Monday Market Report - Sept 26 to Oct 2, 2022

• Intense volatility in some of the world's major FIAT currencies (GBP, JPY).
• Breathing room for BTC and ETH.
• NASDAQ & S&P500; both down 3% on the week.

REGULATORY:

• Former Tether Auditor Fined $1M by SEC for ‘Sloppy Accounting’ - CoinDesk
• Europe AML rules could implicate DeFi, DAOs, and NFTs – The Block

INDUSTRY

• OpenSea and Warner Music Group Team up to Expand Oppties for Artists – Warner
• Polygon Onboards New Web3-native Communication Network — Blockworks
• MicroStrategy Looks to Hire Software Engineer for Building Bitcoin Lightning Network Infrastructure — Coindesk
• Cardano's Founding Entity Emurgo to Invest Over $200M to Boost Ecosystem — Coindesk
• Celcius CEO Alex Mashinsky Resigns – BusinessWire

• XRP rips on positive SEC-Lawsuit News–But fails to recover week-over-week losses.
• BTC: Upside volatility returned to price hours before its monthly close but failed to hold.
• ADA: Post-Vasil Hard Fork: Cardano gas fees are reportedly down by 50%.
• LUNC is up 25% on Do Kwon news.

The FED’s most hawkish tightening policies have continued to wreak havoc on domestic and international markets… Compounded by an escalating war and resulting energy crisis, and G7 currencies playing catch-up with an impressively strong US Dollar, it seems the only currency to escape the week unscathed–and the irony is lost on no one–was Bitcoin. (When the decoupling?)

Indeed unlike their FIAT counterparts, BTC and ETH continued trading within their respective ranges established over the last 3 weeks. But despite impressive yet short-lived intra-week rallies–‘Septembear’ did not disappoint: At the time of writing, BTC & ETH are up 2.9% and 0.63% in the last 7 days –some most-welcome breathing room for the top 2 cryptos as their FIAT counterparts garner the volatility spotlight–but threaten to close the month down 3.5% and 15%, respectively. Cold comfort.

• Bitcoin has been stair-stepping its way back to C$27,000 levels since its most recent swing low on Sept 21st C$24,500.
• Over the last 9 days, higher highs and higher lows show a new range forming in a tight channel between support at C$26,000 and resistance at C$29,500.

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• State of Bitcoin Q3 2022 - Messari
• State of Ethereum Q3 2022 - Messari

• Why Today’s News Tells You Everything You Need to Know About the 2022 Crypto Bear Market CoinDesk’s The Breakdown w/ NLW
• Fractional Reserve Banking Vs. Bitcoin w/ Mike Stroup – The Investors Pod’s Bitcoin Fundamentals w/ Preston Pysh

Disclaimer: This article is not intended to provide investment, legal, accounting, tax, or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.