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Market highlights: Bitcoin breaks record high, Ford jumps on Credit Suisse upgrade, Pinterest shares up 12%

After the first Bitcoin (BTC/USD) futures ETF launched, Bitcoin set a new record high, passing the mark of $66,900. Its previous ATH was $64,899, registered in April. As the Bitcoin news swept the market, other top 10 coins followed suit. The biggest winner was Solana (SOL/USD) with gains of 17%. Ethereum (ETH/USD) was up 8% and Cardano (ADA/USD) rose 6%. Ethereum is also approaching a new ATH.

Ford up 4% after Credit Suisse upgrade

Both DJ30 and the SPX500 gained 0.4% yesterday, while tech-heavy NASDAQ100 was slightly in the red. Ford closed the day with a gain of 4% after analysts at Credit Suisse upgraded their stock rating from hold to buy. The carmaker’s shares have increased by more than 80% y/y, and by 21% in the past month alone.

Health insurance providers Anthem and Centene were among the biggest winners in the SPX500. Anthem raised its full-year earnings outlook and gained more than 4%, as did Centene. Anthem’s share price has gained more than 30% y/y.

Netflix held the NASDAQ100 back yesterday, closing with a loss of 2.2% down.

IAG shares continue to plummet, UK100 still up

Airline group IAG’s shares continued to drop, closing with a loss of almost 5%. Despite that, the UK100 was up yesterday, albeit marginally. So far, IAG’s share price has dropped by almost 14% this week. The main reason is an announcement from Heathrow airport that it plans to increase the fees it charges airlines. Budget airline stocks dropped among smaller cap ones. Both Ryanair and EasyJet were lower. The latter has been worse off so far this year, having lost over 15% in share value.

Pinterest up 12% on news of PayPal acquisition

Social media company Pinterest’s share price rose after it was reported PayPal was negotiating to buy it for $45 billion.

Volatility expected for Australian dollar

Philip Lower, Reserve Bank of Australia Governor, will take part in an online panel hosted by the University of Chile at 19:00 UTC. His participation is expected to impact the Australian Dollar.

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Bitcoin ETF Off to a Great Start, Up 3% First Day of Trading

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New Bitcoin Investment Vehicle Debuted on Wall Street, With More on the Way Q3 2021 hedge fund letters, conferences and more A newBitcoin-focused exchange-traded fund, ProShares Bitcoin Strategy ETF, debuted on Wall Street. ProShares Bitcoin Strategy ETF will trade in Bitcoin futures contracts that speculate on the future price of Bitcoin as opposed to the cryptocurrency itself. In anticipation of the launch of the ETF, Bitcoin recently jumped 3%. Also, Bitcoin futures increased by 2%. Asset managers estimate that with the introduction of crypto NFTs, particularly with Bitcoin, valuation will …

NFT game MonkeyBall raises $3M in largest ever funding round

Solana

Play to earn arcade soccer and NFT game MonkeyBall completed a $3 million funding round from a large cohort of both angel investors and venture capitalists, Invezz learned from a press release.

MonkeyBall is a Solana-based (SOL/USD), rapid game that is like a combination of Final Fantasy and FIFA Street. Each player has a team of four monkeys and has to win soccer games against other teams. Players can earn tokens for each win, by hosting games, buying stadiums, and by cheering for winning teams in other games.

Oren Langberg, Head of Marketing at MonkeyBall, said:

Truly excited to unveil this amazing roster of investors who are supporting MonkeyBall. Play-to-earn is an exciting and quickly growing application for blockchain and NFTs, but it’s not easy to find games with great production quality. The first play-to-earn game to truly become mainstream is still in the future, and we are hard at work to realize that future for MonkeyBall.

Investors include Solana Capital, NFX, CMS, Republic

After the successful funding round, the company behind MonkeyBall can complete and launch the game. Among the investors, who included crypto and conventional VC funds as well as angels, were Solana Capital, Republic, NFX, Jump Capital, Youbi, Morningstar Ventures, iAngels, Longhash, CMS, Banter Capital, Ascentive Assets, and more.

The founders of daily fantasy and sports-betting firm DraftKings also took part. Israeli entrepreneur Shalom Meckenzie, the largest shareholder in DraftKings, said:

Play-to-earn games are a revolution in how gamers interface with the virtual world. Gaming and NFTs will be the first true mass appeal application of blockchain, all that is missing is to actually make a game that would stand tall among AAA titles. I believe the Monkey Ball team has what it takes to get there.

Gigi Levi of NFX added:

As an early-stage investor in some of the most successful mobile/casual gaming start-ups in the world, we at NFX have been looking at the booming play-to-earn market for a while now. We believe that the space will only continue to grow, and that the winners will be those teams that combine the best of blockchain know-how with amazing game-design capabilities, that know how to utilize and unite the best of both Blockchain and “traditional” gaming sectors. MonkeyBall is the best one we’ve seen yet!

MonkeyBall, which is being developed by a team of highly skilled experts, offers top quality gaming experiences and high production value. It is being developed on the Unity game engine, so it can run on mobile and desktop.

