20 October

“Bitcoin’s price surged Tuesday to a six-month high, climbing past $63,000 as ProShares’ much-anticipated, futures-focused exchange-traded fund (ETF) began trading on the New York Stock Exchange (NYSE). The ProShares Bitcoin Strategy ETF started trading at 9:30 a.m. ET as the bell rang to open the day’s session on the New York Stock Exchange. The stock ticker is $BITO.

First-day trading volume in $BITO appeared strong, with at least 1.89 million shares of the ETF changing hands in the first couple hours, or more than $770 million worth. As of press time, the $BITO share price was trading at $41.36, up 3.4% from the initial net asset value of $40. Over the same timeframe, bitcoin was up 2.3% to $63,197.

The first of its kind in the U.S., the ETF offers investors the opportunity to gain exposure to returns of BTC with the ease of buying a stock in a brokerage account. The SEC approved the ETF on Friday, and several other pending ETF proposals could win approval from the Securities and Exchange Commission later this week.”

See Also: First Bitcoin Futures ETF ‘BITO’ Tops $1B Trading Volume on First Day
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“Bitcoin will extend gains following the approval of the first bitcoin futures exchange-traded fund (ETF) in the U.S., according to Tom Lee, head of research at FSInsight, a markets strategy and research firm, in a note.

The 10 largest ETF launches witnessed inflows of $14 billion in their first year, on average. The most successful was the Nasdaq 100 ETF (NASDAQ: QQQ) in 1999, with inflows of $36 billion. FSInsight expects demand for ProShares’ Bitcoin Strategy ETF to surpass that of QQQ and forecasts inflows of more than $50 billion.

FSInsight estimates that bitcoin daily demand will increase by $50 million due to ETF inflows. If the block reward is $10 million per day, the ‘equilibrium price to clear this, based on analysis by our data science team = $168,000.’

“Facebook’s Novi wallet is ready to launch – but it won’t be launching with the Diem (formerly Libra) stablecoin.

Novi, Facebook’s digital wallet subsidiary, will go live in the U.S. and Guatemala in a pilot program, allowing users to start trading the Paxos Dollar (USDP), the social media giant announced Tuesday. Crypto exchange Coinbase will provide custody services for the program. Users can purchase USDP through Novi, and Novi will deposit the funds with Coinbase.

This does not mean our support for Diem has changed. We intend to launch Novi with Diem once it receives regulatory approval and goes live.

The pilot has already gone live, but is being rolled out slowly on the Apple App Store and Google Play Store.”

See Also: US Lawmakers Push Back on Facebook’s Novi Wallet Launch

Coinbase said it would become the exclusive cryptocurrency platform partner of the NBA, Women’s National Basketball Association, NBA G League, NBA 2K League and USA Basketball as part of a multiyear sponsorship deal. Coinbase would be featured during nationally televised NBA games.

According to the NBA, Coinbase will create ‘unique content, innovations, activations and experiences‘ for basketball fans to learn about the crypto space, as well as be a partner of the WNBA Commissioner’s Cup, the USA Basketball men’s and women’s national team exhibition tours and the NBA G League Ignite.”

The sports betting giant is going all-in on the Ethereum layer 2 application with a partnership that could make it one of the blockchain’s largest governors.

DraftKings, valued at nearly $20 billion on the public market, is planning to use Polygon to support custom NFT drops and secondary-market transactions. The partnership also gives DraftKings the option to contribute to Polygon’s governance.

We are bullish on the possibilities that blockchain, NFTs, cryptocurrency and more will present as we prepare for Web 3.0.”

“Revolut, a fintech company with a $33 billion valuation that offers cryptocurrency buying as part of its services, is allowing U.S. customers to trade as much as $200,000 a month commission-free starting today.

Among other free services announced by Revolut are out-of-network ATM withdrawals of up to $1,200 and 10 remittance payments. Users will also be able to send up to 10 international transfers per month fee-free to anyone with a bank account in 30 countries.

By breaking down fees, we’re empowering Revolut’s U.S. customers to achieve financial freedom and drive their own financial journey.”

See Also: Chainalysis Adds Bitcoin to Balance Sheet

“Decentralized finance (DeFi) insurance protocol Solace, which provides coverage policies for Aave, Compound and Uniswap among others, has gone live after eight months of development and four months on the Ethereum Rinkeby and Kovan testnets.

The protocol provides compensation for losses by managing risk using assessment based on analytics instead of voting or staking. The protocol is intended to help liquidity providers hedge their risk when there is potential of smart contract exploits.

Insurance claims will be automatically validated and requested within the network, and payouts will be made in a single transaction. The protocol describes itself as “censorship-resistant” and does not feature a know-your-customer (KYC) method.”

“In a report on Monday, the Treasury Department said the growing use of digital assets was hampering the implementation of sanctions while balancing funds from legitimate humanitarian organizations.

The department suggested that better communication between itself and the crypto industry, financial institutions and others in addition to “deepening its institutional knowledge and capabilities” could help improve current policy.

Treasury’s sanctions review has shown that this powerful instrument continues to deliver results but also faces new challenges. We’re committed to working with partners and allies to modernize and strengthen this critical tool.”

See Also: Russia aims to replace US dollar reserves with digital assets in long term

“The Catan-style game combines a physical board with NFT-backed characters that can be bought and sold between players on Algorand’s blockchain. The Flexagons are brought to life within the app through augmented reality technology and can be upgraded to create more value within the game.

There is a missing bridge between the ‘old school’ [board games] and the technology that exists today.”

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