Bitcoin (BTC) reached a high of $34,911.49 in the last seven days.
Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, has comfortably remained above the $34,000 level as ‘Uptober’ comes to an end. The continuous gain might be ascribed to the good market mood surrounding Bitcoin Spot ETFs, as more and more companies try to get in on the action. Of course, the US Securities and Exchange Commission’s (SEC) decision last week not to dispute the Grayscale ETF application has boosted prices, which are still showing dividends at the time of writing. It remains to be seen how long the present rally can be sustained.
Before we continue, readers should be aware that the general crypto market and coin prices are quite volatile. There are no surefire strategies for predicting how cryptocurrencies will behave in the future. This article is intended to help investors stay current on market scenarios and major events that have already occurred, as well as some impending events worth mentioning. Before making any investment decision, investors should conduct their own research.
Crypto Prices Over The Past Week
The total crypto market cap was $1.16 trillion. BTC was trading about $30,700, while ETH was trading around $1,700.
A week later, the total market capitalization had risen to $1.26 trillion.
DeFi’s total volume is $2.68 billion, accounting for 9.85 percent of overall market 24-hour volume. Stablecoins had a total volume of $23.77 billion, accounting for 87.32 percent of the total 24-hour market volume. According to CoinMarketCap, the overall market fear and greed index stood at ‘Greed’ with 72 points (out of 100), indicating a significant increase in investor confidence over last Monday.
At the time of writing, BTC has a 52.97 percent market share.
Bitcoin reached a high of $34,911.49 (on October 02) and a low of $30,500.93 in the last seven days.
ProShares Bitcoin Strategy ETF and VanEck Bitcoin Trust have recently made substantial progress in the cryptocurrency investment industry.
The ProShares Bitcoin Strategy ETF, which will be available in the market in October 2021, is intended to create returns similar to those of Bitcoin by investing in Bitcoin futures contracts. Notably, the Fund makes no direct investments in bitcoin. According to the most recent data, the ETF has increased its performance by an incredible 80% year to date, but it is also worth noting that it has declined by 36% since its start.
VanEck has taken an important step forward by releasing a preliminary prospectus for the VanEck Bitcoin Trust, an exchange-traded fund (ETF). This ETF is designed with the primary purpose of directly owning bitcoin in order to replicate its performance while incurring fewer operating expenditures. According to the preliminary prospectus, Gemini Trust Company LLC will be entrusted with the custody of all Bitcoin holdings on behalf of the Trust.
These developments represent the cryptocurrency market’s continued evolution and diversification of investment opportunities, as investors seek new ways to acquire exposure to digital assets while minimising associated risks.
CoinDesk noted in a recent cryptocurrency market update that Bitcoin (BTC) has experienced a significant increase in positive momentum. Over the course of a week, BTC increased by more than 14%, eventually settling at over $33,700. This spike came after Bitcoin recently reached its annual high of $35,000, however it fell short of breaching beyond that critical price threshold. It is worth noting that Bitcoin’s performance closely reflects the CoinDesk Market Index (CMI)’s 14% growth.
Furthermore, the cryptocurrency market shown remarkable strength in the CoinDesk Computing Sector (CPU), which is an indicator designed to monitor protocols dedicated to the establishment and development of Web3 and distributed computing infrastructure. The CPU index increased by more than 17%, owing mostly to the outstanding performance of tokens such as Chainlink (LINK) and Fetch.AI (FET). These increases in the computer sector highlight the increased interest in cryptocurrency-related projects including the development of Web3 and distributed computing platforms.
Finally, as reported by CNBC, Zodia Custody, a crypto security firm owned by the famed British banking behemoth Standard Chartered, has announced the upcoming debut of services in Hong Kong. This is the latest strategic expansion move by the corporation based in the United Kingdom into the Asia-Pacific area. Zodia Custody, founded in 2020, specialised in offering financial institutions with secure bitcoin storage solutions.
Julian Sawyer, CEO of Zodia, underlined that the Hong Kong market had a distinct demand profile, with institutional companies outnumbering individual retail clients. He claimed that such institutional demand is perfectly aligned with Zodia’s service offerings. Julian Sawyer also emphasised the Hong Kong government’s and regulatory authorities’ proactive approach in understanding the importance of digital assets in influencing the future financial landscape. They want Hong Kong to be a vital base for the booming bitcoin business.
