Proshares Bitcoin ETF Sees $1 Billion in First Day Volume, BTC Price Rise Again, Coinbase Partners with NBA and WNBA: Hodler’s Digest, Oct 17-23 – News Couple
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Proshares Bitcoin ETF Sees $1 Billion in First Day Volume, BTC Price Rise Again, Coinbase Partners with NBA and WNBA: Hodler’s Digest, Oct 17-23


Coming every Saturday Hodler Digest It will help you keep track of every important news that happened this week. Best (and worst) quotes, top adoption and regulation, leading currencies, forecasts and much more – a week on Cointelegraph in one link.

This week’s top news

Bitcoin has officially reached a new all-time high above $65K

Bitcoin (BTC) surged to all-time highs this week, breaching the previous $64,900 ceiling from April as the asset entered price discovery mode before topping around $67,000.

The bullish momentum coincided with the successful launch of the ProShares exchange-traded fund (ETF) based on ProShares bitcoin futures. Many spectators expect the price to rise in the coming weeks and months, with a more optimistic tendency even suggesting that up to $300,000 is possible in the near future.

With Bitcoin’s dominance of market capitalization at its highest levels since mid-May, several popular traders have confirmed that it is time to focus on digital gold and put the altcoin market behind for now.

Bitcoin-linked ProShares ETF launches on New York Stock Exchange

ProShares made a major breakthrough in the crypto sector this week after the company debuted a bitcoin futures ETF (BITO) on the New York Stock Exchange (NYSE) on Tuesday.

ProShares’ Bitcoin Strategy ETF Index saw trading volume of nearly $1 billion on its opening day, with Bloomberg analysts stating that it is arguably the The largest trading volume on the first day to the ETF in terms of “natural” or “popular” interest.

After two days in the NYSE, Proshares’ ETF has become the fastest fund ever to reach $1 billion in assets under management. After the Proshares ETF, many spectators are waiting to see how the next stage will perform. At the time of writing on Friday, Valkyrie just launched ETF futures on bitcoin in the New York Stock Exchange.

Coinbase announces multi-year partnership with the NBA and WNBA

Coinbase, the top cryptocurrency exchange, has entered into a deal with the NBA, WNBA, NBA G League, NBA 2K League and USA Basketball as part of a multi-year sponsorship deal. As part of the deal, Coinbase will educate basketball fans about cryptocurrency.

According to the NBA, Coinbase will create “unique content, innovations, activations and experiences” to help basketball fans learn about the crypto space. The company’s brand will also appear during televised games.

The move could be a real “slam dunk” for the industry in terms of mainstream adoption, as data from Statista shows that an average of 1.6 million people watched regular season NBA games across major networks during the 2019-20 season.

Mariah Carey Buys Bitcoin, Hopes To Empower Fans Through Education

Mariah Carey, the pop icon behind the divisive Christmas song “All I Want For Christmas Is You,” has partnered with the Winklevoss twins’ Gemini crypto exchange to promote Bitcoin adoption and support girls of color in their pursuit of STEM degrees – a broad education category that indicates to science, technology, engineering and mathematics.

In a video of 10.2 million followers on Instagram, Carey said that she is an investor in Bitcoin and gave her fans a referral code to redeem a whopping $20 in BTC for free.

Its promo deal is related to charitable causes, whereby users who register through a referral link and trade digital assets on Gemini will contribute directly to Black Girls Code, a non-profit organization that provides technology education to African American girls.

A Brazilian Girl Makes Over 6,500% Profit on Her First Bitcoin

A four-year-old girl from Brazil earned over 6,500% of profits on her first Bitcoin. The girl’s father, Joao Canada, gifted 1 BTC to his newborn in 2017, when the asset was priced at around $915.

Canhada, the founder of Brazilian crypto exchange Foxbit, stated that he bought his daughter Bitcoin not just as a gift, but as an “investment vehicle” in the emerging crypto sector. It seems that he was in the right place at the right time, as the price of Bitcoin soared to $20,000 at the end of 2017.

While there have been many bumps along the way, Bitcoin was worth around $61,000 at the end of the week, indicating that it has now gained around 6560%.

Winners and losers

At the end of the week, Bitcoin (BTC) in a $60,658, ether (ETH) in a $3,963 And XRP in a 1.09 USD. Total market value at 2.51 trillion dollarsAnd according to To CoinMarketCap.

Among the top 100 cryptocurrencies, the top three weekly gainers are United nations at 71.25%, Nexus at 33.80% and Huobi Token (HT) by 33.70%.

The top three altcoins losers of the week are flow (flow) AT -21.20%, Celsius (CEL) at 14.00% and Perpetual Protocol (PERP) By -13.14%.

