Big Bitcoin Rumors that Could Change Everything

October 8, 2021

Cryptocurrencies: Weekly Update

By Holden Milstein


Bitcoin (BTC) has had a big week with a 13% gain after successfully clearing the $50,000 level. In fact, Bitcoin is now above a $1 trillion market cap for the first time since May 11th.

It's also been a very positive news week for cryptocurrencies as well, with the Fed’s Jerome Powell and the SEC’s Gary Gensler both announcing that they have no intention of killing Bitcoin or crypto trading in the US.

As Bitcoin battles the $55k level before a hopeful move to $60k, rumors continue to gain traction regarding the potential approval of a Bitcoin ETF which would undoubtedly push the coin and the crypto market to levels never seen before.

Areas to focus on from this week...

Biggest Winners: Shiba Inu (SHIB) +250% and Dogecoin (DOGE) +10% on the week after Elon Musk tweets picture of his pet Shiba Inu sitting in a Tesla frunk (front-trunk), 

Ethereum (ETH) +8% riding Bitcoin’s tailwinds, Fantom (FTM) +66% on the week as the project begins working with Tajikistan to develop a Central Bank Digital Currency (CBDC)

Biggest Losers: Layer-1 Defi Projects underperform on the week: Cardano (ADA) -0.16%, Solana (SOL) +0.24%, and Avalanche (AVAX) -10% -- Decentralized Exchanges drop: Uniswap (UNI) -3% and PancakeSwap (CAKE) -1.25%

What to watch: Bitcoin to hold $55k with lower support at $50k, Recovery in DeFi Projects listed above, Approval of Bitcoin ETF?

The time is coming once again for the SEC to make its decision on whether or not it will approve a Bitcoin ETF. Gary Gensler’s recent positive remarks about cryptocurrencies (excluding stablecoins) have given many hope that the upcoming October 18th approval deadline for Proshares Bitcoin ETF may finally be a winner.

In fact, several others have deadlines coming up that are expected to be approved.

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On top of the potential approval of all the above ETF applications for Bitcoin futures, the SEC approved the Volt Crypto Industry Revolution and Tech ETF which will have the symbol BTCR. This ETF will have exposure to crypto related companies similar to a handful of other ETFs that currently exist.

To see the basket of other available cryptocurrency and blockchain related ETFs, click below

CryptoPulse Sectors Radar -- click here

There are already plenty of pure-play Bitcoin and cryptocurrency ETFs available on the Canadian Stock Exchange, and they’re quite popular. The first Canadian ETF, Purpose Bitcoin ETF (BTCC) has accumulated $1.3 Billion in assets under management since its launch this February.

The total cryptocurrency market cap is currently at $2.3 trillion, with Bitcoin accounting for $1.02 trillion (44.5%). The total net assets under management of ETFs in the US was $5.45 trillion in 2020.

The introduction of Bitcoin ETFs could see billions of dollars flow into the cryptocurrency market from untapped sources like hedge funds, retirement funds, and sovereign wealth funds.

More than anything, the approval of a Bitcoin ETF would be a clear sign of what many of us have already come to know: Crypto is here to stay.

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