Good morning!
It’s a new week and with that brings opportunities for the bulls to continue to drive BTC to new all-time highs.
Despite the expected weekend price lull the world’s largest cryptocurrency by MCAP managed to steer clear of the sub $60,000 mark which is now the support level.
I mentioned last week how the bull run is expected to run another 6 months but expectations in the market still remain at the ceiling - some as much as $300,000! The end of October would signal a close of $63,000 which leaves a clear runway for further price action in the remaining two months of the year.
Following recent charting, Bitcoin, at the moment, is moving almost like for like compared to 2017. If we continue on this trend we are likely to see higher highs before a potential blow-off in December like there was in 2017 - however given recent analysis on the potential trajectory of BTC, this may come a few months later than expected.
Despite the optimism of CT (crypto twitter) and crypto evangelists, there is another reason to get excited about BTC this week. VanEck Bitcoin ETF is expected to go live this week which would mean the third bitcoin ETF launched within 7 days. An interesting diagram below which shows the timeline for a Bitcoin ETF approval process.
Crypto trolls to stage left.
Let’s get started.
(source: Arcane Research)
Markets
As of 25th October 2021
(source: coinmarketcap)
Headline roundup
Jaguar Land Rover uses blockchain to track leather carbon footprint (LI)
Trump banking regulator determined banks should be allowed to trade crypto
Facebook’s Novi wallet launches pilot with Paxos (TP)
Reddit readying an NFT platform (CD)
UBS trials FundsDLT blockchain distribution platform (LI)
Kazakhstan to limit power for crypto mining to 110 MW nationwide (CD)
SHIB plummets 20% as Elon Musk reveals he owns none (CT)
Tesla takes $51m impairment charge for bitcoin holdings in the third quarter (CD)
Facebook whistleblower holds crypto to support herself financially (CD)
Nomura invests in Crpyto Garage, partners for custody (LI)
CBDC
Bank of England mulls CBDC models in technology engagement forum (LI)
Nigeria to launch its ENaira digital currency on Monday (CD)
VC
NFT platform Mojito raises $20m (LI)
Decentralised exchange ZkLink raises $8.5m ahead of market launch (CD)
Ubisoft backs Animoca in $65m funding at $2.2bn valuation (LI)
Blackrock funds, Temasek, tiger invest another $420m in FTX crypto exchange (FT)
NFT company Candy Digital valued at $1.5bn following $100m raise (CT)
Galaxy Digital’s interactive fund raises $235m (LI)
Payment firm XanPool raises $27m in funding round led by Valar Ventures
Meme of the week
About Me
My name is Michael Burke, and I started working in the blockchain space about 4 years ago, firstly with Deloitte, now with R3, where I help our customers build enterprise solutions utilising the Corda platform. My interest in blockchain and cryptocurrency stems from the sheer potential of the technology to completely transform industries and value chains for the better.