For more information on crypto prices, be sure to read Cointelegraph Market Analysis.

Most unforgettable quotes

“If these digital assets and payment systems are left unchecked, they could harm the effectiveness of our sanctions.”

US Treasury Department

“We have a lot of smart guys working at Icahn & Company, and we don’t understand Bitcoin. I’m not saying it’s bad or good, I’m just saying we don’t. We’re not going to invest in something we don’t get. […] The jury is really out on whether Bitcoin has intrinsic value or serves as a store of value. If inflation spreads, I think it has value. There are so many variables, and it’s very difficult to invest in them.”

Carl IcahnFounder of Icahn Enterprises

“There is a lot of history here. We think it will track well, and most importantly, we believe that the combination of a regulated futures market and a 40-law ETF will really open up the opportunity to easily get Bitcoin exposure to a lot of people who may have been waiting on the sides.”

Simeon Heymann, Head of Investment Strategy at ProShares

“To protect consumers and reduce costs, we encourage the simplification of state-level regulatory frameworks for stablecoins and the issuance of special-purpose charters by federal banking regulators for stablecoin companies seeking to operate at the national level.”

digital chamber of commerce

“DAOs do not clearly fall within any of the corporate structures based in Australia. […] This regulatory uncertainty prevents the creation of large-scale projects in Australia.”

Senate Committee on Australia as a Technology and Finance Center (ATFC)

“Dim is not Facebook. We are an independent organization, and Facebook Novi is just one of the more than twenty members of the DEM Association. Novi pilot with Paxos has nothing to do with Dim.”

dim

“We have been making a lot of noise in the past few months about the excessive activity in cryptocurrency.”

Adam AaronCEO of AMC

“Artificial intelligence, especially the low-tech type of surveillance, is basically communist.”

Peter Thiel, co-founder of PayPal

Predicting the week

Traders are preparing for a drop to $58,000 if Bitcoin price loses the $62,000 support

Bitcoin price favored north this week. according to Bitcoin Price Index on CointelegraphThe asset broke its all-time high of $65,000 and reached $67,000 amid a week full of Bitcoin ETF addresses. Bitcoin calmed down after its rally, however, it fell to its lowest level of $60K.

Many people have focused on the potential upcoming price movement of Bitcoin. The Twitter account of E-Club Trading, an investment analysis organization, mentioned the level around $58,000 as a potential downside area if Bitcoin loses the $62,000 level.

It is also possible for BTC to reach $80,000, or you could visit $58,000 or $53,000 first before paying $80,000, noted David Lifchitz, chief investment officer at ExoAlpha.

FUD of the week

New York firms ask governor to deny crypto-mining permits

New York Governor Cathy Hochhol received a letter this week urging her to reject permits that would convert the city’s old fossil-fuel power plants into digital mining hubs. The power plants in question are Greenidge Generating Station and Fortistar North Tonawanda, which are now the target of full-speed mining and gathering ambitions.

The letter was signed by a long list of local organisations, companies and labor groups, who have come together to express their concerns about the energy-intensive model of cryptocurrency mining.

“Proof of Work cryptocurrency mining uses huge amounts of energy to power the computers needed to do business — if this activity expands in New York, it could significantly undermine New York’s climate goals set under the Climate Leadership and Community Protection Act,” the letter read.

NYAG Directs 2 Crypto Firms to Shut Down, Investigating 3 Others

Speaking of New York, the state attorney general’s office went after five local crypto firms on Monday, ordering two unnamed firms to close operations, while launching investigations into the other three.

The attorney general’s office alleged that the two companies engaged in illegal activities, and requested details about the company’s other lending products, policies and procedures, customers in the state, and other relevant information.

One of the three crypto lenders under investigation is Celsius Network, the company confirmed the news in a blog post on Tuesday. Celsius said it is “working to provide regulators in New York” with information regarding its business.

Senators push Facebook to ‘immediately discontinue’ Novi wallet beta program

In what may or may not be FUD depending on one’s views of Facebook, five US senators urged the social media giant to shut down its crypto wallet just hours after launching its beta program this week.

Facebook’s Novi Wallet launched a beta trial in the US and Guatemala on Tuesday in partnership with Coinbase, but the senators’ group, which included crypto skeptic Elizabeth Warren, did not own it. In a letter sent to Facebook CEO and meat-smoking enthusiast Mark Zuckerberg, the senators expressed their “strongest opposition to Facebook’s renewed efforts to launch a cryptocurrency and digital wallet.”

“Facebook cannot be trusted to operate a payment system or digital currency when its current ability to manage risks and keep consumers safe has proven to be woefully inadequate,” the letter said.

Cointelegraph’s Best Features

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