Come every saturday Hodler’s digest helps you keep track of every single important message that happened this week. The best (and worst) quotes, introductory and regulatory highlights, leading coins, predictions, and more – one week on Cointelegraph in one link.
This week’s top stories
Bakkt increases after the partnership with Mastercard and Fiserv. upwards
On Monday, the share price of Intercontinental Exchange-backed crypto services company Bakkt (BKKT) rose 120% due to two large partnerships with Mastercard and Fiserv.
Both partnerships were announced on Monday, with the Mastercard deal enabling Bakkt’s U.S. customers to buy, sell, and hold crypto assets through custody wallets. The strategic cooperation with the global payment provider Fiserv gives Bakkt the opportunity to offer retailer-oriented digital asset services.
The news sparked a bullish rally with the BKKT rising 120% to $ 30.60 by the end of trading on Monday.
ProShares Bitcoin-linked ETF launches on NYSE
ProShares reached a major milestone for the crypto sector this week after the company unveiled its Bitcoin (BTC) futures-based Exchange Traded Fund (BITO) on the New York Stock Exchange (NYSE) on Tuesday.
ProShares’ Bitcoin Strategy ETF recorded a volume of around $ 1 billion on the opening day largest first day volume for an ETF in the sense of “natural” or “fundamental interest”.
After two days on the NYSE, ProShares’ ETF became the fastest fund to ever hit $ 1 billion in assets under management. After the ProShares ETF, many viewers are waiting to see how the next in line develops. At the time of writing on Friday, Valkyrie just got his Bitcoin futures ETF on the NYSE.
GBTC delivered better returns than Bitcoin ETFs last week
While there was a lot of hype surrounding the long-awaited launch of the first U.S. Bitcoin ETFs, Grayscale executives stressed that the Grayscale Bitcoin Trust (GBTC) actually outperformed them last week.
Over a seven-day period from October 19, the industry-savvy GBTC posted a return of around 8.8%, while the new and shiny ProShares Bitcoin Strategy ETF was down around 0.5%.
Despite Grayscale’s plans to convert GBTC into an ETF, Barry Silbert, CEO of Grayscale’s parent company Digital Currency Group, still wanted to rub the cake as he highlighted GBTC’s higher trading volume compared to BITO. As of Monday, GBTC’s volume was $ 374 million while BITO generated $ 286 million.
Volt Equity’s “Bitcoin Revolution” ETF goes live on NYSE
Speaking of ETFs: Volt Equity’s Bitcoin ETF went live on the New York Stock Exchange on October 28th.
The Volt Crypto Industry Revolution and Tech ETF, which is traded under the ticker BTCR, opened at $ 21 based on Bitcoin’s maximum offer of 21 million BTC. BTCR tracks companies with significant exposure to Bitcoin, such as MicroStrategy, Tesla, Twitter, Square, Coinbase, and several BTC mining companies.
According to Volt Equity, the ETF implements a management approach based on PlanB’s Bitcoin stock-to-flow model, a quantitative model designed to predict the price of BTC. Volt Equity told Cointelegraph that the company will measure Bitcoin’s market behavior and adjust its exposure to mining companies if the asset’s value drops significantly.
NFL quarterback Tom Brady gives Fan 1 BTC for his historic 600th touchdown pass ball
Superstar NFL quarterback Tom Brady almost lost the ball he made for his 600 this week.
Evans apparently didn’t know that it was the quarterback’s record pass at the time. However, Brady announced after the game on Monday that he offered the fan 1 BTC as a thank you for the quick return.
The Tampa Bay Buccaneers also agreed to give the fan two signed team jerseys, a helmet with Brady’s autograph, Mike Evans game studs and a jersey signed by the wide receiver, season tickets for the remainder of the year and through 2022 as a credit of $ 1,000 for purchases in the Business of the team. Many onlookers have complained that it was a poor offer as the ball could have been sold for a much higher value through auction.
Someone bought $ 3,400 worth of SHIB in August last year. It’s now worth $ 1.55 billion
An unknown crypto billionaire was revealed on Thursday after his wallet address was revealed to be worth $ 5.63 billion in SHIBA INU (SHIB).
The anonymous SHIB-Hodler’s $ 3,400 investment in the dog theme in August 2020 was worth $ 1.55 billion. Out of a total of 44 purchases since then, the investor never spent more than $ 3,200 on the asset at a time.
SHIB is up around 85,437.459% over the past 12 months, and the asset temporarily ousted Dogecoin (DOGE) as one of the top 10 coins this week. SHIB rose to a market cap of $ 40.3 billion on Thursday, while DOGE hit $ 31.6 billion at that point.
SHIB has since seen a sharp retreat, with DOGE temporarily regaining its number one memecoin status. At the time of writing, DOGE’s market cap is $ 36.1 billion, while SHIB’s number is just behind at $ 38.5 billion.
Winner and Loser
At the end of the week, Bitcoin (BTC) is at $ 62,540, Ether (ETH) at $ 4,420 and XRP at $ 1.08. The total market capitalization is $ 2.66 Trillion, according to to CoinMarketCap.
Among the 100 largest cryptocurrencies, the three best altcoin winners of the week are SHIBA INU (SHIB) at 164.03%, curve DAO token (CRV) at 58.39% and Decentraland (MANA) at 54.46%.
