Come every Saturday, Hodler’s Digest Will help you keep track of every important news report that happened this week. The best (and worst) quotes, adoption and regulatory focus, leading tokens, forecasts, etc.-Cointelegraph for the week on a link.
Headlines this week
On Monday, backed by two major partnerships with Mastercard and Fiserv, the share price of Bakkt (BKKT), a crypto services company backed by the Intercontinental Exchange, soared 120%.
Both partnerships were announced on Monday, and the MasterCard transaction enables Bakkt’s US customers to buy, sell and hold crypto assets through custodial wallets. At the same time, the strategic cooperation with Fiserv, a global payment provider, gives Bakkt an opportunity to provide merchant-oriented digital asset services.
The news triggered a bullish rally, and by the end of trading on Monday, BKKT surged 120% to $30.60.
After ProShares launched its Bitcoin, this week ProShares achieved an important milestone in the crypto industry (Bitcoin) The Futures Exchange Traded Fund (BITO) was listed on the New York Stock Exchange (NYSE) on Tuesday.
ProShares’ Bitcoin strategy ETF had a trading volume of approximately $1 billion on the opening day, and Bloomberg analysts said it can be said to be Maximum trading volume on the first day ETFs in terms of “natural” or “grassroot interest”.
Two days after listing on the New York Stock Exchange, ProShares’ ETF became the fastest fund ever to manage assets of $1 billion. After ProShares’ ETF, many bystanders are waiting to see how the next one will perform.At the time of writing this article on Friday, Valkyrie just launched Bitcoin Futures ETF On the New York Stock Exchange.
Although there has been a lot of hype about the long-awaited launch of the first US Bitcoin ETFs, Grayscale executives emphasized that Grayscale Bitcoin Trust (GBTC) actually performed better than them last week.
In the 7 days from October 19, the industry’s backbone GBTC has returned about 8.8%, while the shiny new ProShares Bitcoin strategy ETF has fallen by about 0.5%.
Although Grayscale outlined its plan to convert GBTC to ETF, Barry Silbert, CEO of Grayscale’s parent company, Digital Currency Group, is still keen to sprinkle salt on the wound because he emphasized the GBTC transaction compared to BITO. The amount is higher. As of Monday, GBTC’s transaction volume totaled 374 million U.S. dollars, while BITO successfully created 286 million U.S. dollars.
Speaking of ETFs, Volt Equity’s Bitcoin ETF went online on the New York Stock Exchange on October 28.
Volt Crypto Industry Revolution and Tech ETF is traded under the ticker symbol BTCR, with an opening price of $21, as a tribute to the largest supply of bitcoin of 21 million bitcoins. BTCR tracks companies that have a significant impact on Bitcoin, such as MicroStrategy, Tesla, Twitter, Square, Coinbase, and several BTC mining companies.
According to Volt Equity, ETFs are implementing a management method that is informed by PlanB’s Bitcoin stock-to-flow model, which is a quantitative model designed to predict the price of BTC. Volt Equity told Cointelegraph that if the value of assets falls sharply, the company will measure Bitcoin’s market behavior and adjust its exposure to mining companies.
Superstar NFL quarterback Tom Brady almost lost the ball he threw for his record 600th touchdown pass this week because wide receiver Mike Evans mistakenly handed the ball over after scoring fan.
Evans obviously did not realize that this was the passing record of the quarterback at the time. However, Brady revealed after the game on Monday that he offered 1 Bitcoin to the fans to thank him for returning it quickly.
The Tampa Bay Buccaneers also agreed to give fans two signed team jerseys, a helmet with Brady’s autograph, Mike Evans game spikes, and a jersey signed by the receiver, the rest of this year and 2022. Season pass and $1,000 points purchased as a team store. Many bystanders complained that this was a weak offer because the ball could have been sold at a higher price through auction.
On Thursday, an unknown cryptocurrency billionaire was revealed after his wallet address was proved to be worth 5.63 billion U.S. dollars in SHIBA INU (SHIB).
Anonymous SHIB hodler’s USD 3,400 investment in dog-themed tokens in August 2020 is equivalent to USD 1.55 billion. Since then, in a total of 44 purchases, investors have never spent more than $3,200 on the asset at one time.
SHIB has risen by approximately 85,437,459% in the past 12 months, and the asset temporarily expelled Dogecoin (dog) As the top 10 tokens this week. SHIB surged to a market value of 40.3 billion US dollars on Thursday, while DOGE’s market value was 31.6 billion US dollars.
Since then, SHIB has experienced a sharp correction, which made DOGE briefly regain its status as the number one memetic currency. At the time of writing, DOGE has a market value of $36.1 billion, and SHIB has a market value of $38.5 billion.
Winners and losers
Among the 100 largest cryptocurrencies, the top three altcoins gaining this week are SHIBA INU (SHIB) 164.03%, Curve DAO token (CRV) 58.39% and Decentraland (Where) 54.46%.
