Crypto Market Sees Mixed Trends Amid Regulatory Developments
The crypto market is experiencing a mix of trends and developments on October 2. According to Phemex's Crypto Market Daily Report, the Fear and Greed Index stands at 6.00%, indicating a balance between fear and greed in the market.
The Total Crypto Market Cap has reached $2.89 trillion, with a 0.84% increase from the previous day. The Total Market Trading Volume also saw a boost of 6.74%, reaching $92.52 billion.
Regulatory trends are shaping up to have a significant impact on the market. The SEC proposed new crypto custody rules allowing limited self-custody and state trust custodians for advisers and funds, with a 60-day comment period for clarification.
Meanwhile, the UK FCA has opened its crypto authorization gateway from September 30, requiring firms to apply by February 28, 2027, ahead of the full regime taking effect on October 25, 2027. The ESMA also urged MiCA revisions to create a regulated service for DeFi access providers and grant powers to freeze assets.