The three biggest altcoin losers of the week are OKB (OKB) at -23.74%, XDC network (XDC) at -12.94% and stack (STX) at -9.66%.
For more information on crypto pricing, be sure to read Market analysis by Cointelegraph.
The most memorable quotes
“Anyone who does their homework […] finally invest in it. Look at Ray Dalio, a Bitcoin skeptic, now a Bitcoin investor. “
Anthony Scaramucci, Founder and Managing Partner of SkyBridge Capital
“#Bitcoin is the most practical solution for consumers, investors or companies looking for long-term inflation protection.”
Michael Saylor, CEO of MicroStrategy
“To a certain extent, we believe that increasing regulation could have a positive impact on Coinbase’s competitive position, especially against business models that are largely based on unregulated markets.”
Peter Christiansen, Citi analyst
“Yesterday, the total size of the digital asset market was $ 2.7 trillion. Of that $ 2.7 trillion, nearly 60% was raw materials. […] Given the size, scope and scale of this emerging market, its connections and impact on retail customers, and the scale of its rapid growth, potential risks to financial stability in the future, I think it is extremely important to have a primary policeman in tact. “
Rostin Behnam, acting chairman of the U.S. Commodity Futures Trading Commission
“Creators, owners and operators or other persons who have control or sufficient influence over the DeFi agreements, even if these agreements appear decentralized, may fall under the FATF definition of a VASP if they provide VASP services or are active enable.”
Financial Action Task Force
“GameStop is looking for a unique person who can help accelerate the future of gaming and commerce. In this future, games are the place to be, and gaming will be determined by the things you bring with you. Future developers will not only build games, but also the components, characters and equipment. Blockchains will drive retail underneath. “
GameStop job advertisement
“The conversation has changed dramatically where I think there’s a bit of understanding [from professional sports organizations] that there is something here. I encounter very little resistance these days that NFTs are a thing. “
Caty Tedman, Head of Partnerships at Dapper Labs
“There could be some parallels here between the 2017 bull run and this 2021 cycle; However, acceptance is much greater, open interest is higher, and the utility of crypto is undetectably more advanced than it was in 2017.
Steven Gregory, CEO of Currency.com
Forecast of the week
The Bitcoin price drop corresponds to October 2017, with the BTC explosion predicted before 2022
Bitcoin’s price suffered some turmoil this week, trading over $ 63,000 before falling to around $ 58,000 based on data from The Cointelegraph BTC price index. After the slump, Bitcoin’s price bounced back above $ 62,000.
Zooming out to a longer time horizon than just this week shows similarities in price movement between 2021 and 2017 (one of the notable bull runs in the crypto market), according to the charts by 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 Bitcoin’s price development from July to the end of the year. The charts look like 2021 rhymes with 2017 in terms of Bitcoin’s price movement. If BTC’s chart performs similarly to 2017, the asset could see a notable rise in value. Smart Crypto’s tweet was apparently based on an analysis by Twitter user TechDev.
FUD of the week
CFTC is reportedly investigating the decentralized forecasting platform Polymarket
Earlier this week it was reported that the Commodity Futures Trading Commission (CFTC) is investigating Polymarket, a New York-based decentralized forecasting market platform.
The news was first reported by Bloomberg, citing anonymous sources who claimed the CFTC was trying to assess whether the company allowed clients to trade binary options and execute swaps that should be registered with the Financial Regulator.
“Polymarket is committed to complying with applicable laws and regulations and providing regulatory authorities with information to assist with any inquiries,” said a Polymarket spokesperson.
SEC reportedly hits back on Valkyrie’s leveraged bitcoin ETF
On Thursday it was reported that the US Securities and Exchange Commission has rejected two Bitcoin ETF applications from Valkyrie and Direxion.
On Tuesday, Direxion filed for a product that would allow investors to buy contracts that short the price of BTC, while Valkyrie filed for a leveraged BTC futures ETF the next day.
As many observers have pointed out, the SEC appears to favor Bitcoin ETFs that offer direct exposure to futures contracts as opposed to funds that are directly backed by the asset, or in this case leveraged and short-selling.
U.S. government attorneys target individuals and gatekeepers for crypto law enforcement
A group of senior US government attorneys from the SEC, the Department of Justice (DOJ) and the CFTC set out their agencies’ guidelines for enforcement of cryptocurrencies for the business sector on Wednesday.
SEC enforcement director Gurbir Grewal said the regulator is focusing on gatekeepers, noting that “they are mostly the first line of defense against all types of wrongdoing”. Grewal added that the SEC is also keeping an eye on unregistered crypto exchanges, unregistered and fraudulent initial coin offerings, and crypto lending platforms.
Nicholas McQuaid, the chief assistant attorney general for the DOJ’s crime department, said his agency plans to target fraudulent individuals. While Vincent McGonagle, acting director of the CFTC’s Department of Enforcement, said regulators are focusing on the Wild West of Decentralized Finance (DeFi).
Best Cointelegraph features
We haven’t even started unlocking the potential of NFTs yet
Non-fungible tokens are becoming a crucial part of all brands’ marketing and digital strategy initiatives.
Why now? It took the SEC eight years to authorize a Bitcoin ETF in the United States
The SEC has been stable for years, but the real dynamics of crypto adoption and maturation made ETF approval all but inevitable.
Crypto City: Travel Guide to New York
The city that never sleeps is one of the most important hubs in the crypto world, despite all the efforts of the regulatory authorities.