Top crypto news of the day – October 3rd

#Bitcoin hash rate new all-time high! pic.twitter.com/vji0S9ylig

— Documenting Bitcoin ? (@DocumentingBTC) October 3, 2022

#Bitcoin hash rate going bonkers, +42.7% YTD.

??? pic.twitter.com/QKdzUZL4RV

— Dylan LeClair ? (@DylanLeClair_) October 3, 2022

Polkadot and Cosmos development active has been impressive pic.twitter.com/joP9CW2PQO

— Dunleavy (@dunleavy89) October 3, 2022

7 years ago 55,000 Turkish Lira got you a Volkswagen.

Now an iPhone 14 costs 57,000TL.

?Buy Bitcoin before you need it! pic.twitter.com/LED19o4T2I

— Bitcoin Archive ??? (@BTC_Archive) October 3, 2022

Today @SECGov, we charged Kim Kardashian for unlawfully touting a crypto security.

This case is a reminder that, when celebrities / influencers endorse investment opps, including crypto asset securities, it doesn’t mean those investment products are right for all investors.

— Gary Gensler (@GaryGensler) October 3, 2022

This is one way of visualising maximum pain. pic.twitter.com/H2F8A96uuM

— Willy Woo (@woonomic) October 3, 2022

Past cycles bottomed when approx 60% of the coins traded below their purchase price.

Will we hit this again? I don't know.

The structure of this current market this time around is very different.

— Willy Woo (@woonomic) October 3, 2022

Inside baseball…

It used to be OGs would dump their coins into the bear market. You see this in the red zones.

In this cycle we aren't seeing any of the historic selling. It could be they are hedging on futures, and the OGs this time around are hedge funds from 2020. pic.twitter.com/iNCaxeM0xu

— Willy Woo (@woonomic) October 3, 2022

US Dollar annual Inflation since losing the gold standard in 1971.
Supposed target: 2%
CPI average: 3.9%
Actual M2 Money Supply average: 7.2% pic.twitter.com/6Gcq0WYpwy

— Root ? (@therationalroot) October 3, 2022

Here we go pic.twitter.com/vXC4ZEFzxz

— Will Clemente (@WClementeIII) October 3, 2022

First LUNC burn, $1.8 million ish.
https://t.co/b86RlCYqe3

— CZ ? Binance (@cz_binance) October 3, 2022

Advice from Satoshi pic.twitter.com/WK5FpiqgZQ

— Documenting Bitcoin ? (@DocumentingBTC) October 3, 2022

"The law is clear on this. I believe based on the facts and circumstances most of these tokens are securities," says SEC Chair @GaryGensler on #crypto. "When a group of entrepreneurs is raising money from the public and they're anticipating a profit, they need disclosure." pic.twitter.com/UMuNJRZrfG

— Squawk Box (@SquawkCNBC) October 3, 2022