What do you do in times like this when the financial markets are stumbling along and economic data is gloomy? A good idea is to keep an eye on the underlying activity in the market by industry leaders.
Today, we delve into global businesses such as Apple, Uniswap, and even the United Arab Emirates (UAE) — which are developing blockchain applications to make sure they’re positioned well for the next crypto boom. Their long-term perspectives allow them to build immunity to short-term pressures. And it’s no different for personal investments.
Especially in times of economic storm, as investors, we must remember to concentrate on the fundamentals, be prepared to ride out market cycles, and remain confident that eventually, the clouds will clear.
Weekly highlights
- At an NYU seminar, the chair of the Commodity Futures Trading Commission Rostin Behnam claimed that ‘Bitcoin might double in price if there’s a CFTC-regulated market.’ His remarks continue his push toward regulatory clarity for crypto markets.
- The Reserve Bank of Australia’s white paper says that the country will start testing its digital dollar in mid-2023.
- UK inflation continues to hit new highs, Eurozone soars to record 10% — GPD at record lows, EURO plummets under the gloomy economic outlook.
Bitcoin update
Bitcoin (BTC) saw relatively flat price action this week, opening the week at US$18,809. The price rallied 6.61% on Tuesday, pushing BTC above US$20,000 which momentarily brought the total crypto market above the US$1 trillion mark. However, the bears made their presence known, with BTC selling off over 8% the following day. BTC continued to slowly appreciate towards the end of the week, closing at US$19,200 for a modest 2.07% weekly gain.
Ethereum update
Ethereum (ETH) moved with BTC for the first half of the week, with a rally to a high of US$1,379 on Tuesday before selling off over 8% the following day. However, unlike BTC, it was unable to recover over the weekend and closed the week down 1.89% at US$1,276. This marked the third consecutive week of downwards price action since the Merge, Ethereum’s transition to a Proof-of-Stake (PoS) consensus mechanism.
Dacxi Specialist events
What is a Dacxi Specialist?
They’re our team of crypto-asset experts, carefully selected for their experience in helping everyday investors navigate crypto. Your Dacxi Specialist isn’t a financial advisor or a wealth coach. They’re a personal guide, here to answer your questions and demystify the world of crypto. Access to a Dacxi Specialist costs nothing and comes with no obligation.
Discover New Wealth: Australia Series
Welcome to the Discover New Wealth series! Join our specialists to learn practical strategies on how to build and grow your wealth in the new digital era — whatever stage of your journey you might be. Covering:
- How crypto today compares with the early days of the internet
- What you need to know about Crypto 4.0 and the cyclical evolution of new markets
- How to best prepare yourself for the next bull run
- How the Dacxi Chain is leading the crowdfunding revolution
- And much more!
Locations:
- Brisbane. 11 October, 6:00 pm. Register here
- Cairns. 11 October, 7:00 pm. Register here
- Atherton. 12 October, 7:00 pm. Register here
- Gold Coast. 20 October, 6:00 pm. Register here
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