Traders and analysts are attributing the recent bitcoin rally in part to institutional inflows, as established players expect the SEC to approve the first...
Hi, there: Welcome to an update of the most important moves and news in crypto and what’s on the near-term horizon in digital assets. I’m Frances Yue, crypto reporter at MarketWatch, and for the next three weeks, from Oct. 10-24, we’ll be publishing Need to Know Crypto Edition as a prelude to a new weekly crypto newsletter “Distributed Ledger,” which will kick off in November.
Ethereum ETHUSD, +0.69% also recorded a 9.7% weekly gain as of Friday, while dogecoin DOGEUSD, -3.08% rose 13% over the week. SEC Chairman Gary Gensler recently reiterated his support for a bitcoin-backed futures ETF, which would invest in bitcoin-based futures contracts instead of the crypto itself. The SEC hasn’t yet approved any bitcoin-backed ETFs or those underpinned by bitcoin derivatives.
“The setup for a short squeeze had been primed this week as bears shorted $50K resistance,” NYDIG, a financial service firm that focuses on bitcoin, wrote in a report on Wednesday. Dan Morehead, CEO of asset manager Pantera Capital, warned that the “buy the rumor, sell the news” pattern may apply if the SEC approves a bitcoin-backed futures ETF.
Crypto brief Bloomberg Businessweek published a cover story this week about the mystery around the $69 billion assets of Tether, the world’s largest stablecoin issuer. With exponential growth in recent years, Tether has drawn increasing scrutiny from the regulators and some investors. Its stablecoin USDT is pegged 1:1 to the U.S. dollars.
The Tether representative wrote to MarketWatch that “we have a select, small group of customers that borrow USDTs in exchange for posting security. These loans are secured by collateral in Tether’s possession of well in excess of 100% of the loan proceeds and earn monthly interest for Tether.”
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SEC Reportedly Probing Archegos For Potential Market Manipulation Before $30 Billion Firesale Regulators have signaled they want heightened disclosure requirements for under-the-radar family offices.
Read more »
El Salvador to use bitcoin gains to fund veterinary hospital, president saysEl Salvador will invest some of the $4 million gains it has obtained from its bitcoin operations to build a veterinary hospital, President Nayib Bukele said on Saturday.
Read more »
Stick to broad commodities exposure amid China's power crunch, market analyst saysExchange-traded fund investors shouldn't try to slide and dice the commodity trade at this juncture, ETF Trends' Dave Nadig says.
Read more »
One month on, El Salvador's bitcoin use grows but headaches persistA growing number of El Salvadorans have experimented with bitcoin since the country became the first to adopt it as legal tender last month, with a couple of million dollars sent daily by migrants using the cryptocurrency.
Read more »