurrency mining complexity rises as computing power grows

On Oct. 10, the Bitcoin mining difficulty increased 13.55%. This was the biggest increase since May 2021, when complexity jumped 21.5%. Usually the figure increases or decreases within 10% every two weeks. The previous record was set on September 14, when the complexity reached 32.05T (difficulty target).

Explanation
Network complexity determines amount of computing power required to find a new block in the bitcoin blockchain. This parameter changes every 2016 blocks, or about once every two weeks. This is necessary to maintain block time of about 10 minutes.

According to BTC.com, complexity is now 35.61 T at 259.52 EH/s, which has also become a high figure. This increase in numbers suggests that the number of miners is increasing and the competition among them is growing.

At the same time, given the current price of Bitcoin, the profitability of mining is close to zero. According to our experts, at a price of $20,000 per Bitcoin, profitability of mining companies is already close to the cost of production (about $15,000-17,000). And in some cases it goes into negative values.

In October, there will be several high-profile events. Which can affect both price of individual coins and market as a whole. Crypto-Upvotes experts review

Launch of Lambda main network

Lambda (LAMB) – provides data storage capabilities for decentralized applications. Also, this project provides shared data storage services across multiple blockchains with management features. In addition, the site provides data privacy protection. As well as proof of ownership and distributed intelligent computing. Thanks to Sharding technology, the project provides high network speed. Which increases as the blockchain expands. On 10 October it is planned to launch main network of this project. And there will also be launched a cross-network bridge with Ethereum network. Which will open up access for validators and the ability to stack LAMB tokens. For early holders there will be an Airdrop on October 10 and October 15.

Conflux hardfork

The Conflux network update will begin in mid-October. Most of the changes will be available on October 25. It will also add the ability to change rewards without a hardfork and improve validator node performance.

This project was created as a competitor to Ethereum and was supported by Chinese government agencies. Project funding involved the leadership of Shanghai. As well as large private investors, including Sequoia China, Huobi Group, Shunwei Capital and Rong360.

Telos network update

Telos was launched in 2018 and is a fork of EOSIO blockchain. In 2022, the four largest forks of EOSIO (EOS, WAX, TELOS and Ultra) formed a coalition to switch to a common code base. This resulted in the Antilope hardfork.

Telos is unrivaled in versatility. With its EVM, Telos can be home to a huge number of decentralized applications. Telos is the only network that supports smart contracts on EOSIO and Ethereum.

Its compatibility with Solidity, Vyper and EOSIO C++ means that migration will be more accessible than ever. No other network offers as much compatibility as Telos. Telos is compatible with a record 95% of applications.

The move to new software is another step towards independence from block.one, developer of EOSIO. Owners of validation nodes (nodes) on the core network need to upgrade their software to the Leap 3.1. release (previous name Mandel 3.1) by October 26.

Hydra hardfork

HydraChain project runs on Proof of Stake algorithm and was created as a solution for real business. Project features are 100% burning of all transaction fees, fixed transaction fees. As well as smart contracts, compatible with virtual machine Ethereum. Minimum stacking return of 20% per year. Anyone can become a full-fledged node in a few clicks and bid on Hydra to maintain their network. Stackers get a high economic stream through blockchain rewards.

Update will occur after block number 477,300 is found.  The number of processed transactions per second will increase to 2 thousand. And it will be possible to delegate stacking. Users need to update their software by October 27.

Conclusions

Important updates and changes to these old crypto projects can increase this token’s price. They can also significantly affect the whole cryptocurrency market. Therefore, we recommend to keep an eye on these important changes of these projects

Hackers stole over $544 million worth of cryptocurrency from Binance network. But did not manage to withdraw most of it, Crypto-Upvotes expert

Blockchain BNB Chain returned to work after the BSC Token Hub bridge was hacked. Hackers managed to steal over $544 million worth of cryptocurrency. However, they were able to withdraw only $100 million. After that, the work of network was temporarily suspended.

Binance CEO published a link to a post on Reddit, which describes the details of the incident. In particular, it is claimed that according to initial estimates, hackers managed to take from $100 million to $110 million from BNB Chain network, while with the support of partners managed to freeze $7 million worth of cryptocurrency.

