Bitcoin Ends ‘Uptober’ in Red, BNB Spikes: October in Charts

Bitcoin (BTC) is close to disappointing investors, since it is on the end of October, a historically good month, in the red. Meanwhile, BNB Chain saw record activity as token prices jumped in early October.

In the EU, the terrain is still changing as countries decide whether to support the “Chat Control” proposal, with nine outright opposing it. Concerns about a lack of support saw lawmakers in Brussels delay their decision on the controversial regulation until December.

While the US government shutdown has stalled most federal business, including decisions on cryptocurrency exchange projects, crypto bills in four states have moved forward this month.

Meanwhile, stablecoin adoption continues to grow. The total stablecoin market capitalization surpassed $300 billion for the first time in October.

Here’s October from the charts:

Bitcoin fell 10% in the month in the first red “Uptober” in seven years

For the past six years, Bitcoin traders have been waiting to earn in October. The trend was so reliable that the crypto community called the month “Uptober”. However, this year, Bitcoin ended up down more than 10% over the month, bucking the trend.

Several unique factors put pressure on Bitcoin’s price this month, including a nearly $20 billion liquidation event. provoked by the trade war of American President Donald Trump with China and rate cuts at the US Federal Reserve.

Some traders I believe that a disappointing October could mean an even bigger rally in November. Others are less convinced. Crypto Rover Analyst he said“The last time October closed red for Bitcoin, November saw a fall of 36.57%.

BNB Chain transactions spike 135% in October

October saw a 135% increase in transactions on the BNB Chain as the issuance of memecoin spiked, according to Nansen analysis. Bubblemaps stated that “memecoin szn is real” on BNB Chain.

According to the analytical platform, more than 100,000 new traders bought memecoins on October 7, and 70% were in profit. About 40 of them made more than $1 million, while 6,000 made at least $10,000.

Pseudonymous crypto trader Star Platinum claimed that most memecoins have crashed since October 8th and 9th.

“Retail has bought the top. The big holders are selling them. If we look at the onchain data, it shows: supply concentration, small liquidity, repeated barrels. [and] exit to DEX/CEX at the peak,” they said.

The memecoin frenzy has seen BNB Chain’s Four.meme platform become the dominant format for launching memecoins. On October 1st, Pump.fun they represent more than 90% of all new issuesbut on October 8, Four.meme blew the balance to more than 80% of all new token launches.

The memecoin frenzy saw a concomitant spike in BNB’s (BNB) the price of the token, which broke $1,300 on October 13. The token has since fallen, but is still up 6.6% on the month.

Nine countries oppose Chat Control, starting in December

The number of EU member states that support “Chat Control” continues to change. At the end of October, 12 countries support it, while nine openly oppose it. Six remain undecided.

Ahead of a vote scheduled for October 14, observers and privacy activists were keeping a close eye on see which way Germany votes. At that time, the majority of member states supported the “Chat Control”, but the block did not include the 65% of the EU population needed to pass.

Germany, being the most populous state in the EU, is crucial if the European Council wants to secure the necessary support to pass the bill. However, as of publication time, public records picked up from Fight Chat Control, a privacy advocacy group that follows the law, shows that Germany opposes it.

The proposed Chat Control law has been around since 2022, but has not secured the necessary support to pass. The current iteration, introduced by the Danish presidency of the European Council, will introduce mandatory screening of encrypted messages to catch people trafficking child sexual abuse material. The vote was postponed until December.

Four US states are working on crypto laws

While partisan gridlock slows the US Senate’s progress on the Responsible Financial Innovation Act, US states continue to introduce their own laws for the cryptocurrency industry. In October, four US states made progress on crypto laws.

In Florida, the legislature introduced a bill that “authorizes Florida’s Chief Financial Officer and certain public entities to invest portions of state and local funds in digital assets, including Bitcoin and exchange-traded products.” It also introduced requirements for crypto kiosks and guidelines for stablecoin issuers operating in the state.

Wisconsin is updating its tax code. The current law allows crypto mining data centers to be exempt from income tax. A new bill will close this loophole. The state Senate is too working on a bill that “ensures that individuals and companies can accept digital assets for payment, use self-hosted wallets or hardware, operate blockchain nodes, develop blockchain software, transfer digital assets, and participate in staking.”

Related: Lost your Bitcoin in California? You can get everything back

New York is working on a new excise tax on electricity used in proof-of-work crypto mining. Massachusetts Updates Fiduciary Rights Regarding Cryptocurrencies.

California has passed a law that says abandoned Bitcoin cannot be immediately sold by the state and must be kept in its original form. Observers say this will ease recovery and reduce burdens on exchanges.

Stablecoins top $300 billion

As the adoption of stablecoins increases worldwide, their total market capitalization exceeded $300 billion in October.

The new high water mark comes amid bullish news for stablecoins in October. AllUnity’s euro-backed stablecoin, EURAU, which itself is a joint project by Deutsche Bank and asset manager DWS, is expand to multiple blockchains.

Neobank Revolut has introduced a 1:1 conversion between dollars and stablecoins for its customers. The central bank of Indonesia is informed plans to issue a “national stablecoin” – that is, a digital currency backed by government bonds.

On October 29, Visa CEO Ryan McInerney announced“It adds support for four stablecoins running on four unique blockchains, representing two currencies that we can accept and convert to more than 25 traditional fiat currencies.”

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