To say that last week was exciting would be a serious understatement. Bitcoin went on to chart a brand new all-time high at around $67K, we saw the approval of the first-ever futures BTC ETF in the US, a massive flash-crash on BinanceUS, and a correction towards $60K. Let’s dive in.
Starting with Bitcoin. The price was trading around $62K last this time last week and even dipped below $60K briefly on Monday. However, the market was propelled higher from then, and this culminated in a new all-time high around $67K on Wednesday. It was a major event for the community – it took BTC exactly 6 months and 6 days to paint a fresh peak.
This came on the wings of some tremendous news. The SEC approved the first-ever futures-backed Bitcoin ETF ticked BITO. On its opening day on Tuesday, the product did over $1 billion in trading volume, making it one of the most successful ETF launches in history. Meanwhile, we also saw a flash-crash on BinanceUS, which took the price for BTC down to around $8.2K in a second before recovering. It also happened on other exchanges but not with such gravity.
Since peaking, though, Bitcoin’s price has been wobbly and, perhaps somewhat expectedly, tumbled towards $60K once again. This might be considered a healthy correction, given that there were no real shakeouts in the past few weeks.
Altcoins also followed suit to a certain extent. Solana and Ethereum literally came a couple of dollars away from marking new all-time highs but failed to do so.
It’s very exciting to see how the market will follow through. As we recently reported, the overall trend remains bullish, but it’s also critical to be very cautious in the short term, as corrections of this kind tend to take place and shake out weak hands.
Market Capitalization: $2.644T | 24Volume: $156B | BTC Dominance: 43.7%
BTC: $61,272 (+6.7%) | ETH: $3,987 (+5%) | ADA: $2.15 (-0.9%)
Bitcoin Price Breaks All-Time High Surpassing April’s $64.8K Peak. It took Bitcoin’s price exactly six months and six days to break its former all-time high set on April 14th, 2021. The price reached around $67K this week, setting a new peak and further validating the continuation of the current bull run.
First Bitcoin Futures ETF Generates $1 Billion in Trade Volume on First Day. The ProShares Bitcoin Strategy ETF, ticked BITO, became one of the most successful ETF products launched on the traditional market ever. This happened as it saw over $1 billion in traded volume on its first day.
I Feel Underinvested in Bitcoin: PayPal Co-Founder Peter Thiel Says. The CoFounder of PayPal and Palantir Technologies, Peter Thiel, said that he feels underinvested in Bitcoin. He also said that BTC’s recent all-time high spells bad news for central banks.
FTX Closes $420 Million in Series B-1 Funding: Company Now Valued At $25 Billion. One of the leading cryptocurrency exchanges – FTX – successfully closed a Series B-1 investment round worth $420.69 million. The entire thing was based on pop culture number memes and included exactly 69 investors, including BlackRock.
JPMorgan: Inflation Hedge Narrative Propelled Bitcoin’s Price to ATH. According to analysts from the multinational banking giant JP Morgan, BTC reached a new all-time high because people started investing in it as a hedge against inflation.
$2.2T Asset Manager Pimco Is Starting to Trade in Cryptocurrencies, Said CIO. The Chief Investment Officer of the $2.2 trillion asset manager Pimco, Daniel Ivascyn, said that some of the company’s hedge funds are already trading securities associated with cryptocurrencies. This comes as a sign that Bitcoin and the industry, in general, are becoming more legitimate in the eyes of institutions.
This week we have a chart analysis of Ethereum, Ripple, Cardano, Polkadot, and Solana – click here for the full price analysis and overview.
US Growth Drops to 2% As Delta Variant Reduces Spending
WASHINGTON D.C.: Consumer spending fell in the third quarter of 2021 due to the fast-spreading Delta variant of coronavirus.
The U.S. economy expanded at an annual rate of just 2 percent in the three months to September – down from 6.7 percent in the previous quarter, amidst supply chain issues, rising inflation and new Covid restrictions in some places.
During the third quarter, the Commerce Department s
Original Post: bignewsnetwork.com
90% of Coinbase Ventures Capital Deployed in 2021: Report
A new report by the San Francisco-based cryptocurrency exchange Coinbase revealed that its venture arm (Coinbase Ventures) had completed a total of 49 investments in the Q3 of 2021, averaging a new deal almost every two days.
The figures have increased by 28 investments made in the previous quarter and 24 in the first quarter of the year. The Ventures portfolio size, as of Q3, featured more than 200+ organizations and projects.
Coinbase Ventures’ Growth Trajectory
It is important to note that investments from Coinbase Ventures have remained unfazed by the market lull in the second quarter of this year. Despite prices tanking as FUD engulfed the crypto market, Ventures remained one of the busiest venues in the US. The latest findings also pointed that 90% of the capital invested by Coinbase Ventures has been deployed in 2021 YTD on a cumulative basis.
This trend exhibited the increasing momentum of the organization as it approaches its fourth year of operation. Also worth noting is that 50% of the new unique “logos” in the portfolio have also emerged this year.
Some of the most popular platforms where Coinbase Ventures have injected investments are Compound Protocol, BlockFi, Dharma, OpenSea, Messari, CoinMetrics, EtherScan, CoinTracker, BisonTrails, UMA, Synthetic, Celo, etc.
In a nutshell, Coinbase Ventures has backed over 150 companies so far. However, it’s quite different from the traditional investment firms such as Pantera Capital, Blockchain Capital, and Andreessen Horowitz. In fact, Coinbase Ventures isn’t a company at all as it does not have any fixed fund size nor any full-time employees.
Not a Conventional Venture Firm
Coinbase president and COO Emilie Cho believes the Ventures’ arm by design reflects the decentralized future of finance that the exchange envisions. The exec was quoted saying,
“I’ve got to imagine we’re the only ones doing it this way. It’s almost like our little hidden secret.”
Additionally, the capital investments led by Coinbase Ventures do not originate from a specifically dedicated fund. Rather it comes off its balance sheet. Due to its unconventional nature, it does not take board seats but tends to prefer joining rounds led by other Venture Capitalist [VC] companies.
G-20 Gets Climate Agreement, but Activists Fear Deal Not Big Enough
ROME – Pope Francis called on world leaders Sunday to hear “the cry of the Earth and the cry of the poor,” while urging them to develop efficient responses to global warming and give hope to younger generations.
The pope made his appeal in Rome, where leaders attended their first in-person G-20 summit since the coronavirus pandemic swept the planet. The politicians, however, struggled to secure a climate breakthr
Original Article: bignewsnetwork.com
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