Bitcoin kicked off October with great fanfare, hitting $50,000 in hopes of getting the long-awaited ETF approval.
The leading cryptocurrency added 10% in a few hours on Friday, as traders cheered for “aptoberAnd it celebrated with the support of some of the loudest regulatory voices. Securities and Exchange Commission (SEC) Chairman Gary Gensler renewed his support for a bitcoin futures ETF on Wednesday, and Federal Reserve Chairman Jerome Powell said Thursday that the central bank has no plans to ban crypto assets.
Meanwhile, Tezos hit all-time highs above $9 on NFT mania, with Algorand, Chainlink and Enjin posting double-digit gains. However, Compound bucked the trend by dropping 7% after the protocol accidentally gave more than $90 million to users.
Highlights of this week
- Bitcoin Swings Higher as Gensler Emphasizes ETF Support
- Visa Jobs for a Multi-String Future
Bitcoin Swings Higher as Gensler Emphasizes ETF Support
Across the cryptocurrency market, prices have surged in anticipation that the Bitcoin ETF could finally be given the regulatory green light.
Speaking to the Financial Times on Thursday, SEC Chairman Gary Gensler reiterated his support for the futures-backed Bitcoin ETF, suggesting that some ETF applications due for consideration next month could be approved.
The long-awaited ETF will allow investors to get exposure to Bitcoin using a standard brokerage account without having to purchase the underlying asset. Analysts have argued that this will lead to a significant price hike, possibly reflecting the astronomical gains in gold seen since the approval of the first gold-backed ETF.
Visa Jobs for a Multi-String Future
With funds pouring into various blockchains across the digital asset ecosystem, Visa is looking to move the curve ahead.
The payments giant outlined its vision for a “universal payment channel” (UPC)
It serves as a “network of blockchain networks” – linking various digital assets such as stablecoins to the future digital currencies of a central bank.
If there are prior efforts to be made, Visa’s efforts to integrate cryptocurrency could prove successful. In March, the company began allowing users to settle USDC payments directly on Ethereum, and recently demonstrated its commitment to the ecosystem by purchasing CryptoPunk NFT.
The bullish price action over the past few days has pushed the crypto sentiment index into the neutral position after the September scare.
This reflects growing optimism about the macroeconomic storm brewing on Bitcoin, spurred by persistent inflation fears and calls for a trillion-dollar coin minting as the debt ceiling debate continues.
fact, many merchants She now predicts that the prospect of a dysfunctional US government default could cause a repeat of 2011, with bitcoin replaced with gold as a hedge against uncertainty.
Image by Estelle_ from Pixabay