In today’s bitcoin and cryptocurrency news, learn about bankrate found that cryptocurrency’s popularity as an investment vehicle in the U.S. is waning. The survey indicated that trust in crypto has decreased across generations, with millennials losing 20% of their trust. Meanwhile, the cryptocurrency market continues to worry that the economy is not slowing sufficiently to prevent further price increases. Lastly, Russia’s Ministry of Finance is working to create a more welcoming environment for cryptocurrencies by allowing their usage in foreign settlements across all sectors.

US Investors Are Abandoning Cryptocurrency

Original Source: Cryptocurrency Is Losing Popularity as Investment Vehicle in US, According to Bankrate Survey

According to a Bankrate poll, cryptocurrency as an investment vehicle is waning in the U.S. The survey indicated that trust in crypto has decreased across several demographics, with millennials losing 20% of their trust in the assets.

Investors losing confidence in crypto According to Bankrate

While crypto is still considered a fresh investment vehicle in the market, some followers have lost faith. Bankrate found that the number of Americans comfortable investing in bitcoin has declined across generations.

Millennials, who have typically been open and connected to new tech like bitcoin, have lost the most confidence in it. The number of millennials who felt “very comfortable” or “comfortable” investing in crypto fell from 49% in 2021 to 29% this year.

Other demographics also lost faith in crypto, with Gen Xers going from 37% to 21% and baby boomers from 21% to 11%. Only 21% expressed some faith in crypto as an investment this year, compared to 35% in 2021.

According to the article, this is the result of the current cryptocurrency market slump, caused by the Federal Reserve boosting interest rates to combat inflation. Greg McBride, CFA and Bankrate chief financial analyst, said:

It’s easy to be excited and believe in something when the value keeps rising. The real test of belief comes when the chips are down, and many investors suddenly feel differently about investing in Bitcoin.

Why younger generations are more inclined to believe in crypto

The paper also seeks to explain why younger groups are more interested in cryptocurrency. These younger populations, especially Gen Zers and millennials, are more likely to acquire financial advice from less-than-ideal sources like social media and friends and family than from actual investors.

Even with this loss of trust in crypto, many who still believe in it believe it could make them billions in the future. A Harris Poll finds that millennials and Gen Zers are the most confidence in their abilities to become crypto billionaires.

Latest Employment Data Disappoints Inflation Hawks, Flattening Crypto Markets

Original Source: Market Wrap: Crypto Markets Flatten as Latest Employment Data Throws a Setback for Inflation Hawks


Bitcoin and ether prices dropped Wednesday as investors assessed the latest jobs report.

Bitcoin (BTC) fell a fraction of a percentage point on Wednesday but rose back above $20,000 later in the day. BTC fell overnight and escalated for many hours, with the largest loss being at 13:00 UTC (9:00 a.m. ET) as U.S. conventional markets opened and ADP’s Employment report on private sector job creation was hotter than expected. BTC volume during the dip was 5 times the typical volume.

Ether’s (ETH) price also plummeted, erasing some of its gains from the previous two days. ETH fell most around 13:00 UTC (9:00 a.m. ET). ETH prices are down 19% since Sept. 15, when the Ethereum network switched from proof-of-work to proof-of-stake.

The CoinDesk Market Index (CMI), which tracks a basket of cryptocurrencies, fell 0.32 percent.

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Traditional stocks dipped after solid labor data, with the DJIA, Nasdaq composite, and S&P 500 down 0.14, 0.25, and 0.20 percent, respectively.

Following the OPEC statement and U.S. inventory figures, WTI and Brent European crude jumped 1.8% and 2%. Gas prices rose 1.8%.

The Organization of Petroleum Exporting Countries (OPEC) lowered oil production by 2 million barrels per day.

In the U.S., crude oil inventories declined 1.36 million barrels versus estimates for a 2.1 million barrel increase. Inventories declined by 4.7 million barrels, more than the predicted 1.3 million barrels and the most in eight weeks.

Both factors will certainly raise energy costs, a challenge given the Fed’s present objective to manage inflation.

After the OPEC statement and U.S. inventory figures, WTI and Brent European crude jumped 1.8% and 2%. Gas prices rose 1.8%.

Metals: Gold prices fell 0.3% while copper futures jumped 1.6%


ADP Employment expanded by 208,000 in September, versus consensus projections of 200,000, and a 12% increase over August’s 185,000 employment.

According to the survey, annual salary rose 7.8% for workers who stayed at their positions and 15.7% for job-changers.

The still-hot jobs market shows that the economy isn’t slowing as much as inflation hawks had predicted.


Bitcoin ($20,041): 1.6% ETH: $1,348 1.2% CMI: 980.86 0.7% Daily close: 3,783.28 0.2% $1,725 per troy ounce (+0.2%) Ten-year Treasury yield: 3.76% +0.1 Prices for bitcoin, ether, and gold are taken at 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the ETX; gold is COMEX spot price. The CoinDesk Indices are at


Bitcoin trades in a range

BTC prices spent Wednesday above and below $20,000 as the largest cryptocurrency by market size trades in a tight range.

BTC’s ATR fell 64% in 2022. The ATR measures an asset’s daily range. The falling ATR for bitcoin indicates price stability.

