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Crypto Flipsider News – Grayscale Bitcoin ETF and ProShares, Crypto Market Cap ATH, Bakkt on NYSE, Steam Bans Crypto Games, Musk back at SHIB

Crypto Flipsider News – Grayscale Bitcoin ETF and ProShares, Crypto Market Cap ATH, Bakkt on NYSE, Steam Bans Crypto Games, Musk back at SHIB

Read in the Digest

  • Grayscale to convert the fund to a spot ETF and the ProShares ETF could launch this week.
  • Global crypto market capitalization hits new all-time high, Bitcoin is approaching ATH.
  • Bakkt is preparing to go public, BKKT shares are expected to trade on NYSE today.
  • Steam bans all games with crypto and NFT.
  • Elon Musk sets off another Shiba rally.

Grayscale to convert Bitcoin Fund to Spot ETF + ProShares ETF could launch this week

A global digital currency investment and cryptocurrency asset management company, Grayscale has hinted at its intention to file an SEC application to convert its bitcoin fund into a spot ETF.

Grayscale is on the long list of companies waiting for the SEC to approve the first bitcoin futures ETFs, but could be on the verge of changing their minds. Unlike Bitcoin Futures ETFs, if Grayscale issues a Bitcoin Spot ETF, they would be backed only by Bitcoin and have no derivatives attached to them.

The crypto community may soon receive their long-awaited Bitcoin exchange-traded fund (ETF). According to reports, ProShares could be the first to offer a bitcoin ETF after the fund provider submits an amended dossier.

The ProShares modified deposit carries all the hallmarks of a regulatory deposit, setting the tone for being the first Bitcoin ETF. The ticker symbol for the ProShares offering is set to “BITO” and the fund has an expense ratio of 0.95%.

Flipsider:

  • As the crypto community waits for the first Bitcoin ETF, analysts believe it could cause Bitcoin’s price to spike.

Why you should care

Anticipation has been building a long time before a Bitcoin futures ETF, and the approval of the former could be a major milestone for the industry.

Global crypto market capitalization hits new all-time high, Bitcoin approaches ATH

After an impressive month in the market and a week of rallying, the total market cap of cryptocurrencies has reached an all-time high. On October 18, the crypto market cap hit an ATH of $ 2.6 trillion.

The new ATH now means cryptocurrencies are worth more than Apple (NASDAQ 🙂 by market cap, rising to $ 2.550 billion by market cap at the time of writing.

The total market capitalization of cryptocurrencies. Source: Coingecko

Among the best performing cryptos is the industry’s flagship asset: Bitcoin. Over the past five days, the price of Bitcoin has risen by more than 7%, taking its price to a daily high of $ 62,614.

This is the highest point at which Bitcoin has traded in the past 6 months. As of this writing, Bitcoin is trading at $ 61,172. Bitcoin remains the largest cryptocurrency with a market cap of $ 1.153 trillion.

The dominance of Bitcoin in the crypto industry.

Flipsider:

  • The rise in Bitcoin prices has raised concerns, especially regarding inflation as its ATH approaches.

Why you should care

The total market capitalization of the cryptocurrency is now greater than that of the largest company in the world, showing that the industry continues to grow.

Bakkt Prepares To Go Public, BKKT Shares Are Expected To Trade On NYSE Today

Bakkt Holdings, a digital assets company founded in 2018, is preparing to go public after completing a merger with VPC Impact Acquisition Holdings, a specialist acquisition company.

The merger, Bakkt Holdings Inc., will see its Class A common shares and warrants begin trading on the New York Stock Exchange (NYSE) under the ticker symbols “BKKT” and “BKKT WS”.

Bakkt shares will begin trading today, Monday, October 18, 2021. Following the announcement, Gavin Michael, CEO of Bakkt, said:

“We expect our platform to continue to redefine the digital asset market in which it operates, and we are excited about the opportunity to accelerate our innovation, growth and scale as a public enterprise. “

Flipsider:

  • Digital assets have long been criticized for being too volatile, and inflation concerns have been raised as Bitcoin moves closer to its ATH

Why you should care

The merger with VPC Impact Acquisition Holdings will give Bakkt the capital necessary to continue to innovate and provide digital asset services.

Steam bans all games with Crypto and NFT

As crypto adoption increases, the company behind Steam, the Valve Corporation, has updated its content rules and guidelines for studio partners and made the decision to ban crypto-related products.

Following the ban, all games and applications involving the issuance or exchange of cryptos, or non-fungible tokens, are no longer permitted on Steam.

The new guidelines ban programs “built on blockchain technology that issue or authorize the exchange of cryptocurrencies or NFTs.” However, developers can still publish crypto-based games on Steam that are not connected to crypto or NFTs.

In response to the news, the developers of Age of Rust announced that it had been removed from Steam with very little warning. In September, Steam phased out Light Nite, a third-person ‘play to win’ multiplayer shooter that rewarded in-game wins with tiny amounts of bitcoin.

Flipsider:

  • Three years after banning Bitcoin, a global payment platform, Stripe announced a new crypto team

Why you should care

Valve’s decision to ban crypto-affiliated games comes at a time when platforms in general are embracing crypto.

Elon Musk sets off another Shiba rally

For the second time this month, Twitter (NYSE 🙂 CEO and crypto enthusiast Elon Musk has sparked another bull run for memecoin. Shiba Inu, enjoyed a major pomp after Musk tweeted a photo of his Shiba pet, Floki.

On October 17, the CEO of Tesla (NASDAQ 🙂 posted a text image of the Japanese dog Shiba Inu with a rocket – which is slang in the crypto world for “to the moon.”

Since the Tweet, Shiba has gained more than 10%, with daily trading volume more than doubling. As of this writing, SHIB is currently trading at $ 0.00002726

The five-day price chart for Shiba Inu (SHIB). Source: Tradingview

Flipsider:

  • As SHIB continues to explode, many influential people believe the coin itself has no real value.

Why you should care

Elon Musk’s influence on the crypto space continues to grow, directly affecting the price of Bitcoin, and now Shiba Inu.

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