October Recap: Bitcoin ETF Makes its Debut, Stripe Builds a Crypto Team and More
The month of October was indeed a thrilling month for the crypto community. Bitcoin has hit its new ATH, peaking at $66,000 after news broke of the first Bitcoin exchange-traded fund (ETF) that was launched in the US. Prior to this, Bitcoin broke its previous ATH on April 14th of this year at $64,804.
Amidst the exciting market analyses, October saw a host of new launches and events worth noting too. From the launch of the hotly anticipated Bitcoin ETF to the increase in institutional adoption as evidenced by Stripe and MDT, here’s your October round-up of the biggest crypto and blockchain news of the month.
1. Bitcoin Futures ETF Makes a Grand Debut
The first-ever Bitcoin-linked ETF has made its debut on the New York Stock Exchange (NYSE) and is reportedly the second most heavily traded ETF. Known as the ProShares Bitcoin Strategy ETF, which trades under the ticker BITO, the ETF is said to have risen approximately 4.9% to US$41.94 on the day of launch. The fund tracks CME Bitcoin futures as well as contracts that speculate on the future price of Bitcoin. As such, investors should thus expect the price and performance of the shares to slightly differ from the price of Bitcoin itself.
2. Stripe Plans on Building a Crypto Team
After pulling out from offering Bitcoin support three years ago, Stripe is reportedly returning to the crypto sector. The financial giant is looking to hire a new blockchain team to enable crypto payments for its users. The firm is said to be on the lookout for four staff engineers with experience in the crypto industry. The team will then be tasked to spearhead crypto activities related to payments, identity systems, and even the backend work for its mobile application. This comes after major competitors such as Mastercard and PayPal have started to enter the crypto space.
3. VanEck Bitcoin Strategy ETF Looking to Launch as Crypto Prices Surge
Following the launch of ProShares’ Bitcoin Strategy ETF on the New York Stock Exchange (NYSE) on 18 October, global asset manager VanEck is reportedly set to launch its own Bitcoin Strategy ETF after the United States Securities and Exchange Commission (SEC) has likely approved it. VanEck’s ETF is said to offer exposure through cash-settled Bitcoin futures contracts. These would have to be traded on exchanges registered with the Commodity Futures Trading Commission.
4. MDT Releases a Blockchain Oracle to Accelerate the Adoption of DeFi
Measurable Data Token (MDT) recently revealed the launch of a new blockchain-based oracle service known as Measurable Finance (MeFi). This is known to be designed with an aim to bridge traditional financial data markets with decentralized finance (DeFi). During a preliminary showcase, the design showed a decentralized application (DApp) that is accessible on both the Ethereum and testnet blockchains. This would then allow DeFi users to view and obtain stock trading data from several financial institutions. This includes New York Stock Exchange (NYSE), Nasdaq, and Hong Kong Stock Exchange (HKSE).
5. Interactive Brokers Reveals US Crypto Trading for Four Tokens
US-based global brokerage firm Interactive Brokers has revealed that it will be allowing investment advisers that are registered with the company to trade four cryptocurrencies using the Paxos Trust Company. The four crypto assets include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). At present, the service will only be available for US customers though it has plans to expand and allow crypto trading for its global clients.
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