Without a real driver, BTC fluctuates as the economic story changes. Tuesday’s Market Wrap showed rising anticipation for a Federal Reserve rate cut, which boosted risk assets (both traditional and digital).

Today’s better-than-expected ADP jobs data gives the Fed cover to drive interest rates up. The CME FedWatch tool predicts another 0.75-point rate hike in November.

On-chain analytics may hint at bitcoin price growth when volatility rises for BTC investors.

The net position change for stablecoins (shown in green in the chart below) on cryptocurrency exchanges has been positive for the past 24 days.

Increasing the balance of stablecoins implies increased buying pressure for an asset, while increasing the supply of cryptocurrencies (BTC and ETH) implies increased selling pressure.

Bearish BTC investors say the current price is near production cost.

The “cost of production” for BTC miners is estimated by Glassnode’s Difficulty Regression Model to be $18,081, or 11% below bitcoin’s current price. A drop in BTC’s price below this point may stress bitcoin miners, causing prices to fall.

Combined with technical data, this suggests that while nearing production costs, buying support exists above $18,000.

Volume Profile Visual Range (VPVR), a tool that shows trading volume by price level, shows BTC investors are willing to add to long positions between $19,000 and $20,000.

Altcoin Roundup: GMX Soars After Binance, FTX Listings GMX’s token gained popularity for defying this year’s crypto rout, and it nearly hit its all-time high after Binance and FTX announced plans to list it. Read on.

Mythical Games creates Mythos to decentralize Web3 gaming. The gaming technology company is also adding the Mythos DAO and the MYTH governance token, an ERC-20 token with a 1 billion-token supply. Read on.

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Do Kwon denies report that South Korean prosecutors froze $39.6M of crypto: I don’t know whose funds they froze, but good for them, he tweeted.

Investment manager Hamilton Lane to tokenize 3 funds via Securitize: This will expand access to private market investments.

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What Is Ethereum’s MEV-Boost? Flashbot’s block relayers dominate the Ethereum validator ecosystem. Censorship grows with them.

Chainalysis: Middle East/North Africa was the fastest-growing crypto market in the past year. MENA users got $566 billion in crypto from July 2021 to June 2022.

Italy didn’t vet its 73 crypto firms this year: The companies in a new registry for crypto firms say they have regulatory approval in Italy, but they haven’t been checked for compliance.

Digital Asset Classification Standard (DACS), developed by CoinDesk Indices, provides sector classifications for digital assets. The CoinDesk Market Index (CMI) is a broad-based index that measures the market capitalization-weighted performance of the digital asset market.

Russia Allows Crypto Trade in Any Industry

Original Source: Russia Allows International Trade in Cryptocurrency for Any Industry

The Russian Finance Ministry wants to allow bitcoin use for foreign settlements in any industry.

The Russian Ministry of Finance recognizes the growing importance of cryptocurrencies in the transcontinental country as its offenses against Ukraine restrict international payment processes.

TASS reported the news Monday. Ivan Chebeskov, the Finance Ministry’s Director of Financial Policy, told the report in a recent interview.

Chebeskov: “We’ll allow international cryptocurrency settlements for any industry.” He noted the Finance Ministry’s recognition of cryptocurrencies’ importance in Russian local and international settlements.

Chebeskov says the Finance Ministry is more optimistic about cryptocurrencies than the CBR.

He noted that the Ministry’s desire to create a more favorable framework for digital assets shows how differently the two agencies view the asset class. This should ease cryptocurrency circulation in Russia.

Chebeskov added that Russia needs a local cryptocurrency infrastructure. He emphasized that this would assist promote improved consumer protection measures. A proper framework will improve cryptocurrency industry oversight to prevent illegal use.

The digital ruble aims to replace SWIFT.

Despite Western sanctions for its invasion of Ukraine, Russia’s adoption of cryptocurrencies has been slow. The Central Bank has a more progressive view of digital assets, but it hasn’t fully embraced the industry.

The Russian Finance Ministry wants a looser structure. Despite its less progressive stance on cryptocurrencies, the Russian central bank has embraced CBDC.

In 2023, the Bank of Russia aims to test its digital ruble protocol on customers. August report revealed this intention. All Russian banks will be connected to the digital ruble by 2024.

Russia wants to stop using SWIFT, which it has banned. Digital rubles will allow Russia make foreign payments independent of the West.

The EU aims to prohibit crypto payments from Russia to European wallets.

Summary of today’s Bitcoin and Cryptocurrency news

To sum it up, many people have lost faith in cryptocurrencies, but those who are still optimistic about the industry hope that they might become millionaires by investing in it. Harris Poll found that younger generations including millennials and Gen Z are the most optimistic about the prospect of becoming crypto billionaires.

On the other hand, the Dow Jones Industrial Average (DJIA), the tech-heavy Nasdaq composite, and the S&P 500 all decreased by 0.14 percent, 0.25 percent, and 0.20 percent, respectively, after the release of positive employment statistics.

Lastly, in 2023, the Bank of Russia intends to conduct live client tests of its digital ruble protocol. The report detailing this objective was released in August. In addition, by 2024, the Russian Central Bank plans to have all Russian financial institutions linked to the digital ruble.