Crypto Roundup: October 4, 2021
October 04 2021 - 2:16PM
NEWSBTC
Bitcoin has started October with a bang, exploding towards $50K in
hope of a long-awaited ETF approval. The leading crypto added 10%
in just a few hours on Friday, as traders cheered for “Uptober” and
celebrated the support of some of the loudest regulatory voices.
Securities and Exchange Commission (SEC) chairman Gary Gensler
renewed his backing for a Bitcoin Futures ETF on Wednesday, and Fed
chair Jerome Powell said on Thursday that the central bank has no
plans to ban cryptoassets. Meanwhile, Tezos hit all-time highs
above $9 on NFT mania, and Algorand, Chainlink, and Enjin made
double-digit gains. Compound, however, bucked the trend by dropping
7% after the protocol mistakenly gave out more than $90 million to
users. This Week’s Highlights Bitcoin swings higher as Gensler
affirms ETF support Visa positions for a multi-chain future Bitcoin
swings higher as Gensler affirms ETF support Across the crypto
market, prices have been rising in anticipation that a Bitcoin ETF
could finally be given the regulatory green light. In remarks for
the Financial Times on Thursday, SEC chairman Gary Gensler renewed
his support for a Bitcoin ETF backed by future contracts,
suggesting that some of the ETF applications set to be considered
in the coming month could be approved. The long-awaited ETF will
allow investors to get exposure to Bitcoin using a standard
brokerage account without having to buy the underlying asset.
Analysts have argued that this will lead to a major price upswing,
perhaps reflecting the astronomical gains in gold seen since the
approval of the first gold-backed ETF. Visa positions for a
multi-chain future As funds flow into different blockchains
across the digital asset ecosystem, Visa is looking to get ahead of
the curve. The payments giant has outlined its vision for a
“Universal Payment Channel” (UPC), that will serve as a “network of
blockchain networks” — connecting different digital assets such as
stablecoins with future central bank digital currencies. If
previous efforts are anything to go by, Visa’s efforts to
incorporate crypto could meet with success. In March, the company
started allowing users to settle USDC payments directly on
Ethereum, and more recently showed its commitment to the ecosystem
by purchasing a CryptoPunk NFT. Week ahead The bullish price action
over the last few days has pushed the crypto sentiment index right
back to neutral after the fear of September. This reflects growing
optimism about the macroeconomic storm brewing for Bitcoin, driven
by persistent inflation concerns and calls for a trillion dollar
coin to be minted as debate over the debt ceiling drags on. In
fact, many traders are now anticipating that the possibility of the
dysfunctional US government defaulting on their debt could cause a
repeat of 2011, with Bitcoin replacing gold as a hedge against the
uncertainty. Image by Estelle_ from Pixabay
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