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Solana – A Bitcoin Rival – Will Hit New All-Time Highs This Year

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Bitcoin rival Solana will hit new all-time highs of $250 by the end of 2021, predicts the boss of one of the world’s largest independent financial advisory, asset management and fintech organisations. Q3 2021 hedge fund letters, conferences and more Solana Price Jumps 25%The bullish forecast from Nigel Green, founder and CEO of deVere Group, which has $12bn under advisement, comes as the price of Solana (SOL) has jumped 25% in two days amid a buoyant week for other cryptocurrencies, including Bitcoin which hit a fresh record high on Wednesday of more than $66,000. Currently, at the time of wri…

Former US House Speaker Says Countries Should Use Bitcoin (BTC) as Inflation Hedge

BitcoinBitcoin

Newt Gingrich, the Ex-Speaker for the US House of Representatives is back in news with his radically pro-Bitcoin suggestions to the authorities. Gingrinch, who is now an adviser at a new Israel-based firm, the International Bitcoin Advisory Corporation (IBAC) recently told the Financial Times that, countries should use Bitcoin as a hedge against inflation as well as against central banks.

He argued that more domestic Central Banks, with less global dominance, stand at “risk of the larger systems”. He used El Salvador Central Bank’s example in comparison to the globally dominant American or Chinese Central Banks.

“This is an opportunity for countries to hold part of their reserve in bitcoin as a hedge against inflation and against central banks… I think in particular when you have banks like the central bank of El Salvador that doesn’t do very much to influence worldwide financial behaviour. They’re ultimately at the risk of the larger systems — the Americans the Chinese, the Germans — changing the rules of the game. In its present cycle that’s clearly an inflationary direction…”

Newt Gingrich claims Bitcoin Global Dominance

Newt, who personally owns Bitcoin, also specified that Bitcoin is the most appropriate choice for a Hedge as it is also the most globally accepted virtual currency. Furthermore, he also believes that Bitcoin’s carbon output is substantially lower than that of the falsely marketed electric cars, which he defined as “one of the great hoaxes of all time”.

“I’m staying focused on bitcoin because I think it’s the most widely reported and the most widely held.”

Bitcoin Hits New All-Time High

Bitcoin (BTC) price crossed $67,000 hitting a new all-time high and further entering the price discovery zone yesterday. Even after a minor correction Bitcoin was trading slightly above $65K with a market cap of $1.23 trillion, at the time of reporting. Earlier today, CoinGape’s coverage caught Tesla CEO, Elon Musk’s response to this exceptional hike. Musk tweeted a “69-420” meme to define Bitcoin’s spike. Furthermore, Tesla’s BTC holdings also made massive profits, exceeding $1 billion.

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Bitcoin $100K Or Ethereum $10k – Which Happens First?

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What happens first… bitcoin to $100k or Ethereum to $10k?” That’s one of the many questions I get about crypto. Q3 2021 hedge fund letters, conferences and more Bitcoin And Ethereum Have Skyrocketed In Value____ Bitcoin (BTC) and Ethereum (ETH) are far and away the two largest cryptos, worth roughly $1.4 trillion combined. They’ve skyrocketed in value. If you had invested five hundred bucks into both cryptos five years ago, you’d be sitting on $180,000. Today, bitcoin is roughly $55,000 per coin. Ethereum trades for around $3,500. My research shows both should continue to rise. But which will …

PIMCO plans to expand its exposure to cryptos after BTC sets new ATH

PIMCO BTC

PIMCO, a global investment management firm focused on managing active fixed income, is planning to increase the scope of its exposure to digital assets.

The company’s CIO, Daniel Ivascyn, revealed this news during an interview on October 20, saying PIMCO intends to start trading select cryptos. This disclosure makes PIMCO the latest mainstream company to warm up to crypto.

In the interview, Ivascyn revealed that PIMCO has already dipped its toes in crypto. According to him, some of the company’s hedge fund portfolios are already investing in crypto-linked securities.

He added that,

We’re trading from a relative value perspective. So, we’re not taking directional exposure, but we’re looking to take advantage of mispricings between the cash product, popular trust that trades on the exchange, and then the futures. So, that was a starting point for us in a very narrow segment of our business.

As for the company’s move to get directly involved with crypto, Ivascyn said it is part of PIMCO’s trend-following strategy and quant-oriented plans. He further noted that the company intends to dip its toes in the crypto market gradually.

Cryptos can serve as inflation hedges

According to Ivascyn, cryptocurrencies can serve as hedges against inflation from a theoretical point of view. However, the sector comes with a massive amount of volatility, which exposes investors to additional risk. He added that the crypto market is here to stay. However, investors need to be careful of regulatory responses.

Ivascyn further noted that PIMCO respects investor demands and it is spending a lot of time analyzing crypto. He detailed that the company is thinking of how the decentralized finance sector (DeFi) can disrupt its business and how venturing into the industry would help PIMCO offer solutions for end investors.

