Following the opening of PayPal with 346 million users to cryptocurrency transactions, it has been signaled that countries will cooperate with regulators for digital currencies to be issued. With this development, it has been reported that the crypto functionality has been expanded to PayPal's base of 10%. It was even stated that with the increase in the number of cryptocurrencies and the support of CBDCs, the expectation could increase 2-3 times.
Big Drop in Bitcoin Mining Difficulty
As a measure of its competitiveness to earn block rewards, Bitcoin's mining difficulty reported the biggest percentage drop since October 2011. As a result of the transition from hydroelectric power plants to fossil fuel plants, especially after the monsoons, Bitcoin mining machines were unplugged. The decrease in production has led to a decrease in Bitcoin mining difficulty.
Huge Drop in DeFi Tokens in October
Despite Bitcoin's strong upward trend in the decentralized finance (DeFi) market, a 50% retracement was seen in October. Especially as a result of the cyberattack suffered by Harvest Finance, the reliability of DeFi tokens was questioned. Due to the poor performance of DeFi tokens, sentiment in the market has become increasingly negative.
Regulation Decision on Cryptocurrencies Exchanges
Cryptocurrency trading restrictions in China directed investors to Hong Kong. The regulation decision of the Hong Kong Securities and Futures Transactions Commission (SFC) obliged cryptocurrency exchanges to obtain licenses. For this reason, exchanges that do not have a license will not be able to sell cryptocurrency. Huge crypto exchanges have operations based in Hong Kong.
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