The crypto community never shies away from deploying new cryptocurrencies that are themed on current events, and Halloween was no exception. The industry saw an influx of Halloween-themed cryptocurrencies hoping to cash in on the hype around the festivities.
Halloween-themed cryptocurrencies have taken over the crypto ecosystem on Twitter, typically offering no real use case or future for investors. Projects like these have a track record of being sourced as an off-the-shelf product, which can be quickly renamed and deployed in the free market for trading.
Projects like Halloween Token, as shown above, came up just days before the occasion with the sole purpose of amassing $50 million in market cap. Halloween Spook, a project that cropped up on Sept. 2022, claims the status of being the “scariest meme token on Binance Smart Chain (BSC).” The project promotes Halloween Elon (SINK) token, which is based on a recent “let that sink in” meme sported by Elon Musk.
Found again on the BSC network was Halloween Wars Token, which blatantly shares its intent to “ride the hype of what many claim is the most exciting time of the year: halloween.” Despite no attempt to market the project, the project gained 17 followers who remain at risk of losing their assets to market capitulation.
One of the stronger contenders this year was halloween bsc, yet another BSC-hosted project with no apparent goal set for the investors.
As shown above, the project recently celebrated a temporary bull run but a reverse search showed no existence of an ENDS/BNB trading pair on Binance or any other trading platform.
While cryptocurrencies themed on current trends tend to spike in market price, the surge is often limited to a few days until the owner decides to cash out and rug investors from making profits. As a result, it becomes paramount for investors to do their research (DYOR).
Twitter is home to a majority of the crypto world, and with Elon Musk taking over the social media platform, crypto exchange Binance decided to lend support to developing crypto and blockchain solutions for Twitter.
As Cointelegraph reported, Binance CEO Changpeng Zhao committed to back Musk’s Twitter acquisition with a $500 million fund.
The crypto bear market of 2022 has wiped out more than 70% of the market capitalization from the top. The total crypto market cap breached $3 trillion at the bull market’s peak last year but currently struggling to remain above $1 trillion.
At a time when the majority of the cryptocurrencies are moving sideways with no significant bullish momentum recorded in months, it can get a little frustrating, especially for those who jumped in at the market top in hopes of making some quick money.
As crypto-winter worsens, the Reddit crypto community shared their coping mechanisms and some “serious” tips to remain on top of their mental health during this cyclic event.
One Reddit user wrote that they are in it for the long term, thus, they ignore the charts and daily fluctuations:
“I ignore the charts as well as ensuring that I have a full-time job so that I always have income that I can rely on. It’s a long-term game for me, so I treat it as such. Daily fluctuations don’t matter if you aren’t going to sell anyway.”
Another user in the thread advised against tuning into the news as most of the news outlets today focuses on “sensationalizing everything.”
One user gave a golden piece of advice: Don’t invest more than you can afford to lose and said that until the bull market returns, they followed the dollar-cost averaging (DCA) investment theory. DCA is the practice of systematically investing equal amounts of money at regular intervals, regardless of the price of an asset.
While crypto veterans who have been in the game for a long realize that the bear market might be long but would eventually end, the new traders who jumped on the crypto bandwagon due to the hype or peer pressure might not. For them, a user suggested the importance of going out for some fresh air and wrote:
“Can’t stress enough how important some fresh air and outside time can be. Are charts getting you down? Go for a walk, it’ll help wonders. Remember the best investment you can do is in your mental health.”
The Reddit thread on how to cope with a bear market had a common theme i.e focus on the long term and forget about daily price volatility. Crypto winter might stretch for years, but in the end, it is a cyclic event that will be followed by a bull run.
On Oct. 29, 2013, a coffee shop in downtown Vancouver, Canada, opened what is understood to be the world’s first publicly available Bitcoin ATM, operated by Robocoin.
The crypto ATM saw 348 transactions and $100,000 transacted in its first week of operation.
As of Oct. 30, 2022 — nine years and one day on — Robocoin has ceased operations and the first crypto ATM has likely been removed or replaced, but crypto ATMs have continued to increase in number with 38,804 cryptocurrency ATMs in existence today, according to Coin ATM Radar.
The global hub for crypto ATMs has since moved, however, with the United States now housing nearly 88% of the world’s supply of crypto ATMs and taking credit for 90% of all newly installed ATMs over the past few months.
In October alone, 129 of the world’s newly installed ATMs were located in the United States out of a total of 205.
Canada, home to the first crypto ATM, has only seen that number creep to 566 after nine years, though it’s still placing in second at 6.6% of the total, according to Coin ATM Radar data.
Meanwhile, Spain became the third-largest crypto ATM hub on Oct. 22 with its 0.6% share across 215 ATMs.
A July report from Research and Markets estimates the crypto ATM space is now valued at $46.4 million, which will grow more than 10 times to $472 million by 2027, driven by remittances and increased crypto ATM installations.
However, like many crypto-related products, crypto ATM installations have been challenged this year as a result of the crypto bear market.
Crypto ATM installations slowed between January and May before a slight recovery between June and August, but September saw net crypto ATMs drop globally for the first time ever after 459 machines were removed from the global network.
Bitcoin is still the most popular cryptocurrency transacted across crypto-enabled ATMs, with nearly 100% supporting BTC transactions, per Coin ATM Radar. However, other cryptocurrencies also appear to be supported across the network.
Litecoin is popular, with almost 81% of ATMs supporting the crypto, and Ether closely follows at almost 74%. Dogecoin sits in fourth place, with just under 40% supporting the so-called memecoin.
In early October, U.S. authorities warned crypto ATMs were emerging as a popular method for scammers to receive value and defraud victims, most often in “pig butchering” scams where the attacker poses as a potential romantic partner, gaining trust and asking the victim to send them money or, in some cases, cryptocurrency.
This Daily Dose was brought to you by Cointelegraph.