As of writing, Bitcoin just topped $65k to hit an all-time high…
As the ProShares Bitcoin Strategy ETF (BITO) launches this week, there has been a plethora of speculation about bitcoin hitting its all time high. Our IDX Risk-Managed Bitcoin Index, however, hit an all-time-high last week (and again today)…how is this possible? It comes back to the idea of capital efficiency. If the drawdowns are less frequent and more shallow, then your capital doesn’t need to work nearly as hard to get back to (and eventually past) all time highs.
Investors tend to get dollar signs in their eyes when it comes to bitcoin…and for good reason. But return is only part of the story (and the less important part)…the risk that had to be taken to get that return is the most important component for long-term success.
As part of the partnership, we will create interactive experiences to engage with the NBA and WNBA’s incredible community and athletes around the world.”
Facebook chooses Coinbase
The social network Facebook has chosen the American crypto exchange Coinbase as a custodian partner for the storage of data for the Novi crypto wallet.
Coinbase supports Novi through Coinbase Custody, which keeps users’ funds safe with a fully segregated cold storage facility for managing private keys.
Novi is a crypto wallet from Facebook that allows people to send and receive money abroad instantly, securely and without commission.
The run that began on April 7, with BTC trading at $58,186.51, peaked on Wednesday, April 14, when the leading crypto set a new ATH at nearly $65k.
Bitcoin’s run has defied all odds and those critics who have been waiting since the start of the year for the Bitcoin bubble to burst. While they continue to wait, BTC is building even more momentum, looking at higher targets in the coming weeks.
Building Momentum For $75k
At the start of this year, talk of Bitcoin at $60k would have been considered crazy by many.
However, today, BTC currently trades above $62k while aiming higher, and the charts are in its favor.
Breaking above the $62,000 zone means that BTC has formed an ascending triangle pattern on the four-hour chart. Remaining above $62k could see BTC soar above $65k or possibly even higher in the short term.
Bitcoin is currently changing hands for around $65,607, up 4.2% over the past 24 hours. The latest rally pushed bitcoin’s year-to-date terms to 122%, according to CoinDesk data.
The largest cryptocurrency appears to have gotten a push on Tuesday from the launch of the ProShares Bitcoin Strategy ETF, the first exchange-traded fund approved by the U.S.
Securities and Exchange Commission to invest in bitcoin futures.
Indeed, the new fund, traded on the New York Stock Exchange under the ticker $BITO, garnered a first-day trading volume of more than $1 billion, ranking it among the most successful launches of all time.
In the coming weeks, several more bitcoin futures-based ETFs may debut in the U.S., opening up the potential for savvy U.S.
Even if the uptrend plays out, we should expect a short-lived pullback or two as Bitcoin journeys to new highs.
The crypto market joined Bitcoin for the bullish run as it climbed into uncharted territory on Wednesday morning, surpassing $2.23 trillion in market capitalization. The momentum builds as Coinbase makes its debut on Nasdaq.
On the Flipside
- Bitcoin is witnessing a pullback after breaking its previous all-time high of $62k.
- In the early hours of Wednesday, Bitcoin peaked at $64,863.10 before the drop began.
- A 24-hour chart of the biggest cryptocurrency shows a 2% price drop, meaning BTC now changes hands for around $61,918.
Coinbase Is Now Live On Nasdaq
Coinbase, the most valuable crypto exchange with a market valuation of about $100 billion and 56 million verified retail customers, has opened on Nasdaq.
Tiger King. The documentary series, which launched in March 2020, explored the bizarre underworld of Tiger breeding.
Its goal is to create decentralized applications “by building its use-cases from the community.” There are currently four dApps that are featured on the Tiger King website:
- EtherLIFT — a gas fee sponsorship application for advertisers to reach users of the Ethereum blockchain;
- ChainChat — a private peer-to-peer messenger over the blockchain;
- TigerTracks — a graphical representation of data on the blockchain;
- Tiger King Coin Gamepad — a betting platform for TKING holders.
XRP currency runs on a RippleNet digital payment platform, which is on top of a distributed ledger database called XRP Ledger.
The fund also saw about $1 billion of trading volume, ranking it the second-most heavily traded new ETF on record, Proshares said, citing Bloomberg.
Investor interest in the Bitcoin options market increased as Bybt data indicated that the worth of Bitcoin options contracts open on major exchanges rose to $14 billion on Tuesday, hitting the highest point since April. This figure is just a hair away from the record highs of $14.68 billion reached on March 24.
In line with Bitcoin’s recent spike, an Oct.
18 newsletter by data firm Kaiko indicates that Bitcoin’s recent gains took off after the BTC/USDT spot trading pair’s volume spiked around Oct. 10 on Binance, thus pointing to whales activity.
Analysts see that the ETF by itself won’t introduce any new demand for Bitcoin.
IDX Risk-Managed Index making All-Time-Highs while Bitcoin is NOT?
As it turns out, this year, the index has made a new high 11 times while Bitcoin was still in a drawdown. As you can see in the graph above, because the index didn’t chase returns earlier in the year (because that environment was determined NOT to be a “compensated risk” environment), it therefore didn’t participate in the subsequent 50% drawdown…which means, the capital didn’t have to “work” as hard to get back to all-time-highs.
As we’re fond of saying…”Worry about the downside and the upside will take care of itself”.
Hypothetical or model performance results have certain limitations including, but not limited to: hypothetical results do not take into account actual trading and market factors (such as liquidity disruptions, etc.).
The worldwide crypto market capitalization is currently $2.63 trillion, increasing 4.03% over the last day. Whereas the total crypto market volume over the last 24 hours is $117.66 billion, which makes a 32.21% decrease.
Bitcoin and Crypto Prices
As of Thursday 8AM (GMT+3) October 21th, here are the prices of the top 10 cryptocurrencies:
- Bitcoin (BTC) $65,048
- Ethereum (ETH) $4,147
- Binance Coin (BNB) $495.92
- Cardano (ADA) $2.24
- Tether (USDT) $1
- Ripple (XRP) $1.11
- Solana (SOL) $138.73
- Polkadot (DOT) $43.99
- Dogecoin (DOGE) $0.25
- USD Coin (USDC) $0.999
To get the real-time price updates, check the widget:
Disclaimer: The Cryptocurrency market is considered highly speculative, risky, and largely unregulated.
Coinbase. Bitcoin bulls had taken out the previous peak of $64,899 marked in April as a much-anticipated price surge pushed the lead asset into price discovery mode.
The second-largest cryptocurrency, Ethereum (ETH) also rose to highs of $4,080 seen at press time. This comes as Kinea, one of the leading asset managers in Brazil, disclosed making an exploratory investment in the cryptocurrency world.
The company, which has a vast amount of assets under management had chosen to invest in Ethereum.
Majority of Altcoins rose as Bitcoin rallied to fresh all time highs with OKB (OKB, +24.06%), Huobi Token (HT, +12.69%), Cartesi (CTSI, +25.47%), Safemoon (SAFEMOON, +12.36%), Convex Finance (CVX, +28.07%), SOLVE (SOLVE, +228.16%), Sun New (SUN, +31.02%), BitDAO (BIT, +24.76%) posting significant gains.
The SUN token received a price boost as the TRON Foundation announced on Oct.