Bakkt Stock Turns Parabola, GBTC Beats BITO ETF and Tom Brady Offers 1 BTC for 600 Drops: Hodler’s Digest, Oct 24-30 – News Couple
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Bakkt Stock Turns Parabola, GBTC Beats BITO ETF and Tom Brady Offers 1 BTC for 600 Drops: Hodler’s Digest, Oct 24-30


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

Bakkt shares soar after partnership with Mastercard and Fiserv

On Monday, the share price of crypto services backed by Intercontinental Exchange (BKKT) surged 120% on the back of two major partnerships with Mastercard and Fiserv.

Both companies announced on Monday that the Mastercard deal allowed Bakkt customers in the United States to buy, sell and hold crypto assets via custodial wallets. Meanwhile, a strategic collaboration with global payment provider Fiserv gives Bakkt the opportunity to offer merchant-facing digital asset services.

The news sparked a bullish rally that saw BKKT rise 120% to settle at $30.60 by the end of trading on Monday.

Bitcoin-linked ProShares ETF launches on New York Stock Exchange

ProShares made a major breakthrough for the crypto sector this week after the company launched its Bitcoin (BTC)-based Exchange Traded Fund (BITO) on the New York Stock Exchange (NYSE) on Tuesday.

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

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

GBTC delivered better returns than Bitcoin ETFs last week

While there has been a lot of hype surrounding the long-awaited launch of the first US Bitcoin ETFs, Grayscale executives explained that they were actually overtaken by Grayscale Bitcoin Trust (GBTC) last week.

Over the seven days starting October 19, industry-strong GBTC is back about 8.8%, while the new and shiny ProShares Bitcoin Strategy ETF is down about 0.5%.

Despite the outlines of Grayscale’s plans to convert GBTC into an ETF, Barry Silbert, CEO of Grayscale’s parent company Digital Currency Group, was still keen to rub salt in the wound, highlighting GBTC’s higher trading volumes compared to BITO. As of Monday, GBTC has a volume of $374 million, while BITO has generated $286 million.

Volt Equity’s “Bitcoin Revolution” ETF is published on the New York Stock Exchange

Speaking of ETFs, Volt Equity’s Bitcoin ETF was launched on the New York Stock Exchange on October 28.

The Volt Crypto Industry Revolution and Tech ETF, which is trading under the BTCR ticker, opened at $21 referring to the Bitcoin maximum supply of 21 million bitcoins. BTCR tracks companies with significant exposure to Bitcoin, such as MicroStrategy, Tesla, Twitter, Square, Coinbase, and several BTC miners.

According to Volt Equity, the ETF implements a management approach informed by PlanB’s Bitcoin Inventory Flow Model, a quantitative model that aims to predict the price of BTC. Volt Equity told Cointelegraph that the company will measure market behavior in Bitcoin and adjust its exposure to miners if the asset’s value drops significantly.

NFL quarterback Tom Brady offered a fan 1 Bitcoin in exchange for the historic 600 pass ball

NFL star quarterback Tom Brady nearly lost the ball he threw on his 600th pass this week after Mike Evans accidentally handed it to a fan after scoring.

Evans apparently didn’t realize that this was the standard pass for a quarterback at the time. However, Brady revealed after the match on Monday that he gave the fan 1 BTC thanks for giving it back so quickly.

The Tampa Bay Buccaneers also agreed to give fans two autographed team jerseys, a helmet with Brady’s signature, Mike Evans’ game cleats as well as a signed jersey from the wide receiver, and season tickets for the rest of the year through 2022, also as a $1,000 credit for purchases in the team store. Many spectators complained that it was a poor bid, as the ball could have been sold for a much higher value via auction.

Someone bought $3,400 worth of SHIB last August. It is now worth $1.55 billion

On Thursday, an anonymous crypto billionaire was exposed after it was revealed that his wallet address was worth $5.63 billion in SHIBA INU (SHIB).

An anonymous SHIB investment of $3,400 in a dog token in August 2020 equates to $1.55 billion. Of a total of 44 purchases since that time, the investor has never spent more than $3,200 on the asset at any one time.

SHIB has gained about 85,437,459% over the past 12 months, and assets have temporarily given up Dogecoin (DOGE) as a top 10 currency this week. SHIB stock rose to a market capitalization of $40.3 billion Thursday, while DOGE at the time posted $31.6 billion.

Since then, SHIB has experienced a sharp decline, allowing DOGE to briefly regain its place as the number one memcoin. At the time of writing, DOGE’s market capitalization is $36.1 billion, while SHIB’s is close to $38.5 billion.

Winners and losers

At the end of the week, Bitcoin (BTC) in a $62,540, ether (ETH) in a $4,420 And XRP At $1.08. Total market value at $2.66 trillion according to To CoinMarketCap.

Among the top 100 cryptocurrencies, the top three weekly gainers are SHIBA INU (gray) At 164.03%, Curve DAO Token (CRV) By 58.39% and Decentraland (where) by 54.46%.

The 3 biggest losers in altcoins for the week are OKB (OKB) At -23.74%, XDC . Network (XDC) at -12.94% and the stack (STX) by -9.66%.

