Quote of the week:
“BITO will open up exposure to Bitcoin to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs, but do not desire to go through the hassle and learning curve of establishing another account with a cryptocurrency provider and creating a Bitcoin wallet or are concerned that these providers may be unregulated and subject to security risks,” – ProShares CEO Michael Sapir. Source: https://cointelegraph.com/news/proshares-bitcoin-linked-etf-launches-on-nyse-as-btc-price-dips-above-63k
Blockchain Moon Acquisition Corp $100M SPAC begins Trading on the Nasdaq.
Blockchain Moon Acquisition Corp SPAC continued with the company commencing trading on October 19 under the ticker BMAQU.
Source: Nasdaq
The Bitcoin ETF is Here:
The first-ever U.S. Bitcoin exchange-traded fund started trading on Tuesday, October 19, under the ticker BITO. The fund opened at a price of $40 per share and increased more than 3% at the start of trading. As of October 21, BITO is trading at $40.83.
Sources: https://www.wsj.com/articles/a-bitcoin-etf-is-almost-here-what-does-that-mean-for-investors-11634376601?siteid=yhoof2https://www.barrons.com/articles/bitcoin-etf-proshares-bito-51634631544?siteid=yhoof2
Market Cap: Crypto to the Moon!
The market capitalization for all cryptocurrencies has pushed to a new record of $2.7 trillion; total market capitalization has more than tripled since the beginning of this year. The surge in valuation is spurred by bullish sentiment and the rollout of the first Bitcoin ETF on the NYSE. Cryptocurrency is becoming more legitimately viewed as an asset class and inflation hedge for investors.
Source: https://finance.yahoo.com/news/crypto-market-cap-surges-record-131151150.html
Bitcoin Update:
Bitcoin has hit its all-time high this week of $66,982, surpassing the $60,000 price mark for the first time since April 2021. The spike in price is thought to have come from the Bitcoin ETF approval and inflation concerns. The price has dipped since its ATH (all-time high), but the sentiment remains bullish.
Sources: https://www.newsbtc.com/analysis/btc/ta-bitcoin-corrects-from-record-high-dips-remain-attractive/https://cointelegraph.com/news/bitcoin-hits-60k-for-the-first-time-since-april-after-reports-of-imminent-etf-approvalhttps://cointelegraph.com/news/jpmorgan-says-inflation-concerns-not-etfs-driving-bitcoin-price-jump
Ethereum Update:
This week, Ethereum (ETH) traded at over $4,000, which is only the second time the cryptocurrency has traded at that level since May.
Source: https://coinmarketcap.com/currencies/ethereum/
Mass Adoption: NBA & WNBA:
On October 19, Coinbase announced its multi-year, exclusive partnership with the NBA and WNBA. According to the NBA, Coinbase will create “unique content, innovations, activations, and experiences” for basketball players and fans to learn about cryptocurrency.
Source: https://cointelegraph.com/news/coinbase-announces-multiyear-partnership-with-nba-and-wnba And, that’s a wrap!
