The Crypto Pulse October 19th

Rollbit's weekly analysis and review of the news in Bitcoin, Ethereum, NFTs and cryptocurrency markets.

The Crypto Pulse October 19th

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.  

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”.

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.

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

Market Analysis 📈📉

7-day Price Change

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