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

Most unforgettable quotes

Anyone doing homework […] It ends up investing in it. Look at Ray Dalio, a Bitcoin skeptic who is now a Bitcoin investor.”

Anthony Scaramucci, founder and managing partner of SkyBridge Capital

“#Bitcoin is the most practical solution for a consumer, investor or business seeking long-term inflation protection.”

Michael SaylorCEO of MicroStrategy

“To some extent, we believe that increased regulation can be a positive for Coinbase’s competitive position, particularly against business models that rely mostly on unregulated markets.”

Peter ChristiansenCity Analyst

As of yesterday, the total size of the digital asset market reached $2.7 trillion. Of that $2.7 trillion, nearly 60% was goods. […] Given the size, scope and scale of this emerging market, how it interacts and affects retail customers, and with the scale of very rapid growth, and the potential financial stability risks in the future, I think it is very important to have a cop on the beat.”

Rustin Behnam, Acting Chairman of the US Commodity Futures Trading Commission

“Creators, owners, operators or some other person who maintains sufficient control or influence over DeFi arrangements, even if such arrangements appear to be decentralized, may fall within the FATF definition of VASP as they effectively provide or facilitate VASP services.”

Financial Action Team

GameStop is looking for a unique individual who can help accelerate the future of gaming and commerce. In this future, games are the places to go, and play is driven by the things you bring. Future content creators will not only build games but also components, characters, and equipment. The blockchain will enhance the commerce beneath it.”

GameStop function

“The conversation has shifted drastically, as I think there is very little understanding [from professional sports organizations] That there is something here. I’m having very little resistance these days because NFTs are a thing.”

Katie Tidman, Head of Partnerships at Dapper Labs

“There may be some parallels here between the bullish run of 2017 and this 2021 cycle; however, adoption is much greater, open interest is higher, and crypto interest is further away than it was in 2017.”

Stephen Gregory, CEO of Currency.com

Predicting the week

Bitcoin price drop coincides with October 2017 as Bitcoin “explosion” continues to be expected before 2022

Bitcoin price experienced some turmoil this week, trading above $63,000 before dropping to around $58,000, based on data from Bitcoin Price Index on Cointelegraph. After the decline, the price of Bitcoin rose again, surpassing $62,000.

Zooming in on a longer time horizon than just this week reveals similarities in price action between 2021 and 2017 (one of the notable upswings in the cryptocurrency market) according to charts from Twitter user Smart Crypto. The Twitter personality posted a tweet showing two charts side by side – one from 2017 and one from 2021.

Both charts showed the Bitcoin price movement from July to the end of the year. The charts look as if 2021 rhyme with 2017 in terms of bitcoin price action. If the BTC chart continues to look similar to 2017, the asset could be in a significant uptick in value in the future. It appears that the Smart Crypto tweet was based on an analysis from Twitter user TechDev.

FUD of the week

The Commodity Futures Trading Commission is reportedly investigating Polymarket . decentralized forecasting platform

Earlier this week, it was reported that the CFTC was investigating Polymarket, a New York-based decentralized forecasting market platform.

The news was first reported by Bloomberg, citing anonymous sources who claimed that the CFTC was looking to gauge whether the company enables clients to trade binary options and make swaps and that it should be registered with the Financial Regulatory Agency.

“Polymarket is strongly committed to complying with applicable laws and regulations and to provide information to regulators that will assist them with any enquiries,” a Polymarket spokesperson said.

SEC Reportedly Reinvestment of Valkyrie’s Bitcoin ETF

It was reported Thursday that the US Securities and Exchange Commission (SEC) has rejected two Bitcoin ETF applications from Valkyrie and Direxion.

On Tuesday, Direxion applied for a product that would enable investors to buy contracts shortening the price of BTC, while Valkyrie applied for a BTC futures ETF the next day.

As many onlookers have pointed out, the SEC appears to specifically favor Bitcoin ETFs that offer direct exposure to futures, as opposed to funds backed directly from the asset, or those that are leveraged and focus on selling on exposed in this case.

US government lawyers target individuals and gatekeepers for crypto-related lawsuits

A group of high-ranking US government lawyers from the Securities and Exchange Commission, the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC) outlined guidance for their agencies to enforce white-collar crypto on Wednesday.

Gurbert Grewal, director of law enforcement at the SEC, said the regulator is placing its focus on gatekeepers, noting that they are “often the first line of defense against all sorts of misconduct.” Grewal added that the SEC also monitors unregistered cryptocurrency exchanges, unregistered and fraudulent initial coin offerings, and crypto-lending platforms.

Nicholas McQuaid, the first deputy assistant attorney general in the Department of Justice’s Criminal Division, said his agency is looking to crack down on specifically defrauded individuals. While Vincent McGonagall, acting director of enforcement at the CFTC, said regulators are focusing on the Wild West of Decentralized Finance (DeFi).

Cointelegraph’s Best Features

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The Securities and Exchange Commission (SEC) has been holding it for years, but the real-world dynamics of cryptocurrency adoption and maturity made ETF approval inevitable.

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