Ripple Boss Brad Garlinghouse Speaks On Likelihood Of XRP ETF Launching On US Exchange

Ripple Boss Brad Garlinghouse Speaks On Likelihood Of XRP ETF Launching On US Exchange

Ripple CEO Brad Garlinghouse doubled down on his frustration surrounding the lack of clarity and certainty in United States regulation of crypto assets when commenting on the chances of an XRP exchange-traded fund (ETF) coming to the U.S. stock market.

Will XRP Get An ETF In The United States?

After more than eight years of lobbying by the crypto industry, the SEC has finally given the go-ahead for bitcoin futures ETFs in the U.S. Assuming all goes well, ProShares Bitcoin Strategy ETF will become the first ETF based on Bitcoin futures to start trading on the New York Stock Exchange on Tuesday. Anticipation of the long-awaited bitcoin-related ETF sent the benchmark cryptocurrency to near lifetime highs.

So, what’s next?

Pundits expect more bitcoin futures ETFs to launch in the near future to compete with ProShares. Moreover, the U.S. SEC looks more likely to approve an ETF pegged directly to the price of bitcoin sooner or later. And it’s only a matter of time until we see ETFs for other top cryptocurrencies like Ether.

The question on every XRP enthusiast’s mind is: Will the SEC approve an XRP-based ETF?

Speaking to Fox Business on October 18, Garlinghouse observed that the SEC is intentionally picking winners and losers. He further noted that bitcoin has a huge power usage. As such, giving bitcoin a priority does not align with the climate agenda of the SEC Chair Gary Gensler. Garlinghouse, who has long been a critic of bitcoin’s energy use, stated that XRP is over 100,000 times more energy-efficient than Bitcoin.

According to the Ripple chief executive, it’s quite “ironic” how the U.S. SEC strives for clarity and discovery but fails to do the same when it comes to its own deeds. “What we seek more than anything is clarity and certainty,” he added.

Garlinghouse went on to posit that the agency has stayed mum about the regulatory status of the world’s second-biggest crypto by market cap after Bitcoin, Ethereum. Notably, the financial agency is sitting on a backlog of several Ether ETF applications yet to be approved.

SEC Lawsuit: Ripple Won’t Settle

As you are well aware, Ripple is caught in a high-stake legal scuffle with the SEC. When asked if there is a possibility of Ripple settling, Garlinghouse indicated that there’s no way they were taking that direction if the price is the XRP token being declared a security. 

“There is no scenario though when we gonna settle unless there is absolute certainty about what XRP is on the go-forward basis.”

If the SEC eventually deems XRP a Security, then Ripple will have no choice but to leave the United States.

Liquid Craft set to bring innovation to Liquid NFTs

Liquid Craft is a new project launching a unique collection of liquor-backed NFTs titled Dragons and Bourbon on October 29th at 12 PM PST. This limited release is a new concept to the NFT space, with the project also in the build phase of a complete marketplace for international crafters to back their own products […]

ProShares Bitcoin-linked ETF launches on NYSE as BTC price rises above $63K

The price of Bitcoin rose to a five-month high of $63,293 following shares of ProShares’ ETF opening for trading.

The first Bitcoin futures-linked exchange-traded fund in the United States began trading on the New York Stock Exchange, opening at a price of $40 per share.

According to the New York Stock Exchange, ProShares’ Bitcoin (BTC) Strategy ETF, the first exchange-traded fund allowing U.S. investors direct exposure to cryptocurrency futures, opened at a price of $40 per share of BITO before rising 3.8% to reach $41.54 at the time of publication. The addition of the crypto fund to a major stock exchange follows years of deferred decisions from the Securities and Exchange Commission, or SEC, the regulator responsible for greenlighting the asset.

“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 said on Monday.

The SEC first accepted the registration request for ProShares’ Bitcoin Strategy ETF on the NYSE on Oct. 15 shortly before doing the same for shares of digital asset manager Valkyrie’s BTC futures ETF for a listing on the Nasdaq. Institutional asset manager Grayscale also announced on Oct. 18 it planned to convert its GBTC Trust into an ETF in the future. The SEC currently has several crypto ETF applications under consideration.

"The ProShares ETF will provide greater market access and ease of use for institutional investors who want to get into the cryptocurrency markets," said Mary Beth Buchanan, global chief legal officer at blockchain investigative platform Merkle Science. "The newest futures based ETF will trade on the NYSE and will feel more familiar to institutional investors than opening individual trading accounts and trading directly on a spot or futures based cryptocurrency exchange or crypto trading platform."

Related: Traders celebrate Bitcoin's impending ETF, but options markets are less certain

According to data from Cointelegraph Markets Pro, the price of Bitcoin rose following shares of ProShares’ ETF opening for trading, moving 1.2% from $62,557 to a five-month high of $63,293. This marks a return to the crypto asset moving above $63,000 for the first time since April, when it hit a then all-time high price of $64,863.

Shrimps, Sharks, Whales and Other Fish in Crypto

End of September the world celebrated World Maritime Day. The Crypto industry has always been connected to fish-themed concepts, and that comes from conventional trading, where market participants are graded based on their knowledge, experience and success.

The Crypto boom gave birth to a whole ranking chart of Bitcoin holders and those holding other cryptocurrencies in Bitcoin equivalent:

  • Shrimp: less than 1 BTC
  • Crab: 1 to 10 BTC
  • Octopus: 10 to 50 BTC
  • Fish: 50 to 100 BTC
  • Dolphin: 100 to 500 BTC
  • Shark: 500 to 1000 BTC
  • Whale: >1000 BTC
  • Humpback: >5000 BTC

It became a cult: in the ICO explosion of 2017-2018, there was a surge of projects with a fish concept and still new ones appear.

Among the projects that are still addressing the marine concept are:

🐋 Whale Alert — the most advanced blockchain tracker and analytics system reporting large and interesting transactions as they happen with all the data available through API.

 

 

**🌊 Ocean Protocol** — an open-source protocol that aims to allow businesses and individuals to exchange and monetize data and data-based services. Ocean’s software is built to facilitate this data exchange, linking users who need data or do not have resources to store it, with those who have resources to spare.