Hackers have $543 million worth of cryptocurrency at their address, $432 million of which remain in BNB Chain and cannot be withdrawn. At the same time, these funds are not the users’ cryptocurrency. Changpeng Zhao explained that hackers managed to create additional BNB tokens using a vulnerability.

Later, the BNB Chain team presented a code update. After it was activated by the network’s validators, the hackers’ accounts were blocked and asset transfers between BNB Beacon Chain and BNB Smart Chain were frozen.

BNB Chain will decide fate of blocked crypto-assets by voting

As decided by blockchain team, a vote will be held. As a result, it will decide such issues as freezing the funds in the hacker’s account. And using a mechanism to automatically burn BNB tokens to cover the remainder of stolen funds.

At the same time, the issue of introducing a reward of $1 million for “white hackers” will be put to vote. Who will be able to detect bugs in the system in future. Also, community will decide whether to announce reward for catching hackers in form of 10% of recovered funds.

BSC validator voting functionality will be turned on in the next few days after a BNB Beacon Chain update. Also, the team noted that a new management mechanism will be implemented in a BNB network to protect against possible future attacks.

Hugo Boss will release 1,000 animated tokens from the series “Take Your Emotions” will be presented in early November

Fashion house Hugo Boss announced a partnership with Imaginary Ones, a Web3 company. With this partnership, the first NFT-collection in the brand’s history will be released. Presentation is planned for early November.

A collection called Embrace Your Emotion or EYE will consist of 1,001 animated 3D objects. With this project, Hugo Boss encourages users to embrace their emotions with courage. And regardless of whether they are bad or good, says this project description.

Also Hugo Boss will release special 5 NFTs will be animated characters. These characters will represent joy, sadness, fear, anger and love. Another character will combine all qualities of these five characters. And he will be auctioned for charity on the occasion of World Mental Health Day (October 10).

Of the remaining 1,000 tokens, 500 will be available to buyers of exclusive merchandise t-shirts. Another 500 will be available to NFT holders from other Imaginary Ones projects and contest participants. Our experts have noticed that these contests will be held on Web-3-company social networks starting Oct. 4.

McDonald’s is conducting an experiment with сryptocurrency in a European city with a population of 63,000 people. It is also possible to pay with stabelcoin USDT

McDonald’s restaurant in Swiss Lugano began to accept cryptocurrency as payment. Bitcoin Magazine published a video of ordering in this restaurant on its Twitter. McDonald’s accepts Bitcoin and stabelcoin USDT from Tether.

In March 2022, the city of Lugano recognized Bitcoin, USDT and LVGA token as a means of payment. The city also signed a memorandum of understanding with Tether. In that memorandum, the company created two funds – $106 million to support crypto startups and $3 million for local stores and businesses.

Local residents can pay taxes with cryptocurrency. It is assumed that in the future they will also be able to pay in digital assets for parking tickets, utility bills and university tuition. Our experts note that already now more than 200 stores and businesses will accept cryptocurrency for products and services.

Kim Kardashian agrees to pay fine for failing to disclose income from EthereumMAX ads

The Securities and Exchange Commission fined TV star Kim Kardashian $1.26 million. For promoting the cryptocurrency EthereumMax (EMAX) on social networks. Superstar did not disclose the income she received for this promotion, according to a press release from SEC.

Our experts found out that Kardashian did not disclose that she was paid $250,000 by posting a post on her Instagram account about EMAX tokens. Kardashian post contained a link to EthereumMax website with instructions for potential investors to buy their tokens.

“Ms. Kardashian case serves as a reminder to celebrities and others. That the law requires disclosure to the public of when and how much they are paid to facilitate an investment in securities,” said SEC Chairman Gary Gensler.

Kim Kardashian violated a provision of federal securities laws prohibiting advertising. Without admitting or denying the SEC charges, Kardashian agreed to pay $1.26 million. Included in her indictment is compensation for advertising revenue she received of about $260,000. And interest and a fine of $1 million. Kardashian also agreed not to promote cryptocurrencies for three years.