Still talking about DeFi, Ivascyn said the rapidly-growing space has the potential to disrupt the financial industry. To this end, PIMCO is mulling how it can stay competitively prepared to keep up with the industry, which offers a significant value proposition, especially for the younger generation and the next generation of the investment community.

This news comes after the crypto market rallied after the ProShares Bitcoin Strategy ETF (BITO) listed on NYSE. As a result of the bull rally, Bitcoin (BTC/USD) soared to set a new ATH at $66,930.39 (£48,489.39). Altcoins also surged, helping push the crypto market’s capitalization above $2.67 trillion (£1.93 trillion).

The post PIMCO plans to expand its exposure to cryptos after BTC sets new ATH appeared first on Invezz.

Why Is the Infrastructure Bill Deciding the Fate of Crypto?

Crypto Hedge FundsThe bipartisan infrastructure bill has a new deadline of October 31, but an important question still looms: Why is a “must-pass bill” ostensibly focused on America’s infrastructure deciding the fate of cryptocurrencies? Q3 2021 hedge fund letters, conferences and more

Is it too late to invest in Bitcoin after it reached its new all-time high value?

Bitcoin BTC/USD is by far the largest cryptocurrency token out there, with a 46.5% dominance in terms of the market cap when compared to other cryptocurrency tokens out there.

In fact, within the last 24 hours alone, the trading volume increased by 31%, which is exceptional for the token.

Its price has also reached new heights, which gives us confidence that the token will simply not stop at this level and has the potential to go above and beyond.

The Bitcoin ETF hype as a catalyst for growth

Bitcoin has reached its new all-time high value, and this could be attributed to a lot of hype surrounding Bitcoin ETFs.

In fact, we covered some of the places through which you can buy Bitcoin ETFs (exchange-traded funds) on October 19.

The cryptocurrency market as a whole has been solid within the past two weeks, especially when it comes to Bitcoin. That said, if the price and trading volume continue to surge this way, we could potentially see the token reach new heights.

Should you invest in Bitcoin (BTC)?

On October 21, Bitcoin (BTC) had a value of $66,072.

To get a better perspective about the growth of the token and its potential future performance, we will be comparing this value point to its all-time high value as well as its recent performance in September.

The all-time high BTC reached was at $67,276, a value achieved on October 20. From its all-time high to the value on October 21; the token dropped in value by $1,204 or by 1.79%.

In terms of September’s performance of Bitcoin, on September 7, the token reached its highest point at $52,701.

Its lowest point as a point of comparison was on September 21, when the token dropped to $40,604. This indicated a drop of $12,097 or by 22.95%.

That said, from the value on September 21 to the value of the token on October 21, we can see an increase of $25,468 or by 62.72%.

According to data from IntoTheBlock, In the last seven days, Bitcoin saw $286.5 billion in transactions greater than $100,000.

Additionally, the total exchange inflows were at $11.72 billion, while the total exchange outflows were at $11.82 billion.

Within the last 30 days, Bitcoin saw 38.49 million addresses on average as well.

At this rate, Bitcoin does indeed have the potential to reach $70,000 by the end of October, and it is a worthwhile investment.

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JP Morgan Claims This is the True Catalyst For Ongoing Bitcoin ($BTC) Price Surge

JP MorganJP Morgan

Bitcoin ($BTC) price recorded a new all-time-high near $67K yesterday, taking Bitcoin’s market cap to $1.25 trillion. The bullish price surge was largely attributed to the record-breaking ProShares Bitcoin Futures ETF ($BITO) debut. However, JP Morgan strategists believe otherwise. According to a report by Bloomberg, JP Morgan strategists see growing inflation as the key catalyst behind $BTC’s price surge.

“By itself, the launch of BITO is unlikely to trigger a new phase of significantly more fresh capital entering Bitcoin,” wrote strategists including Nikolaos Panigirtzoglou, referring to the ProShares Bitcoin Strategy ETF. “Instead, we believe the perception of Bitcoin as a better inflation hedge than gold is the main reason for the current upswing, triggering a shift away from gold ETFs into Bitcoin funds since September.”

JP Morgan said that investors are looking for a better inflation hedge than gold and that’s why BTC’s demand has soared in the recent past. The strategists also cited the example of plenty of ETF options already available in the market before the $BITO launch and also claimed the hype around the first Bitcoin Futures ETF would die down soon.

JP Morgan claiming BTC is a better inflation hedge than gold came as a surprise to many given the CEO Jamie Dimon’s known disliking for the top cryptocurrency.

JP Morgan is not the Only Institution that Sees BTC as Infaltion Hedge

The market sentiment around Bitcoin has become extremely bullish again as the top cryptocurrency set a new ATH. Peter Thiel, the co-founder of PayPal also lauded Bitcoin recently in his interview where he called it the “hope” in the fight against tyranny. Thiel also said he is underinvested in Bitcoin while slamming central banks for their flawed policies.

$BTC is currently trading at $64,808 with 1.05% gains over the past 24-hours. The top cryptocurrency has seen a minor retrace from its yesterday’s ATH of $66,971.

Bitcoin
Source: TradingView

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