Topics To Pay Attention To In October

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2021-10-16 12:06:23

The Bitcoin ETF is looking forward to

Over the past day BTC has grown to around $43,000 after falling back to $41,000. Altcoins also rose in this trend. According to Plan B’s prediction three months ago based on on-chain situation, BTC could end as low as $43,000 in September. And September ended with BTC price in line with this prediction. In the coming months, we will see if Plan B’s prediction is correct.

The annual GFM report says institutional investors should continue to push for the expansion of the crypto fund market, as the market anticipates the SEC will approve an ETF within a year. To date, there are more than 20 BTC ETF proposals from companies waiting to be reviewed. In it, there are many proposals from big companies such as Vanark, Morgan Stanley, … so many people are expecting at least one Bitcoin ETF investment fund based on futures to be approved.

The SEC is reviewing more than a dozen ETF filings for bitcoin and bitcoin futures products, among others, but none have been approved. Gary Gensler, Chairman of the US Securities and Exchange Commission, renewed his support for bitcoin futures on Wednesday. However, he said he doesn’t like true BTC-based BTC ETFs.

If it is said that the price of BTC fluctuates too much, it is not good to have an ETF. But previous markets such as gold, or stocks of technology companies also fluctuated greatly when small-caps. When there was the first gold ETF in Australia, and then the larger economies, the price of gold started to grow strongly and steadily. Then BTC is similar, for a more stable price, the larger the capitalization. Having a BTC ETF will drive the market capitalization to grow faster.

On-chain situation

After nearly a week of continuous withdrawals from the exchange than deposits, the day before, BTC had a day of higher deposits than withdrawals, but the difference was not significant.

The Funding Rate indicator is at (-0.0016), showing that the ratio of Long/Short orders is quite balanced. The volume of futures orders is also at a low level after the large liquidation in early September.

The profit rate of BTC has also decreased to 77%. When the rate of BTC profit is less than 85%, the risk of taking profit will be lower.

After a number of BTC ETH funds were launched, Canada has just recently added the first mixed ETF investment fund to be launched on the Toronto Stock Exchange. Evolve Company will launch an ETC ETF with about 67% BTC and 33% ETH.

The CEO of the company Evolve said that BTC has proven to be an electronic gold, while ETH is considered an electronic oil. Economies with a small share of the world like Canada will easily experiment with large investment funds like the BTC ETF.

Some other information:

  • Ripple has unveiled a fund dedicated to NFT with the aim of bringing more utility to the XRP Ledger. In a recent blog post, the San Francisco-based company announced the launch of a $250 million fund dedicated to supporting the creation of NFTs on the XRP Ledger. Ripple’s Creator Fund will focus on incentivizing creators, brands, and markets to explore new use cases for NFT.

  • Ripple CEO Brad Garlinghouse said the San Francisco-based payments company is willing to negotiate with the SEC to settle the SEC’s lawsuit against the company faster on one condition. Ripple’s condition is that the SEC needs to clearly determine the regulatory status of XRP and recognize that XRP is not a security. This is highly unlikely and this lawsuit could drag into next year.

  • Ark Invest acquired more Coinbase for its largest ETF, focusing on cutting-edge companies as the fund group remains bullish on cryptocurrencies. The company purchased an additional 184,199 shares of Coinbase, worth approximately $42 million, for the Ark Innovation ETF (ARKK). To date, ARKK has approximately $21 billion in assets under management, holding an allocation of 5% in crypto exchanges, making it the fourth largest holding company in the portfolio (according to the website). Ark’s website).

  • SEBA Bank is the first bank in Switzerland to be licensed to store crypto for customers.

  • Cardano coin has been listed on the Swiss exchange Lykke. Currently, this exchange supports users to trade ADA without fees when connecting to the exchange’s wallet.

  • Elon Musk said: “I think it is impossible to destroy crypto”. The world has 11588 Bitcoin nodes that we know about, there are countless nodes that we don’t know about. Nodes are everywhere and each machine stores the same version of the ledger… so it’s impossible to destroy BTC.

  • Missouri Mayor Jayson Stewart plans to give each Cool Valley family $1,000 worth of BTC, with the condition that they hold it for several years. Cool Valley is a small town in St. Louis, has about 1,500 residents. The amount of the fund is enough, waiting for the implementation date.

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