 

🐬 True Flip — the best 2020 online casino according to Askgamblers, with the dolphin protagonist that has been releasing quality products and developing gamification for 4 years, all built on killer whales, stingrays, jellyfish and a dozen other thoughtful characters. The casino started as a blockchain lottery with the TFL token, and not so long ago the team announced the token to become an independent project within the group.

🦈 Baby Shark Token (no, it’s not that song) — a token designed to help clean the ocean by using decentralized fundraising. With its unique tokenomics, BabyShark aims to be the first charity token with zero selling pressure from donations.

🐙 Octopus Protocol — a robust DeFi protocol built on the Binance Smart Chain (BSC), allows issuance, trade, and management of decentralized derivative assets.

Will this and other tokens continue to develop as “fish” ones or choose something else — we will probably find out later. One is clear: alongside the recently arrived DeFi ranking of Chads, Apes, etc, the classical ocean theme scale of the crypto users will be staying with us forever.

President Vladimir Putin on Cryptocurrency: ‘I Believe That It Has Value’

In a recent interview, Russian President Vladimir Putin shared his latest thoughts on use cases for cryptocurrency. President Putin’s comments about cryptocurrency were made last Wednesday (October 13) during an interview with CNBC News Anchor and International Correspondent Hadley Gamble on day one of the three-day Russian Energy Week Forum in Moscow. Gamble started the crypto […]

Buy the rumor… buy the news? BTC price passes $63K as US Bitcoin ETF launches

Bitcoin reaches $63,000 as Grayscale Bitcoin Trust announces it will convert its $40 billion fund into a Bitcoin spot ETF.

Bitcoin (BTC) hit $63,000 on Oct. 19 as the debut of the first regulated Bitcoin exchange-traded fund (ETF) saw solid uptake.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

ETF launch sparks six-month BTC highs

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting its highest levels since April 16 as the ProShares Bitcoin Strategy ETF ($BITO) began trading on the New York Stock Exchange.

BITO opened at just under $40, swiftly hitting local highs of $42.09 in price discovery before consolidating.

The strength of the launch served to allay fears that the market would conversely fall into the U.S. open, in what would constitute a classic "buy the rumor, sell the news" event.

Volatility was still rampant at the time of writing, however, with commentators waiting to see what would ultimately become of the ETF's first few hours.

Responding to separate criticism of the first two ETFs to launch, both based on Bitcoin futures, Kraken growth lead Dan Held meanwhile argued that the same fears had surrounded the launch of those futures themselves in late 2017. Ultimately, they were unfounded.

Grayscale formally "kicks off" GBTC ETF conversion o

In further ETF news, institutional investment giant Grayscale confirmed Tuesday that it had applied to convert its flagship Bitcoin product to an ETF.

Related: ‘All bears will die’ — Bitcoin metric prepares to flip green for the first time in 6 months

The Grayscale Bitcoin Trust ($GBTC) would trade under the new ticker $BTC should it be approved.

"From where we sit, we've never seen bigger maturity within the digital asset ecosystem, and we're confident that this is the next step in the journey of GBTC's lifecycle," CEO Michael Sonnenshein said in video comments.

ETF approval drives Bitcoin towards all-time high at $65K – Crypto Weekly Roundup, October 18, 2021

New eToro additions Polkadot and Solana lead altcoin rally with double-digit gains

 Bitcoin has soared above $60K, getting tantalizingly close to all-time highs on reports that the first Bitcoin futures exchange-traded fund (ETF) has been approved by the U.S. Securities and Exchange Commission (SEC).

This bombshell blasted Bitcoin 8% higher over the last week, boosted further by Russian President Vladimir Putin who told CNBC on Wednesday that he believes crypto has value. Meanwhile, JPMorgan CEO Jamie Dimon took the opportunity to assert his own view that “Bitcoin is worthless”, two weeks after his bank released a note that said institutions are replacing gold with Bitcoin.

Elsewhere, recent eToro additions Polkadot, Polygon, and Solana pushed ahead of the market with double-digit gains all round. Shiba fell down in exhaustion with 11% weekly losses after a mega rally, and Dogecoin made a half-hearted attempt to catch up with 4% gains.

This Week’s Highlights
  • Bitcoin celebrates ETF approval
  • Polkadot pushes towards $50 on parachain milestone
  • eToro adds Solana to investment platform
Bitcoin celebrates ETF approval

In a monumental victory for crypto, the Securities and Exchange Commission (SEC) is set to let the first U.S. Bitcoin futures ETF launch on Monday after years of rejected applications.

Sources said to be familiar with the matter told CNBC that the SEC isn’t likely to block the ETFs proposed by ProShares and Invesco, triggering a rally that saw Bitcoin break through $60K, for the first time since April of this year.

Although these ETFs have attracted criticism for being backed by futures contracts and not the underlying asset, they could still have big implications for Bitcoin — allowing tax-sheltered and retirement accounts to easily get exposure, and potentially opening the cryptoasset to a much broader audience.

Polkadot pushes towards $50 on parachain milestone

While all eyes were on Bitcoin, Polkadot quietly surged more than 20% as the blockchain platform announced it was ready to roll out the final piece of its roadmap.

On Wednesday, the team announced a date for the launch of parachains. These are independent chains that can issue their own tokens and be tailored to a specific use case, while still connecting back to the main Polkadot chain.

Slots for parachain development will be sold via auctions starting on November 11th, and are expected to reduce the circulating supply of Polkadot by requiring participants to lock up the asset for the duration of the parachain lease.

eToro adds Solana to investment platform

eToro has added Solana (SOL) to its selection of cryptoassets. The SOL token powers a blockchain platform that claims to be able to support 50,000 transactions per second without sacrificing decentralization.

Solana joins the recent additions of Filecoin (FIL) and Polkadot (DOT), bringing the total number of cryptoassets available on eToro to 32.

Week ahead

The last time Bitcoin approached all-time highs at $20K, it was beaten back fiercely for weeks before it finally broke though.

This time however, the amount of Bitcoin held on exchanges is approaching all-time lows — suggesting traders have no intention of selling and could be moving funds to wallets for long-term storage.

On the bearish side, Pantera Capital CEO Dan Morehead anticipates that the ETF launch could be a classic “sell the news” moment, and trigger a similar dump to that seen after the CME’s listing of Bitcoin futures in December 2017.

