Home Analytics of crypto Bitcoin Ends Week Notching 14% Gain

Bitcoin Ends Week Notching 14% Gain

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Crypto News

Bitcoin ended the week performing strong, gaining nearly 14% as regulatory fears faded and sentiment turned bullish in anticipation of a bitcoin futures-backed exchange-traded fund (ETF) in the U.S. by the end of the year.

Over the past 24 hours, bitcoin stayed roughly flat, hovering above $54,000 as of Friday afternoon. The largest cryptocurrency by market capitalization also surpassed $1 trillion again this week.

“We have broken the key point of breakdown level from May, which was around $50K,” wrote Blockware Intelligence in a research report. “In the short term, we are seeing some resistance from this last $56K-$58K area, which is not unexpected as there is a fair amount of overhead supply there from earlier this year.”

Bitcoin Ends Week Notching 14 Gain

In August, a speech by SEC Chairman Gary Gensler hinted his agency would support a futures-based ETF based on his reading of the Investment Company Act of 1940 (commonly referred to as the ‘40 Act).

Gensler said that “when combined with the other federal securities laws, the ‘40 Act provides significant investor protections. Given these important protections, I look forward to the staff’s review of such filings, particularly if those are limited to these CME-traded bitcoin futures.”

Previously, applications for bitcoin ETFs holding bitcoin sought to register under the Securities Act of 1933 (’33 Act) because bitcoin is not considered a security by the SEC.

However, registration under the ‘40 Act is more appropriate for a fund engaged in a bitcoin futures strategy, as such funds will “generally hold fixed-income securities as a margin for the futures,” according to a report from NYDIG.

Bitcoin, Ethereum usage picks up

Price rallies for both bitcoin and ether may be driven by increased usage of their respective networks.

Ether was trading at over $3,600 on Friday afternoon, a 10% weekly gain.

1633804085 129 Bitcoin Ends Week Notching 14 Gain

The number of new BTC addresses has also been trending upwards since Q2. There were nearly 480,000 new bitcoin addresses created on Oct. 5, the highest number since May 13, according to Coin Metrics.

  • Alchemix to expand collateral types, strategies for its “self-repaying” loans: Decentralized finance (DeFi) protocol Alchemix revealed plans for the second version (v2) of its platform on Friday, reported CoinDesk’s Andrew Thurman. The protocol is conceptually similar to MakerDAO, which takes token collateral and issues a heavily over-collateralized stablecoin loan in return. Alchemix, however, takes yield-bearing collateral and uses the yield to pay down the user’s collateral balance: a self-repaying loan. Alchemix is currently the 37th-ranked DeFi protocol with $1.06 billion in total value locked (TVL).

  • Tether has loaned $1 billion to Celsius Network: Tether, the issuer of stablecoin $USDT, has loaned $1 billion to Celsius Network, a crypto lender that is under investigation by several U.S. state financial regulators, reported CoinDesk’s Jamie Crawley. Celsius Network CEO Alex Mashinsky said the company pays an interest rate of 5%-6% to Tether, Bloomberg reported Thursday as part of an investigation into the stablecoin provider’s reserves. The investigation found that Tether had loaned billions of dollars to crypto companies, using bitcoin as collateral.

  • JPMorgan Says Institutional Investors Are Replacing Gold With Bitcoin

  • Google Pay to Support Bakkt Debit Card

  • Binance.US Bumps Brian Shroder to CEO; CFO Departs

  • Powerbridge to Deploy 2,600 Crypto Mining Rigs in Hong Kong

Most digital assets in the CoinDesk 20 ended the day lower.

Notable winners as of 21:00 UTC (4:00 p.m. ET):

#Bitcoin #Ends #Week #Notching #Gain

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