This October, Bitcoin (BTC) looks set to disappoint its investors by finishing a historically favorable month in the red. In contrast, activity on the BNB chain surged due to a boom in memecoins.

In the EU, the political landscape is still evolving as several nations decide their stance on the controversial “Chat Control” proposal, with nine countries outright opposing it. Due to the lack of consensus, lawmakers in Brussels postponed their decision until December.

Despite the ongoing governmental shutdown in the US, which has stalled many federal operations, four states have pushed forward with crypto-related bills this month.

In exciting news for stablecoins, their total market capitalization has grown to over $300 billion for the first time this October.

Bitcoin’s First Red October in Seven Years

Historically, Bitcoin traders anticipate gains during October, a trend affectionately termed “Uptober”. Unfortunately, this year, Bitcoin is ending the month over 10% down, disrupting this trend. Factors contributing to the price decline include significant liquidation events tied to former President Donald Trump’s trade war with China and monetary policy shifts by the US Federal Reserve.

Analysts suggest that a disappointing October could lead to a more significant rally in November. Crypto analyst Crypto Rover warned against getting too optimistic, noting, “Last time October closed red for Bitcoin, November saw a 36.57% drop.”

Surge in BNB Chain Transactions

October witnessed a remarkable 135% rise in transactions on the BNB Chain, primarily due to the issuance of memecoins, as reported by analytics firm Nansen. Bubblemaps remarked on Twitter, “memecoin szn is real” on BNB Chain.

On October 7, over 100,000 new traders engaged with memecoins, with a staggering 70% realizing profits. Many traders made significant gains, with some achieving over $1 million.

However, some traders cautioned that most memecoins crashed in value shortly after, primarily due to a heavily concentrated supply and small liquidity.

Growing Opposition to Chat Control

As of October’s end, the support for the EU’s “Chat Control” proposal has shifted, with 12 countries backing it and nine firmly opposing it. The vote, which was planned for October 14, focused heavily on Germany’s stance, the largest nation in the EU. Public records indicate that Germany currently opposes the proposal, which seeks to mandate the monitoring of encrypted messages.

Legislative Movement on Cryptocurrency in the US

Despite the US Senate’s ongoing partisan stalemate concerning crypto legislation, four states advanced their own cryptocurrency laws this month. Florida has proposed a bill permitting state investments in digital assets, and Wisconsin initiated updates to its tax laws concerning crypto mining.

Stablecoin Market Growth

The surge in stablecoin adoption has driven its total market cap above $300 billion. Notable advancements include neobank Revolut facilitating a 1:1 conversion between dollars and stablecoins, showing the broader trend toward stablecoin acceptance.

In summary, Bitcoin’s struggles this October, largely influenced by external economic factors, contrast sharply with the activity and growth experienced on the BNB chain and within the broader stablecoin market.