It is yet another season to get bullish or remain bearish during this lovely, generous month of pumptober. What many did not see coming in the beginning of October is the surprise multi-chain attack from Hamas on Israel that has for certain caused a worldwide shift in investors decision where and whether to allocate money into speculative assets at this time.
Could this be another bull trap?
With Bitcoin suddently shooting up with a variety of world events and flirting with $30-31K makes me believe that this is another episode of a "bull trap" sentiment. Many other factors may indicate that it could be different. However, I have not seen reports of significant amounts of new investors entering the market thus makes me believe that we continue to experience whales games to shake off some of the new investors. The future of Bitcoin looks bright no matter the short term volatility. With the recent adoption of countries around the world adopting it as a store of value and to be used as legal tender, it is no surprise BTC remains the most dominant digital asset for people all around the world. For institutions, it is also becoming a household name now that multiple BTC ETF's have been filed and are waiting for the inevitable approval.
It's only matter of time ETH trades back at above $2K considering it's stability this year
As the foundation of web3 and the digital platform of choice for many tech and financial enthusiasts around the world, I have no doubt that the price is currently not reflecting it's true value proposition. The past year has been nothing but a continuation of building, testing and upgrading the Ethereum network infrastructure through mainnet, L2's, L3's and sidechains despite the growing infiltration by bad actors, scammers and hacks. I believe a factor of much of the value has gone through other assets within the ecosystem like L2 tokens, lending tokens, stablecoins, governance tokens and the stubborn need for memecoins. Once some of it rebalances, the value will translate back into Ether as the main currency of the blockchain.
The beating doesn't seem to stop for Binance
BNB being the largest digital asset by marketcap has continuously suffered from the bear market as well as having so much uncertainty from operating in major markets like the USA, Canada, Belgium and the UK. Lawsuit after lawsuit, Binance still holds a large worldwide presence and audience but is facing so much uncertainty it is no surprise that the price has taken a beating and is struggling to get back up while the competition looks optimistic. As no major companies are holding this asset in their portfolios and no financial products being offered as an ETF makes it harder for their adoption around the financial hubs to prosper.
No matter your situation, if you are here and made it this far, just remember we have all gotten a taste of dealing directly and indirectly with the collapse of the Luna crash, Celsius+Blockfi collapse, 3AC liquidation, FTX/Alameda collapse. This is given many of us great financial lessons as well as understanding the risks involved investing in specific assets and trusting centralized platforms with faces behind them like SBF, Mashinsky, DoKwon, Cotten and the infamous Ruja Ignatova.
A bit of humor for those that also still hold ADA coins from the last bullrun. Not hating.
As a bonus, there are other promising projects like Cardano, Atom, Solana, Polkadot and Tron that are also actively building the web3 space and future identity infrastructure. You may comment a good to know fact about them if there's something something valuable to share as they are part of the crypto ecosystem.
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