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Crypto Roundup: October 4, 2021

Bitcoin has began October with a bang, exploding in direction of $50K in hope of a long-awaited ETF approval.

The main crypto added 10% in only a few hours on Friday, as merchants cheered for “Uptober” and celebrated the assist of among the loudest regulatory voices. Securities and Exchange Commission (SEC) chairman Gary Gensler renewed his backing for a Bitcoin Futures ETF on Wednesday, and Fed chair Jerome Powell stated on Thursday that the central financial institution has no plans to ban cryptoassets.

Meanwhile, Tezos hit all-time highs above $9 on NFT mania, and Algorand, Chainlink, and Enjin made double-digit good points. Compound, nevertheless, bucked the development by dropping 7% after the protocol mistakenly gave out greater than $90 million to customers.

This Week’s Highlights

  • Bitcoin swings larger as Gensler affirms ETF assist
  • Visa positions for a multi-chain future

Bitcoin swings larger as Gensler affirms ETF assist

Across the crypto market, costs have been rising in anticipation {that a} Bitcoin ETF might lastly be given the regulatory inexperienced gentle.

In remarks for the Financial Times on Thursday, SEC chairman Gary Gensler renewed his assist for a Bitcoin ETF backed by future contracts, suggesting that among the ETF functions set to be thought-about within the coming month might be authorised.

The long-awaited ETF will permit buyers to get publicity to Bitcoin utilizing a regular brokerage account with out having to purchase the underlying asset. Analysts have argued that this can lead to a serious value upswing, maybe reflecting the astronomical good points in gold seen for the reason that approval of the primary gold-backed ETF.

Visa positions for a multi-chain future

 As funds circulate into totally different blockchains throughout the digital asset ecosystem, Visa is trying to get forward of the curve.

The funds big has outlined its vision for a “Universal Payment Channel” (UPC), that may

function a “network of blockchain networks” — connecting totally different digital property comparable to stablecoins with future central financial institution digital currencies.

If earlier efforts are something to go by, Visa’s efforts to incorporate crypto might meet with success. In March, the corporate began permitting customers to settle USDC payments straight on Ethereum, and extra just lately confirmed its dedication to the ecosystem by buying a CryptoPunk NFT.

Week forward

The bullish value motion over the previous few days has pushed the crypto sentiment index proper again to impartial after the worry of September.

This displays rising optimism in regards to the macroeconomic storm brewing for Bitcoin, pushed by persistent inflation considerations and requires a trillion dollar coin to be minted as debate over the debt ceiling drags on.

In truth, many traders are now anticipating that the opportunity of the dysfunctional US authorities defaulting on their debt might trigger a repeat of 2011, with Bitcoin changing gold as a hedge in opposition to the uncertainty.

Image by Estelle_ from Pixabay

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