 

Image by Niek Verlaan from Pixabay

Melanion Capital Bitcoin ETF to launch on Euronext Paris on Oct. 22

French financial regulator AMF officially approved Melanion Capital’s Bitcoin-linked ETF product in August.

Concurrent to the United States finally launching its first Bitcoin (BTC) futures-based exchange-traded fund (ETF) Tuesday, France inches closer to a major Bitcoin-related ETF launch.

Paris-based alternative investment firm Melanion Capital is preparing to launch its Bitcoin-linked ETF product already this Friday, the firm’s CEO Jad Comair announced to Cointelegraph on Monday.

Called “Melanion BTC Equities Universe UCITS ETF,” the Bitcoin ETF will start trading on France’s primary stock exchange, Euronext Paris, at 7 am UTC.

The product will be listed under the ticker symbol BTC FP, providing investors with Bitcoin exposure through a diversified basket of equities correlated to the daily price movements of Bitcoin.

"It is traded on the Paris stock exchange, therefore eligible to all investors, and we're in the process of listing it all over Europe," Comair said, adding that there is a strong demand for Bitcoin-related products in the region. "We have embarked on a plan to bring more institutional-grade crypto products to the market," he added.

According to Comair, the idea of BTC FP is similar to a Bitcoin-linked ETF by Volt Equity, which was approved by the United States Securities and Exchange Commission (SEC) in early October. Instead of tracking Bitcoin directly, both Melanion Capital and Volt Equity’s Bitcoin ETFs are tied to companies correlated with Bitcoin.

“They both share the same idea: structuring a Bitcoin ETF by investing in equities holding Bitcoin, instead of going through the difficult and burdensome route of directly holding Bitcoin,” the Melanion Capital CEO noted.

This ETF will track the Melanion Bitcoin Exposure Index, which consists of several industry firms, including Michael Saylor’s software firm MicroStrategy, crypto mining firm Argo Blockchain, Mike Novogratz’s digital asset merchant bank Galaxy Digital and others.

“Our ETF is the first thematic Bitcoin product to be approved in Europe. ETF is a big deal, as it’s the most widely used and the one eligible for various pension plans,” Comair said.

The executive also noted that its ETF would bridge the gap between the crypto and institutional worlds. “The investment pockets of institutional investors have a lot of constraints to protect their customers, and an ETF is one of the most eligible wrappers that matches these constraints,” Comair noted.

Related: Guernsey regulator approves Jacobi Asset Management’s Bitcoin ETF launch

In August, French financial regulator the Autorité des marchés financiers officially approved Melanion Capital’s Bitcoin-linked ETF.

The news comes as American ETF provider ProShares prepares to launch its Bitcoin futures-based ETF on the New York Stock Exchange on Tuesday. According to Bloomberg analyst Eric Balchunas, Valkyrie’s Bitcoin futures-based ETF is likely to launch this week.

Crypto Market Analysis: October 18, 2021

Bitcoin soared last week, closing back in on its all-time high (ATH) as investors bought the news of a new bitcoin ETF.

After the confirmation of a bitcoin ETF (more below) by the US Securities and Exchange Commission (SEC), the price began to pop. Having traded as low as $54,611 on Wednesday, BTC soared 14% to reach a high of $62,516.  At the time of writing the cryptoasset is trading around $61,700.

The turnaround for BTC has seen it close in on its previous ATH – $63,569 – set on 14 April this year. Investors will now be watching closely to see if momentum is sustained early this week to tip over that threshold.

Ether meanwhile has experienced similar gains, although it is still a little further off from its previous ATH.  ETH traded as low as $3,419 on Monday before rising across the week to a high of $3,957. ETh previous ATH came on 12 May when it reached $4,177. It is currently trading around $3,820.

Grayscale drops bitcoin ETF hint

Cryptoasset management firm Grayscale has given its biggest indication yet it plans to convert its bitcoin trust into a physically settled exchange-traded fund (ETF).

While not confirmed at the time of writing, chief executive Barry Silbert hinted in a two-word tweet that the firm may soon switch up its trust to an ETF structure. The thread came as the CEO criticised futures-backed bitcoin ETFs saying: “Friends don’t let friends buy and hold futures-based ETFs.”

The pointed remark comes after the approval of the ProShares ETF – which is a futures-based bitcoin fund. The announcement boosted bitcoin’s price as investors see support from regulators for crypto-based funds as a seal of approval for their activities.

Putin gives crypto seal of approval

Russian President Vladimir Putin has come out with a relatively dovish stance on cryptoassets.

While not outing himself as an enthusiast, speaking to CNBC last Thursday the Russian leader expressed his relative amenability to crypto.

Putin said in the interview cryptocurrency: “has the right to exist and can be used as a means of payment.” He also added it was too soon to discuss the idea of trading oil and other commodities via crypto, which forms a large part of Russia’s export base.

Putin’s relative amenability to crypto likely comes as Russia struggles with difficulties in accessing international capital in the form of US dollars. The Eurasian nation has been hit by sanctions since its 2014 invasion of Crimea.

ARK Invest backs bitcoin ETF

Cathie Wood’s Ark Invest has backed a bitcoin futures ETF by putting the firm’s name to the fund.

The bitcoin futures ETF, which was filed for approval to the US SEC last Wednesday, will be called ARK 21Shares Bitcoin Futures Strategy ETF, carrying the ARKA ticker.

The ETF was filed by Alpha Architect and notes 21Shares as an investment adviser. ARK’s role in the ETF will be to provide marketing support alone, according to the filing.

Wood’s ARK firm is best known for its disruptive innovation-focused ETFs. The firm has struggled in 2021 with assets under management (AUM) plunging by some $8 billion.

ARK joins a growing list of asset managers looking to offer a bitcoin-related ETF, with more than 12 Wall Street firms now looking to offer such a product to its clients.

This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index or a packaged investment product are not, and should not be taken as a reliable indicator of future results.

All contents within this report are for informational purposes only and does not constitute financial advice. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilizing publicly-available information.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.

 

Image by Vined from Pixabay

The Privacy Layer For Polkadot, Manta Network, Secures $5.5 Million in Funding

The Privacy Layer For Polkadot, Manta Network, Secures $5.5 Million in Funding

Manta Network, a unique project that has created an interoperable privacy layer for the Polkadot ecosystem has secured a new investment amounting to $5.5 million. The funding round was raised from across 30 different venture funds, including big names like Coinfund, Parafi Capital, CMS Holdings, Divergence, and more.

