The Crypto Pulse October 19th
Rollbit's weekly analysis and review of the news in Bitcoin, Ethereum, NFTs and cryptocurrency markets.
Rollbit's weekly analysis and review of the news in Bitcoin, Ethereum, NFTs and cryptocurrency markets.
News 📰
Bitcoin Hits 6-Month High as First Bitcoin Futures ETF ‘BITO’ Starts Trading
The price of Bitcoin hit a six-month high on October 19th as ProShares' exchange-traded fund (ETF) made history as the first Bitcoin-related ETF to become approved and began trading on the New York Stock Exchange on Tuesday.
The ProShares Bitcoin ETF (which has the ticker BITO) saw high demand on the first day of trading with more than $700 million worth of shares trade before 1pm and is on track to be the third biggest ETF launch of all time.
🔔 ProShares rings the bell, launching the first U.S. #bitcoin futures ETF $BITO on the @NYSE. pic.twitter.com/Wuq0Ijdx4M
— CoinDesk (@CoinDesk) October 19, 2021
If inflows into this new investment product are great enough over the next few months, it is likely to become a bullish factor for Bitcoin and help to push the price to new highs over the long term.
Billionaire Barry Sternlicht: "Gold is Kind of Worthless"
Billionaire and Starwood Capital Chairman Barry Sternlicht revealed he owns Bitcoin and Ethereum. Sternlicht said the reason he owns Bitcoin is that every government in the West is printing money “now to the end of time” and owns Ether as well since it’s “programmable Bitcoin”.
"Gold is kind of worthless," says Barry Sternlicht. "The reason I own #bitcoin is because the U.S. government and every government in western hemisphere is printing money now to the end of time and this is a finite amount of something and it can be traded globally." pic.twitter.com/72zYQTjF0y
— Squawk Box (@SquawkCNBC) October 13, 2021
CryptoPunk Owner Declines a $9.5 Million Bid For His Rare NFT
The owner of the non-fungible token CryptoPunk #6046 has turned down a 2,500 ETH (around $9.5 million) offer for his NFT. If it would have sold, it would have been the largest CryptoPunk sale ever by dollar amount.
The owner of this CryptoPunk, Richerd, tweeted 15 hour prior to the offer, “My punk is not for sale. Don't care what anyone offers me.” The average price of a CryptoPunk has soared by 400% in the past few months, rising from $93,000 at the beginning of August to $465,000.
Visa Launching NFT Program to Support Digital Artists
Payments giant Visa is partnering with former Major League Baseball player and Aku creator Micah Johnson to build a program that will support artists who want to use NFTs to sell their work.
Visa will select a small group of creators through an application process and then help them learn about the crypto and blockchain industry.
1/ I’m incredibly excited for @VisaNews to partner with @Micah_Johnson3 to build a new program focused on how we can help creators leverage NFTs to participate in digital commerce https://t.co/uH0X4kneTV
— Cuy Sheffield (@cuysheffield) October 13, 2021
Visa’s Head of Crypto Cuy Sheffield wrote on Twitter, “New technologies emerging in the crypto ecosystem, like NFTs, have the potential to lower the barrier to entry for digital creators across the world to build their own small businesses.”
Other News
- Latest data shows the US now leads with 35% of Bitcoin’s hash rate,
- Epic says it’s ‘open’ to blockchain games after Steam bans them,
- Polkadot sets the date for hotly anticipated Parachain auctions,
- Actress Reese Witherspoon announced she bought her first NFT on October 11th,
- Rollbot NFT public sale takes place on October 21st at 7pm UTC!
Market Analysis 📈📉
7-day Price Change
- BTC: +11.2%
- ETH: +8.0%
- BNB: +17.3%
- ADA: -3.2%
- XRP: -4.5%
- SOL: +7.0%
- DOGE: +4.5%
- LTC: +4.1%
- LINK: +1.5%
- TRX: +2.7%
Data as of October 19th, 20:00 UTC
Let's look at the Bitcoin chart.
Bitcoin is nearing the all-time high at the time of writing and a break of this level is likely to see a move towards the $80,000 level. The daily chart for Bitcoin shows the strength of buyers throughout October, which is historically a bullish month for the cryptocurrency, and is set for the highest ever daily closing price.
The daily chart for Ethereum below shows that the second largest cryptocurrency retreated from $4,000 and headed down in the days following October 16th. Support is found near $3,560 according to the middle Bollinger Band, while another support zone is currently found near $3,140.
The price of Binance coin soared over the past week, rising from lows of $392 to highs of $500, reacting positively to Binance's $1 billion growth fund in support of the Binance Smart Chain blockchain.
However, the bullish momentum has been cut short at the $500 psychological resistance level. Support is currently found at $441 according to the middle Bollinger Band (shown in the chart above) while further buying interest should be seen at the lower Bollinger Band just under $400.
Have a great week!
-The Rollbit team