Volatility kept cryptocurrency enthusiasts on their toes while Quik.com issued its highly anticipated October 2022 Update!
The current cryptocurrency market has experienced unusually high volatility as Ethereum draws interest due to the potential for a short squeeze above $1.5k. Bitcoin's widespread popularity is still in its infancy, while Quik.com published its new October 2022 upgrade.
The cryptocurrency market and the decentralized industry have witnessed some ups and downs, with high lows rather than highs. However, despite significant market volatility, a few cryptocurrencies still fared decently.
Before we delve further into the market, let's look at the price index at the time of writing.
Bitcoin BTC/USD: $19,995.430 (1)
Ethereum ETH/USD: $1,355 (2)
Litecoin LTC/USD: $53.52 (3)
Binance Coin BNB/USD: $284.96 (4)
Shiba Inu SHIB/USD: $0.000011 (5)
Solana SOL/USD: $33.69 (6)
Ripple XRP/USD: $0.4878 (7)
Bitcoin Cash BCH/USD: $119.81 (8)
Cardano ADA/USD: $0.428 (9)
TRON TRX/USD: $0.0631 (10)
Bitcoin SV BSV/USD: $48.63 (11)
Dogecoin DOGE/USD: $0.06 (12)
Ethereum Classic ETC/USD: $27.71 (13)
Even if the cryptocurrencies above are among the most popular and in-demand, the entire cryptocurrency market has been in motion since the bear market, during which Bitcoin faced the greatest challenges and Ethereum experienced a dip even following its merge.
On the other hand, Quik.com published its eagerly awaited October 2022 Mega-update to make crypto trade more convenient (14). A press release detailing all the update's specifics and planned updates for the upcoming weeks and months was posted on the official Quik.com support site.
The current state of Crypto
Let's go through each recent event causing the decentralized space to tremble. While recruiting continued despite the bear market, there were times when firms like Coinbase announced layoffs, which showed that there were few to no possibilities in the blockchain sector at the time.
Since recruiting managers now place a greater emphasis on strategy, the hiring environment is considerably different from that of the bull market, when businesses were hiring like crazy and paying developers $500,000 to $700,000. Companies with solid finances had more strategic plans, making hiring more logical.
The industry has broadened its methods for creating value from many sources by recruiting marketing experts, analysts, compliance officers, and legal employees. However, the crypto sector lags behind other industries, like traditional finance, regarding entry-level or internship roles.
For instance, the availability of entry-level roles, such as internships or entry-level jobs, is, on average, 44% higher in traditional banking than in the crypto field, at just 4%. I think that if internships are encouraged to develop fresh talent inside the crypto field, the entry hurdle should be lowered for engaging new talent.
However, given that Tesla liquidated 75% (15) of its Bitcoin holdings in the second quarter of 2022, the adoption of Bitcoin by businesses and governments continues to be a contentious issue. This is because the digital gold thesis that advocates have pushed is now coming under heavy fire. The degree to which countries are ready to use cryptocurrencies as a store of value has always been influenced by larger corporations purchasing or selling Bitcoin.
For example, El Salvador's (16) Bitcoin holdings currently have an average purchase price of $45,000, making them a relatively unprofitable investment. Rome wasn't built in a day, so it will take time for BTC to be adopted by every nation on Earth.
However, even though the price of Ether (ETH) gained 7.5% from October 2 to October 6, traders' opinion about the cryptocurrency has noticeably improved. However, the price's recapturing of the $1,259 level was not convincing enough to prompt any optimistic action from derivatives traders. The ether price is still 32% below the $2,000 mark that it last reached on August 14, and after the merge, the network's average transaction fee was close to $2.
When the Ethereum network shifted from using energy-intensive mining technology to a group of validators needed for staking 32 ETH, known as the Ethereum Merge, the Merge was not intended to address scalability issues, despite being crucial for developing future parallel processing or sharding.
Leverage is a great way to increase exposure and gains with an unexpected price swing that could lead to forced liquidations, further strengthening the price move. There is $7.7 billion in open interest in ether contract futures, and given the prevalence of bearish bets, a surprise rally could potentially cause a massive short squeeze.
Although macroeconomic and regulatory uncertainty may make it difficult for ether bulls to gain ground, a sudden 10% increase toward $1,500 would startle bears and force them to cover their short bets.
In a recent update, Quik.com added new elements, including its own Quik API, which unifies all the elements to give users a connected networking experience with a smart and simple user experience. Front-end API documentation is also set to be released in the upcoming week.
As a result, Quik.com has developed more sophisticated NFT domains, allowing users to update personal information, including address information, URLs, text records, and even crypto addresses. This will improve the usability of the NFT domain, provide users with a better understanding of the user, and make interaction and accessibility simple.
Now that it supports six blockchains, including BTC, ETH, SOL, LTC, DOGE, and BNB, it intends to increase user engagement by providing crypto solutions for various blockchains. Due to this, its activity has increased from supporting one blockchain at a time to two and then six, which is six times more.
This is good news for us users because it now makes connecting Web3 domains to cryptocurrency wallets easier without worrying about whether or not they support the blockchain.
Additionally, Quik.com has several updates planned for the upcoming weeks and months. It is also important to keep a close watch on the cryptocurrency market, which will likely see additional ups and downs in the ensuing weeks and months.