Manta enjoyed participation from a variety of Angel investors, which included 0xMaki, Maple Leaf, Kevin Hu (Dragonfly), Santiago R Santos, key members from Parity and the Web3 Foundation, members from Digital Currency Group, Consensys, Polygon, Cream, Alpha, Perp, DoDo, Bitcoin.com, Subquery, Bitcountry, and Impossible Finance. 

Privacy as a pillar of Web3

Manta network is an unusual project in that it focuses on privacy, supposedly a core tenant of the Satoshi ideal. Privacy is an important part of every transaction, activity, and subscription which takes place over the blockchain. However, according to Manta, there is a real lack of on-chain privacy. On this notion, the team behind Manta built the network. So successful, in fact, that the project won one of the very few parachain slot auctions on Kusama. This is a show of belief in this project as those that participate in the auctions do so after rigorous testing through the Kusama Testnet before they put up before the auction participants who vote for the very best projects. Manta Network, broke records through this auction, with the most popular parahchain project via the most votes.

According to one of Manta’s core team, Manta endeavors to work towards a Web3, which is private, secure, and works on the users’ behalves, rather than for big data companies. Kenny Li said, “We’re excited and proud to be joined by the most reputable thought leaders, investors, and angels in the space on our mission to privatize all crypto assets. Together, we recognize the importance of privacy in Web3, which is required to scale DeFi use cases.”

Privacy preservation building on substrate

The Chief at CoinFund, one of the principal investment funds in this round said, “Manta Network is building one of the core primitives for privacy preservation within DeFi. Building upon Substrate, which allows for purpose-built layer 1 networks, Manta can build ZKSnark privacy-preserving architecture directly into the base layer and solve a number of existing problems users face today such as front running and lack of privacy when making transfers or managing a portfolio. Leveraging relay chain interoperability, Manta will also be able to provide users across all Polkadot parachains with these services. We are thrilled to support this incredible team as they build much needed DeFi tooling,” 

Manta intends to use these funds to push forward with development and next try to win a parachain slot on Polkadot and from there release their MantaPay product, a privacy transaction system for parachain assets.

Hindu Paramilitary Group Calls on Indian Government to Regulate Cryptocurrencies

Hindu Paramilitary Group Calls on Indian Government to Regulate Cryptocurrencies

Hindu nationalist group Rashtriya Swayamsevak Sangh (RSS) has called on the Indian government to regulate cryptocurrencies. “The government has to ensure that it is regulated in the larger interest of the society,” the group reportedly said.

Rashtriya Swayamsevak Sangh Calls for Crypto Regulation

Mohan Bhagwat, head of the Rashtriya Swayamsevak Sangh (RSS), said during his speech at an annual event marking the Hindu festival of Dussehra Friday:

Clandestine, uncontrolled currency like bitcoin has the potential to destabilize the economy of all countries and pose serious challenges.

The RSS is a Hindu nationalist paramilitary group founded in 1925 by Dr. Keshav Baliram Hedgewar in Nagpur. According to the group’s website, any Hindu male can become a member of the group by attending an RSS shakha, a daily gathering. There is no formal membership procedure and there are no fees to join.

The group’s website further states that the RSS does not keep a record of the number of members. However, it notes that in March 2017, there were 57,185 daily RSS shakhas held at 36,729 places (including rural and urban), in addition to weekly gatherings at 14,896 places and monthly meetings at 7,594 places in Bharat. According to the Muslim Mirror, there are now more than 10 million active RSS members across India and over 100 affiliated bodies. Prime Minister Narendra Modi was also a member of the group.

Bhagwat was also quoted as saying, “I have no idea which country regulates a currency like bitcoin or if there are any rules governing them.” He added:

The government has to ensure that it is regulated in the larger interest of the society.

The Indian government is currently working on a cryptocurrency bill. In July, Finance Minister Nirmala Sitharaman said that the crypto bill was ready for the Cabinet. In September, Jayant Sinha, a lawmaker with the ruling Bharatiya Janata Party, revealed that the cryptocurrency legislation will be distinct and unique.

However, the Reserve Bank of India (RBI) continued to have “serious concerns” regarding cryptocurrencies. In addition, the RBI is working on a central bank digital currency (CBDC), which will be launched in phases. The central bank expects to unveil a digital rupee model by the end of the year.

What do you think about the Rashtriya Swayamsevak Sangh calling for Indian crypto regulation? Let us know in the comments section below.

This can spur a move to a fresh ATH for LUNA

Since last week, LUNA maintained its consolidatory phase, trading within the tight channel of $40-$35. However, bulls have been paving way for an upwards breakout- a finding backed by bullish divergences along the RSI, MACD and Awesome Oscillator. Market observers should keep an eye out for a close above the confluence of the 200-SMA and […]

All-time highs next? Bitcoin holds $62K as the dollar index tumbles to 3-week lows

The U.S. dollar index reached its lowest levels in three weeks on Oct. 19, triggering a rising wedge pattern.

The U.S. dollar index (DXY) could continue its slide in Q4, according to a classic technical setup known as a “rising wedge.” The greenback’s bearish prospects may boost Bitcoin’s (BTC) price to new all-time highs as it holds above $62,000.

DXY poised for another 1.75% drop

Rising wedges are bearish reversal patterns that begin wide at the bottom but contract as the price increases. As a result, the trading range narrows, which makes the rally unconvincing. That typically prompts the price to break below the wedge’s support line and later fall by as much as the maximum distance between the pattern’s trendlines.

The DXY has been forming a similar price structure since August. Moreover, the index’s decline this week had it break below the wedge’s support line, therefore triggering a bearish setup toward 92.416, down about 1.75% below the level of breakout (around 93.98).

DXY daily price chart featuring rising wedge setup. Source: TradingView

A week ago, DXY reached a one-year high of 94.563, reaping the benefits of stagflation fears and the Federal Reserve’s decision to unwind its $120-billion-a-month asset purchase program in November, followed by interest rate increases next year.

