One week in review:
Oct. 17–23 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. ProShares Bitcoin-linked ETF launches on NYSE | | | ProShares achieved a major milestone for the crypto sector this week after the firm debuted its Bitcoin futures-based ETF (BITO) on the New York Stock Exchange (NYSE) on Tuesday. | | | ProShares' Bitcoin Strategy ETF saw around $1 billion in volume on its opening day, with Bloomberg analysts stating that it was arguably the largest first-day volume for an ETF in terms of "natural" or "grassroots interest." | | | After two days on the NYSE, Proshares' ETF became the fastest fund ever to reach $1 billion in assets under management. Following Proshares' ETF, many onlookers are waiting to see how the next in line performs. At the time of writing on Friday, Valkyrie just launched its Bitcoin futures ETF on the NYSE. | | #2. Bitcoin officially hits new all-time high above $65K | | | Bitcoin (BTC) surged to new all-time highs this week, breaking the former ceiling of $64,900 from April as the asset went into price discovery mode before topping out around $67,000. | | | The bullish momentum coincided with the successful launch of ProShares' Bitcoin futures-based exchange-traded fund (ETF). Many onlookers are expecting the price to increase in the coming weeks and months, with the more optimistically inclined even suggesting that up to $300,000 is possible in the near future. | | | With Bitcoin's market capitalization dominance at its highest since mid-May, many popular traders have stressed that now is the time to put a focus on digital gold and put the altcoin market on the back burner for the moment. | | #3. Coinbase announces multiyear partnership with NBA and WNBA | | | Top crypto exchange Coinbase has penned a deal with the NBA, WNBA, NBA G League, NBA 2K League and USA Basketball as part of a multiyear sponsorship deal. As part of the deal, Coinbase will work to educate basketball fans on crypto. | | | According to the NBA, Coinbase will create "unique content, innovations, activations and experiences" to help basketball fans to learn about the crypto space. The firm's branding will also appear during the televised games. | | | The move could be a real "slam dunk" for the industry in terms of mainstream adoption, with data from Statista showing that an average of 1.6 million people watched NBA regular-season games across major networks during the 2019–2020 season. | | #4. Prediction of the week. Traders brace for a drop to $58K if Bitcoin price loses the $62K support | | | Bitcoin's price favored north this week. According to Cointelegraph's BTC price index, the asset broke its previous all-time high just shy of $65,000, going on to breach $67,000 amid a week filled with Bitcoin ETF headlines. Bitcoin cooled off following its surge, however, dropping back down to the low $60,000s. | | | Several people weighed in on potential upcoming price action for Bitcoin. The Twitter account for E-Club Trading, an investment analysis organization, mentioned a level around $58,000 as one potential landing zone if Bitcoin loses the $62,000 level. | | | BTC could also possibly ride right up to $80,000, or it could visit $58,000 or $53,000 first prior to pushing for $80,000, ExoAlpha chief investment officer David Lifchitz noted. | | #5. FUD of the week. New York businesses ask governor to deny permits for crypto mining | | | New York Governor Kathy Hochul received a letter this week urging her to deny permits enabling the conversion of the city's old fossil-fuel power plants into crypto mining centers. The power plants in question are the Greenidge Generating Station and Fortistar North Tonawanda Facility, which now are the target of ambitions to mine and hodl at full throttle. | | | The letter was co-signed by a long list of local organizations, businesses and labor groups, who banded together to voice their concerns over the energy-intensive poof-of-work crypto mining model. | | | "Proof-of-Work cryptocurrency mining use enormous amounts of energy to power the computers needed to conduct business — should this activity expand in New York, it could drastically undermine New York's climate goals established under the Climate Leadership and Community Protection Act," the letter read. | | #6. FUD of the week. NYAG directs 2 crypto firms to shut down, investigates 3 others | | | Speaking of New York, the state's attorney general's office went after five local crypto firms on Monday, ordering two unnamed companies to shut down operations, while launching investigations into the other three. | | | The attorney general's office alleged that the two firms engaged in unlawful activities, and requested details on the other firm's lending products, policies, procedures, clients in the state and other relevant information. | | | One of the three crypto lending firms under investigation is Celsius Network, with the firm confirming the news in a blog post on Tuesday. Celsius said it is "working on providing regulators in New York" with info regarding its business. | | | Feel free to explore the most important news with Hodler's Digest: | | | |