The top three altcoin losers this week are OKB (OKB) -23.74%, XDC network (XDC) At -12.94% and stack (STX) -9.66%.
For more information on encryption prices, be sure to read Cointelegraph’s market analysis.
The most memorable quotes
“Anyone who does homework […] Ultimately invest in it. Look at Ray Dalio, Bitcoin skeptic, and now a Bitcoin investor. “
Anthony Scaramucci, Founder and Managing Partner of Tianqiao Capital
“For consumers, investors or companies seeking long-term inflation protection, #Bitcoin is the most practical solution.”
Michael Sayler, CEO of Micro Strategy
“To some extent, we believe that increasingly stringent regulations may benefit Coinbase’s competitive positioning, especially when compared to a business model that relies mainly on unregulated markets.”
Peter Christiansen, Citi analyst
“As of yesterday, the total size of the digital asset market was US$2.7 trillion. Of this US$2.7 trillion, nearly 60% are commodities. […] Given the size, scope and scale of this emerging market, how it interacts with and influences retail customers, as well as the rapid growth rate and the potential financial stability risks in the future, I think it is important to have a major market. The police kept up. “
Rostin Benham, Acting Chairman of the US Commodity Futures Trading Commission
“The creators, owners and operators or some other people who maintain control or sufficient influence in DeFi arrangements, even if these arrangements appear to be scattered, may fall under the FATF’s definition of VASP. They provide or actively promote VASP service.”
“GameStop is looking for unique talents who can help accelerate the future development of games and businesses. In this future, games are places to go, and play is driven by what you bring. Future creators will not only make games, but also Make components, characters, and equipment. Blockchain will power the underlying business.”
“The conversation has changed dramatically, I think there is a little understanding there [from professional sports organizations] There is something here. These days I have almost no resistance to NFT being a thing. “
Katie Tedman, Dapper Labs Partner Director
“There may be some similarities between the 2017 bull market and the 2021 cycle; however, compared to 2017, the adoption rate is higher, the open interest is higher, and the utility of encryption is far greater than that of 2017.”
Steven Gregory, CEO of Currency.com
Forecast this week
The price of Bitcoin continued to fluctuate this week. The transaction price was higher than US$63,000 and then fell to around US$58,000. According to Cointelegraph’s BTC price indexAfter the decline, the price of Bitcoin rebounded to over $62,000.
According to the chart of Twitter user Smart Crypto, the narrowing of the time frame longer than this week shows the similarity of price movements between 2021 and 2017 (one of the notable bull markets in the cryptocurrency market). The Twitter celebrity posted a tweet and displayed two graphs side by side-one from 2017 and the other from 2021.
Both charts show the price movement of Bitcoin from July to the end of the year. In terms of Bitcoin’s price movement, the chart looks as if 2021 rhymes with 2017. If the BTC chart continues to be similar to 2017, the future value of the asset may rise significantly. Smart Crypto’s tweets appear to be based on the analysis of Twitter user TechDev.
FUD this week
Earlier this week, it was reported that the Commodity Futures Trading Commission (CFTC) was investigating Polymarket, a decentralized prediction market platform based in New York.
The news was first reported by Bloomberg, citing anonymous sources as saying that the CFTC is seeking to measure whether the company allows customers to trade binary options and conduct swaps that should be registered with financial regulators.
“Polymarket is firmly committed to complying with applicable laws and regulations and providing information to regulators to help them conduct any investigations,” said a Polymarket spokesperson.
According to reports, the US Securities and Exchange Commission cancelled Valkyrie’s leveraged Bitcoin ETF
There were reports on Thursday that the US Securities and Exchange Commission (SEC) had cancelled the two Bitcoin ETF applications of Valkyrie and Direxion.
On Tuesday, Direxion applied for a product that would allow investors to buy contracts that short BTC prices, while Valkyrie applied for a leveraged BTC futures ETF the next day.
As many bystanders have pointed out, the US Securities and Exchange Commission seems to particularly prefer Bitcoin ETFs that provide direct access to futures contracts, rather than directly asset-backed funds, or funds based on leverage and shorting in this case.
On Wednesday, a group of senior U.S. government lawyers from the U.S. Securities and Exchange Commission, the Department of Justice (DOJ) and the CFTC outlined their agency’s directives for white-collar encryption enforcement.
Gurbir Grewal, the SEC’s head of enforcement, said that regulators are focusing on gatekeepers because he pointed out that “they are often the first line of defense against all kinds of misconduct.” Grewal added that the SEC also pays close attention to Unregistered cryptocurrency exchanges, unregistered and fraudulent initial coin products, and cryptocurrency lending platforms.
Nicholas McQuaid, the chief deputy assistant attorney general of the Criminal Division of the Department of Justice, said his agency is seeking to specifically combat fraudsters. Vincent McGonagle, acting director of the CFTC’s law enforcement department, said that regulators are paying attention to the wild west of decentralized finance (DeFi).
Best Cointelegraph features
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