But the index dropped to a three-week low on Oct. 19, underscoring that money markets have priced in the Fed’s tapering decision. Instead, their focus has shifted toward policy normalization elsewhere, including the United Kingdom, where analysts have forecasted rate hikes worth 35 basis points by the end of this year.

Bitcoin rallies on ETF FOMO

Bitcoin price found support from the weaker dollar this week, in addition to optimism about the debut of the first exchange-traded fund (ETF) tied to BTC futures on the New York Stock Exchange.

BTC/USD has rallied by over 40% month-to-date to hit a five-month high of $62,987 on Oct. 19. A minor correction ensued, but Bitcoin held $62,000 as its interim support against a weakening dollar sentiment. 

BTC/USD daily price chart featuring ascending channel pattern. Source: TradingView

Technically, Bitcoin reached the bullish exhaustion level of its prevailing ascending channel range. With its relative strength index (RSI) also overbought with a reading above 70 on the daily timeframe, the cryptocurrency could undergo an interim price correction with a short-term support target near $60,000.

But long term, multiple analysts anticipate Bitcoin’s price to hit $100,000.

Tom Lee, co-founder of Fundstrat Global Advisors, said in a note on Oct. 18 that ETFs based on Bitcoin futures would together attract more than $50 billion in inflows in the first year, adding that BTC could conceivably rise to $168,000 in response.

Related: BTC price is up 50% since China ‘selflessly’ banned Bitcoin mining

Jurrien Timmer, director of global macro at Fidelity Investments, noted that Bitcoin would become a six-figure asset by 2023, citing Metcalfe’s law, which measures a network’s value based on its growth rate.

“Other technology innovations, and even, like, a stock like Apple — not that I’m a security analyst — has gone through that same process, where its sales go up 38-fold over 10, 20 years, and its market value goes up by 900-fold,” Timmer told Yahoo Finance, adding:

“So it’s an exponential increase. And based on those metrics, by 2023, my models show $100,000.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, and you should conduct your own research when making a decision.

Missed The Bitcoin Dip? Analysts Pinpoint Next Entry Zones To Watch Out For

Should You Buy The Bitcoin Dip? Analysts Weigh In On Bear Market

Richard Branson once said that “Business opportunities are like buses; there’s always another one coming” and this holds true with Bitcoin.

As Bitcoin edges closer to recouping April’s high of $64,854, this presents yet another make-or-break moment for the entire crypto market, with some quarters preparing for the worst in expectation of a massive dump.

Even worse, novice traders/investors are the most vulnerable lot as they flock in to buy tops once FOMO kicks in.

Buying Into Major Resistance

There is a reason why seasoned investors will always abide by the rule of “looking left” before buying into an asset. April’s all-time high of $64,854 is the most critical barrier to break for Bitcoin to print new highs. Logically, this level is expected to present some form of resistance with options of price temporary dumping being on the table.

Scott Melker popularly known as “The Wolf of All Streets” rules out the possibility of a double top forming as a 50% drop from the confirmation neckline along June’s lows could send Bitcoin to roughly zero. He is however alive to the fact that the $28,800 floor is still a reality in the current situation should price choose to play out in a range.

“There is no double top. There is no potential double top. Even if there was you can’t trade it until $28,800.” 

C:\Users\Newton\Downloads\FB-SWbSXoAAcH8d.jfif

Another technical analyst, Gareth Soloway says that it would be suicidal to buy into April’s highs as anything could happen below that resistance. Instead, he asserts that his decision to go long would be informed by price breaking “and closing above” that ATH.

“Lots of wild bulls continue to go nuts but ultimately, the 65k (confirming) is the level. That is the end all/be all level per past cycles. Be careful as this hype is based on the #Bitcoin futures ETF debuting. So far 65k not taken out, let’s watch the price action into next week”

Citing Accumulation Dips

Accumulation dips are basically price consolidation patterns that emerge after the price has rallied before recoiling upon reaching certain levels as initial buyers take partial profits or fully liquidate their long positions.

These patterns which form sideways are usually more obvious in hindsight giving long-term buyers the opportunities to accumulate.

As seen in the chart below, after Bitcoin’s price surges, it has a moment to “breath out” creating price squeezes that are depicted inside the white borderlines. Buying after price breaks out of these patterns to the upside minimizes the risk of buying in too early or getting caught in a bull trap.

C:\Users\Newton\Downloads\BTCUSDT_2021-10-18_13-39-16.png

Ethereum Price Analysis: Following a Short-Term Correction, is $4K in Sight for ETH?

Key Support level: $3,600

Key Resistance level: $3,900 

Over the past couple of days, Ethereum has been consolidating following a correction after the most recent rally where the price was rejected at the key resistance of $3,900. On Sunday, ETH’s wicked down almost to the aforementioned support of $3,600.

From a technical standpoint, the price is unlikely to attempt another push above the resistance until the bulls get a firm hold of the support area, meaning that a more definitive retest might be in the cards. If that’s the case, we could then expect a breakout above the important psychological and technical resistance range between $3,900 – $4,000 and push towards the all-time high.

img1_eth
Chart by TradingView

Technical Indicators

Volume: The volume spiked on Monday. However, the bulls were unable to change the momentum, failing to break resistance. It’s important to keep tabs of the volume once price approaches the key support level. A strong show of force from bulls at that time will be a good early signal of the price reversing course.

RSI: On the four h timeframe, the RSI is bearish, therefore it’s important to remain careful and beware of a potential short-term retrace. On the daily timeframe, such price action will be a temporary pullback which should recover quickly during the next bounce.

MACD: The histogram on the MACD is forming lower highs; this is short-term bearish. As long as the moving averages on MACD do not form a bearish cross, the bias remains bullish for ETH despite a bearish histogram.

img2_eth
Chart by TradingView

ETH Bias

Over the long term, the ETH bias remains very bullish. In the near future, expect price to retest the key support level. A good bounce at that level could propel ETH back to its all-time high.

Short-Term Price Prediction for ETH Price

The $3,600 support level remains a very tempting entry for bulls, and this will have to be confirmed by the price action once it arrives there. The key resistance at $3,900 can continue to push ETH lower until bulls take a firm control of the price. That would translate in an attempt to break the current all-time high at $4,380.

