iStock Related First US Bitcoin futures ETF may debut on Monday, filing Says Bitcoin-mining power plant raises ire of environmentalists Bitcoin tops $60,000, nears record high, on growing US ETF hopes Bitcoin (BTC) on Friday rose above the $60,000 level for the first time since April as investors celebrated the anticipated US SEC approval for trading of Bitcoin futures exchange traded fund (ETF) in the coming week.
BTC’s daily high of $62,600 brought it within 4 per cent of its all-time high of $64,800 with its year-to-date gains at approximately 110 per cent.Bitcoin’s dominance as a share of market cap has gained over the last several weeks to slightly above 46 per cent.
Bitcoin ETF
The US Securities and Exchange Commission (SEC) is expected to allow the first Bitcoin ETF to begin trading in the coming week, according to reports.After years of pressure from the ETF industry, this move can be considered a “watershed moment” for cryptocurrencies.This move is expected to bring in millions of new investors to cryptocurrencies over the next few years.ETFs allow exposure to Bitcoin and other cryptocurrencies and ride on its price actions without holding the underlying asset.Gary Gensler, SEC Chairman, said ETFs are filed under MF (Mutual Fund) rules which give substantial investor protection.
Governments explore digital currencies
G7 finance leaders have recently set out 13 guiding principles for retail central bank digital currencies (CBDC) to support policy and design deliberations within and beyond the group.
G7 is an inter-governmental political forum comprising Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
Meanwhile, Vladimir Putin, the president of Russia, has expressed support for cryptocurrencies as a means of payment.Russia has ruled out a blanket ban on crypto trading similar to China.
Payment companies are bullish on Bitcoin
Square, a US based financial and payments company, is looking to develop a Bitcoin mining system based on customized silicon, according to its CEO Jack Dorsey.Meanwhile, Strike, a payments company responsible for Bitcoin tipping feature on Twitter, has released a new product feature called “Pay me in Bitcoin” which allows users to convert a portion of their income into Bitcoin with no fees.
NFTs get Coinbase’s attention
Coinbase, the NASDAQ-listed cryptocurrency exchange, announced the creation of Coinbase NFT service this week, a P2P marketplace for purchasing, minting and showcasing NFTs.
The weeks ahead
BTC balances on exchanges have fallen to a three-year low of 2.4 million, indicating interest among investors to hold the asset despite the price of BTC within touching distance of its all-time high.Analysts expect the BTC rally to continue further and enter price discovery mode.
BTC dominance will grow above 50 per cent in the next few weeks before Ethereum and other altcoins can wrestle back some momentum on their own.
Crypto Cart: A Quick Glance
Top Gainers for the week
NuCypher (NU): 416.3%
Perpetual Protocol (PERP): 24.6%
Polkadot (DOT): 16.1%
Telcoin (TEL): 15.8%
Polygon (MATIC): 13.26%
Top Losers for the week
low (FLOW): -19.2%
Terra (LUNA) -14.1%
Arweave (AR): -12.6%
Filecoin (FIL): -11.8%
DeCred (DCR): -11.6%
(Source: coinmarketcap.com , data as of 12.00hours, IST on October 17, 2021)
Bitcoin Bitcoin price Bitcoin price today Bitcoin news Bitcoin ETF cryptocurrency latest news bitcoin latest news
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