23 October

The new Valkyrie fund, officially the called the Bitcoin Strategy ETF, went live on the Nasdaq under the ticker BTF when stock markets opened Friday.

The early performance appeared to track a decline in bitcoin’s price, which was lower for the second straight day, around $60,095 – slipping further from the all-time high close to $67,000 earlier in the week. Valkyrie had recovered by the end of trading to finish at $25 per share.

After months of waiting, the cryptocurrency industry is finally getting the U.S. ETFs that fund executives have long sought – as a way of attracting money from investors who want exposure to bitcoin price via the stock market. While cryptocurrency analysts say the new offerings, focused on bitcoin futures contracts, are less ideal than an ETF backed by bitcoin directly, the reception so far among investors has been overwhelming.

The ProShares Bitcoin Strategy ETF attracted more than $1 billion of assets in just two days, the fastest-ever ETF to hit the milestone. VanEck’s bitcoin futures ETF offering is slated to trade starting early next week.

See Also: Market Wrap: Bitcoin Retreats From All-Time High; Ether Outperforms

“CME has replaced Binance as the world’s biggest bitcoin futures platform, thanks to the strong investor appetite for the recently launched ProShares Bitcoin Strategy ETF. As of writing, the CME accounts for 22% or $5.68 billion of the total global futures open interest of $25.7 billion.

The amount of money locked in the CME-based futures contracts has tripled this month, with more than $1.5 billion flowing into the market after ProShares’ bitcoin ETF went live on Tuesday. The ETF has amassed $1.2 billion worth of assets in the first three days and could soon hit the CME’s position limits. The situation is expected to ease as more ETFs go live, and the CME raises caps on maximum positions a single entity can hold.

Exchanges enforce positions limits to keep a single entity from establishing unilateral control over the market and prices.”

“In a job posting for a senior engineer, Reddit noted ‘a new and exciting, rapidly growing team that aims to build the largest creator economy on the internet, powered by independent creators, digital goods and NFTs.’

Reddit said that it was looking for someone who could ‘design, build and ship backend services for millions of users to create, buy, sell and use NFT-backed digital goods.'”

“Five Star Bank and UNIFY Financial Credit Union will be the first to offer bitcoin services through NYDIG’s partnership with Q2. This partnership will allow everyday banking and credit union customers to trade and hold bitcoin alongside their existing accounts, avoiding the use of cryptocurrency exchanges.”

See Also: Spanish Banks Are Preparing to Offer Crypto Services: Report

Altair is the first time the beacon chain, which is helping transition the network away from proof of work, is being upgraded on the main network. While Altair won’t affect casual users of the network, it’s another big step toward the future of Ethereum.

Altair has three main benefits. First, after the upgrade, developers will be able to build light clients on the beacon chain. A light client is less bulky than full node software for validating blocks. Moreover, ‘it raises inactivity+slashing penalties to their ‘true’ level.’ Now, those that don’t do their job can get their stake slashed. Finally, it’s just a chance to make sure the network can be upgraded on the beacon chain without a hitch.

In the meantime, it’s time for people to upgrade their nodes. Danny Ryan, who’s coordinating the move to Ethereum 2.0, told Decrypt around half of people have already updated their node.”

Thorchain, a cross-chain decentralized exchange (DEX), is back in the game again after the team spent several weeks making the network more secure and resistant to malicious attacks. Built on the Cosmos SDK, Thorchain is a protocol that aims to offer cross-chain liquidity by enabling the non-custodial trading of cryptocurrencies across different kinds of blockchains.

Despite its promise, the hasty launch of Chaosnet led to two multi-million dollar hacking incidents that resulted in RUNE’s price plummeting below $4. Now the network is getting back online, having conducted necessary security audits and releasing new critical features.”

“Former presidential and New York mayoral candidate Andrew Yang is moving forward with his new Forward Party. To help fund his third party, which seeks to “reform the dysfunctional duopoly” in the U.S. political system, he’s revealed an NFT collaboration with decentralization project Bankless.

Yang, appearing on the October 18 edition of the Bankless podcast, told hosts Ryan Adams and David Hoffman that he wants to ‘make the Forward Party the crypto party because he feels the two are strongly aligned. Yang went on to say that he wants to help the political system, which he sees as failing and flailing, upgrade and modernize itself.

I want to make the case to legislators that crypto communities are a force for progress and innovation and a massive provider of jobs.”