Noft Games Cup 2021 Is Here with Premium Rewards

Noft Games, the ultimate battle royale on BSC, is about to start its tournament. Termed Noft Games 2021, the competition offers 3 BNB for the prize pool. The applicants will start the event by competing against randoms to rack up points and progress. The venture is also conducting a 50% off sale on its platform …

NFT gaming proposition in question as regulators and traditional gaming pullback

The NFT gaming market is growing by leaps and bounds as gaming regulatory bodies and traditional gaming corporations shun the ecosystem.

The gaming industry is a multi-billionaire dollar market traditionally dominated by giant corporations like Atari, Sony, Microsoft and Nintendo, among others. 

Throughout their history, these major firms have aimed to provide entertaining gaming experiences to attract new players and expand their market share.

However, nonfungible tokens (NFTs) are attempting to give gamers a financial incentive for playing games in the form of NFTs, in addition to providing an engaging gaming ecosystem.

These games, known as play-to-earn (P2E) games are played in a Metaverse that is essentially a fictional universe. The P2E gaming model dictates that the users of the platform are financially rewarded for their time and effort within the game. Due to this, the model has a chance to gain a portion of the $175.8 billion global gaming market that is touted to grow to more than $200 billion in 2024, as per a report by Newzoo.

Minh Doan, the co-founder of Warena, a personalized NFT game, told Cointelegraph more on the relevance of this model. He said: 

“Today, we call the play-to-earn model on the blockchain GameFi — the combination of decentralized finance and game mechanics — has become a real sensation in the market due to the fact that during gameplay, users receive tokens that can grow by tens and even hundreds of times in value.”

The protocols in the NFT gaming sub-sector have been gaining a lot of traction in terms of users and volumes. Their associated native tokens have been performed extremely well too. The native token of the Ethereum-based NFT game Axie Infinity (AXS) has been leading the charge for the sub-sector. The token has posted 83.35% gains in the last 90 days, 706% gains in the last 180 days and over 73,000% yearly gains.

AXS currently changes hands in the $120 range and has risen to become one of the top 25 cryptocurrencies in terms of market capitalization as per data from CoinMarketCap, making it the only NFT gaming-related token to make the cut. The platform itself has witnessed impressive growth in terms of users and volumes since its launch. According to data from Dappradar, there has been trading activity worth $2.6 billion on the platform with 836,149 traders participating. The platform has also announced a staking program for its native token.

Related: The Metaverse, play-to-earn, and the new economic model of gaming.

Cointelegraph spoke to Alex Salnikov, the co-founder and head of product of Rarible, an NFT marketplace, who explained more on the drivers of this growth noticed in the NFT gaming platforms, both in terms of volume and users. He said: 

“This growth aligns with the broader acceleration of the NFT market and seems to highlight the versatility of use cases for NFTs. Also, gamification has generally been trending in crypto and it matches particularly well with the concept of NFTs that are so closely tied to interactive and fun community engagement experiences.”

He also added that the value proposition of blockchain technology is understandable and native for the gaming industry, including P2E experiences and in-game assets with clear provenance. 

NFT gaming platforms grow 

Even though the most utilized blockchain network for the deployment of decentralized applications (DApps) is Ethereum, in the NFT gaming ecosystem, there are several other blockchain networks like Binance Smart Chain (BSC), Polygon, Hive, Harmony, Solana and Flow that are also gaining large user bases along with growing volumes. 

Salnikov further mentioned, “Polygon is generally considered to be one of the leading blockchains for gaming due to its EVM-compatibility, high throughput and low gas fees. It’s also the leading sidechain of Ethereum, meaning that it’s connected to the main NFT ecosystem on layer one.”

Cointelegraph spoke with Jesse Reich, the co-founder and CEO of Splinterlands, one of the leading NFT gaming platforms in terms of users, about the protocol’s choice of the Hive network to build their game. He said: 

“People have thought our choice of Hive has been bizarre since the early days, but it has a freemium structure. Players can sign up with a username and password and get started. It's hard to replicate that on POW blockchains with gas fees.”

On Oct. 12, Binance announced a $1 billion accelerator fund for the overall development of the BSC ecosystem. Popular games on BSC like MOBOX: NFT Farmer, Faraland, ZOO Crypto World, and CryptoBlades are bound to grow as a result of this fund leading to massive adoption of the network.

Despite the growth seen across various platforms and networks in the NFT gaming sub-sector, the long-term proposition of these games could be in question, since gamers from the traditional gaming community are used to playing games that are extremely well designed. These titles also boast impressive gaming ecosystems, as a majority of them are backed by large corporations that have ample resources and development infrastructure.

At this stage, this cannot be said of the games that use NFTs, native tokens and other incentives to reward users as they are still in the nascent stage of their development and thus, are not as sophisticated. Thus, it is essential to gauge the time and effort the users of these platforms are putting in to earn these rewards on games that might not be as stimulating as the mainstream games that are relatively easy to access as well.

Reich mentioned further that “First and foremost, there has to be a game that's fun to be a mega-hit. Grind-to-earn, I'm sure, will be a thing along with play-to-earn and it'll come down to what minimum wage is someone willing to accept for computer click work.”

Doan stated that these games are a completely new generation of games that are hard to compare with traditional PC games. He said:

“This is something of a leisure economy, where users are paid to play games and can later multiply their income like real traders. The beauty of NFT games is that young people — the main target audience — easily understand trends and technical nuances that are sometimes difficult for other users.”

Hurdles ahead for blockchain gaming

Despite the rapidly expanding NFT gaming ecosystem, the traditional gaming giants are yet to adapt to blockchain technology or NFT integrations in their pre-existing games. In fact, a few of them have explicitly ruled out the possibility.

Valve recently announced the removal of blockchain games from its platform Steam and even asked users to not publish any content related to cryptocurrencies and NFTs. The Steam marketplace hosts immensely popular games like Counter-Strike, Battlefield, Halo and Resident Evil, among thousands of others. 

The corporation flirted with crypto back in 2016 when they announced that they would accept Bitcoin (BTC) payments, but soon put a stop to the service, citing high fees and volatility.

In the aftermath of this ban, the CEO of Epic Games, Tim Sweeney, announced that his company is open to hosting and supporting games that use cryptocurrencies and blockchain-based assets. 

Epic — the firm behind the immensely popular Fortnite — did note that developers will not be able to use the platform payment service to accept cryptocurrencies. Instead, they will need to use their own payment systems. This could become a barrier to adoption and inclusion for games without this infrastructure.

The perception held by Valve extends to regulators in the gaming industry as well. On Oct. 14, the Gambling Commission of the United Kingdom began an inquiry into one of the most popular NFT fantasy soccer games, Sorare. The gambling watchdog is evaluating whether the platform would need an operating license and if their services constitute gambling.

Sorare has categorically stated that even though it is willing to have an open dialogue and engage with regulatory bodies to explain its game, it does not “offer any forms of regulated gambling.” The platform is valued at over $4.3 billion and growing at a fast rate.

Since the entire ecosystem is at such a nascent stage in its development, it seems to be more of a waiting game to gauge the true potential, utility and long-term propositions of integrating crypto, blockchain and NFTs in gaming ecosystems.

Vetter’s Presale Launches Today Following 3500 BNB Private Sale Sellout

Vetter, a next-generation ecosystem and investor-research tool for crypto presales, has raised 3500 BNB (worth 1.7 million USD at current market rates) in a recent sellout private sale. The private sale saw Vetter’s committed community of over 700 paying discord members come together to support the grassroots movement – from Vetters, to Scouts, to regular members.

Both the private sale’s participation and investment size suggest that Vetter’s groundbreaking technology is supported by an enthusiastic community, providing a real solution for eager crypto investors. Accordingly, if this is any indication of future fundraising success, Vetter’s presale today on PinkSale could raise substantially more from the general public, capitalizing on the private sales’ momentum.

Revolutionizing the Pre-IEO Market

Vetter’s fundraising success is built on the innovation at the core of its next-generation technology. It provides a tokenized research tool for evaluating often difficult to understand pre-sales in the crypto-space. Vetter leverages the knowledge of the crowd to efficiently analyze the numerous presales, ICOs, IDOs etc. that launch each day, providing its users with appropriate metrics to help guide their investment decisions.

Its analytics machine also combines artificial intelligence with the principles of gamification into a user-friendly decentralized application (dApp) which makes it “fun fast and easy to spot crypto projects worthy of consideration” for investment according to Vetter’s detailed whitepaper. Each project is “vetted” by holders of Vetter Tokens, and added to a calendar of upcoming opportunities. Token holders can then provide additional information to “vet” certain opportunities. The application then uses a custom-made A.I.-based scoring and ranking system to reward users who have contributed to the analysis of successful investments.

The objective is to remove the lengthy amount of time and resources needed for individuals to seek out and profit from these opportunities themselves.

No Time Like the Present

Indeed, as the total value of the cryptocurrency market nears $3 trillion, and the number of blockchain-based projects continues to balloon, there has never been a greater need for such a tool. In fact, Vetter’s recent developments suggest their team is uniquely aware that their time is now. In the past few months, Vetter has launched a successful community-building effort, taking part in several AMAs, marketing campaigns and curating a growing following on their variety of socials.

Vetter has also released a series of technical documentation for audit ahead of the presale. The team is now looking to attract beta users for its public launch in the not too distant future as well as set a development schedule that releases new features for the platform every month. Taken together, Vetter’s technology, successful private sale and short-term roadmap provide a good foundation for the future of its pioneering research tool, and it will be interesting to see the outcome of today’s Private Sale on PinkSale.

ZoidPay Chrome Extension Lets Shoppers Buy with Crypto on Amazon, eBay and 40M+ Online Retailers

ZoidPay Chrome Extension Lets Shoppers Buy with Crypto on Amazon, eBay and 40M+ Online Retailers

PRESS RELEASE. The ZoidPay Chrome extension will allow users to spend their cryptocurrencies on products, pay subscriptions, and even book flights with 40+ million online retailers.

October 19th, 2021, Bucharest, Romania ZoidPay has announced the launch of its Chrome Extension, allowing millions of users to shop using various cryptocurrencies with all online merchants across the world.

Shop Easier than Ever Before

The ZoidPay Chrome Extension is platform agnostic, letting shoppers connect to it using any digital wallet. Currently being rolled out in phases, the Chrome Extension will be available globally by November 2021. It promises to bridge the gap in making crypto adoption mainstream.

Users can choose from any major cryptocurrency to make payments for their purchases on Walmart, Alibaba, MediaMarkt, Lazada, and eMag to name a few. Through the Chrome Extension, ZoidPay offers instant liquidity of up to $1 billion for crypto assets per day.

Eduard Oneci, CEO and Co-founder at ZoidPay, stated:

“Our Chrome Extension is unlike any other product in the market. It truly lets one shop anything from anywhere using their digital assets. When we started this journey nearly 3 years ago, we were fixated on building a platform that makes crypto usage seamless and secure. The Chrome Extension manifests this vision.“

Made for Crypto & Non-Crypto Users

Be it a user familiar with cryptocurrencies or one who’s not yet ventured there, the Chrome Extension promises a seamless experience. With easy onboarding, (including KYC) the Chrome Extension gets users ready to shop from over 40 million retailers across the world in a matter of minutes.

Additionally, it offers instant liquidity for most major crypto assets, independent of the wallet used. With the Chrome Extension, ZoidPay has introduced a liquidity solution that lets all users shop anything from anywhere using crypto.

Cashback, Staking, Loans & Much More

Whether users are buying the latest iPhone 13 Pro Max, paying their Netflix subscription, or getting ready to book their next holiday trip, cashback is guaranteed on all crypto purchases with Bitcoin, Ethereum, BNB, and most major cryptocurrencies. All cashback is instant and paid in ZoidPay’s native token ZPAY, directly into the user’s wallet.

Eduard continued:

“Be it a regular crypto holder or even a user who’s never dealt with cryptocurrencies before, the Chrome Extension promises a hassle-free journey. Beyond the ease of use and safety, the benefits that come from shopping with the Chrome Extension are unlimited. For a start, every purchase made comes with a reward in the form of cashback.”

The Chrome Extension comes packed with staking and other DeFi integrations, creating a unique, personalized user experience. From staking ZPAY in shopping pools, getting loans, and paying in installments at merchants, the Chrome Extension becomes a one-stop secure shop for all crypto and non-crypto users.

Crypto Adoption 2.0

There have always been questions about the accessibility, safety, and efficiency of using cryptocurrencies for online shopping. With the launch of the Chrome Extension, ZoidPay has taken a major leap in its vision of making cryptocurrency easily accessible for daily use. Consumers can finally use their crypto to buy products, pay subscriptions and even buy tickets with the groundbreaking new Chrome Extension.

 

ZoidPay Socials

Twitter | Facebook | Instagram | Telegram | Linkedin

 

Media Contact Details

Contact Email: hello@zoidpay.com

 

ZoidPay is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.


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Breaking: US Treasury Department Says Digital Assets Undermine Sanctions

US TreasuryUS Treasury

Cryptocurrencies and digital assets have made great headway this year as institutional giants and countries like El Salvador have adopted Bitcoin and crypto assets in their financial ecosystem. However, this has become increasingly a cause of worry for the Biden administration. The US Treasury Department released a Sanctions review report claiming that digital assets undermine sanctions programs initiated by the US. The official report read,

“Technological innovations such as digital currencies, alternative payment platforms, and new ways of hiding cross-border transactions all potentially reduce the efficacy of American sanctions. These technologies offer malign actors opportunities to hold and transfer funds outside the collar-based financial system. They also empower our adversaries seeking to build new financial and payment systems intended to diminish the dollar’s global role,”

The United States Dollar is the currency of trade in the international trade market and the US has issued at least 9,000 sanctions against businesses and countries found violating different regulations. However, crypto assets have become quite popular among sanctioned nations to pass the restrictions. Most recently, Iran has advocated for the use of Bitcoin for international trade settlements.

US Treasury Wants to Deepen its Knowledge on Digital Assets

The official review report cited that the agency must deepen its knowledge on evolving digital assets and services space to support the full sanctions lifecycle of activities.

“In particular, Treasury should invest in deepening its institutional knowledge and capabilities in the evolving digital assets and services space to support the full sanctions lifecycle of activities,”

Biden administration also became the first to take the ransomware threat significantly and not issue warnings against such attacks but also issued first sanctions in the case against a Russian exchange as nearly $590 million worth of crypto ransom has been paid in 2021 alone. The US Treasury Department has linked over $5 billion in Bitcoin ransom payments over the past decade.

The post Breaking: US Treasury Department Says Digital Assets Undermine Sanctions appeared first on Coingape.

First Bitcoin Futures ETF Comes Today: BTC Price Volatility Expected

The talk in the crypto town for the past several days has predominantly been the potential launch of a Bitcoin ETF in the United States. After all, the country’s Securities and Exchange Commission has been reluctant to approve such a product for years, while other nations, like Canada and Brazil, did so earlier this year.

The pressure on the SEC is mounting, and the appointment of Gary Gensler, who previously had experience with blockchain, was regarded as a promising step in the right direction.

Community members and strategists even outside the space started to make optimistic predictions that a Bitcoin ETF could see the light of day by the end of 2021.

And now, just hours away from perhaps the first-ever BTC ETF going live in the States, albeit a futures-backed one, it’s worth reviewing the possible implications for the asset and the entire industry.

Sell The News Moment?

Let’s begin with exploring the so-called “buy the rumor, sell the news” moment. This is a popular strategy among traders who tend to accumulate in anticipation for a certain significant event in the future and sell their positions when it becomes official. The goal of this is to take advantage of the growing hype and front-run other participants.

And bitcoin’s price has indeed been on the rise ever since the reports of an upcoming futures-backed BTC ETF in the States intensified last week. The cryptocurrency broke above $60,000 for the first time since April and currently stands less than 5% away from painting a new all-time high.

Some experts do see this moment as the potential local top for the entire cryptocurrency market. Jim Cramer, the host of CNBC’s Mad Money, said recently he had sold a portion of his digital asset holdings as he anticipates a correction after the ETF goes live.

There’re no guarantees that Bitcoin will indeed head south at that point. However, traders should be wary of potentially volatile trading days because of the implications of such an important and long-awaited new product coming live under the purview of arguably the biggest market – the US.

JimCramer
Jim Cramer. Source: CNBC

The Shadow of the CME Futures Contracts

During the peak of the previous bull run in late 2017, the crypto community saw another significant development in bitcoin’s road to legitimacy with the launch of institutional-grade BTC futures contracts on two large exchanges – CBOE Global Markets and the Chicago Mercantile Exchange (CME).

While the former had a relatively short life, the latter often receives the blame for what transpired in the markets next. Bitcoin had just come off its ATH at the time of $20,000 but lost more than 80% of its value in the following year. Numerous analysts later blamed it on the manipulation of futures markets and CME in particular.

CME crypto
Chicago Mercantile Exchange. Source: Yahoo

Now, four years later, the cryptocurrency is at the doorsteps of its arguably most crucial adoption event – a Bitcoin ETF in the United States – and some fear that the bear market of 2018 could repeat.

However, this scenario seems more unlikely now. The BTC landscape is significantly different now as the asset has come a long way in the past four years. It has seen countless “change of heart moments” in which former bashers became holders. It also saw the grand entrance of institutions and giant companies that hold billions of dollars worth of bitcoin on their balance sheets. Moreover, the current rally has shown no signs of exhaustion whereas the one in 2017 did the exact opposite at the time CME launched their futures.

The primary cryptocurrency has also grown into a trillion-dollar asset with a market capitalization larger than behemoths like Tesla and Facebook.

Legimaticy and Higher Demand

While it’s still uncertain whether BTC’s price will head south after the ETF goes live for trading in the short-term, one thing is for certain – such a product would help increase the cryptocurrency’s legitimacy among more old-school, traditional investors.

We’ve heard in the past how some prominent names that were used to allocate funds into safer tools like bonds or gold bashed bitcoin for the lack of regulatory certainty. This shouldn’t be the case once BTC receives the green light from the top securities regulator in the world’s largest economy.

The approval of a Bitcoin ETF, even if it’s a futures one (for now), should, in theory, make the cryptocurrency a legitimate investment option for many who have steered clear from the market until now.

Perhaps Douglas Yones – the head of exchange-traded products at the New York Stock Exchange (where the ProShares’ Bitcoin ETF is expected to go live) – explained the situation best, saying, “this is an exciting step but not the last.”

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