Crypto Flipsider News – Bitcoin (BTC) Tops $20k; Musk’s Twitter Deal; Ray Dalio Resigns; T-Mobile ETH Validator; ETH Index Fund
Read in the Digest:
- Bitcoin (BTC) regains $20k as the crypto market rallies – Helium is today’s biggest gainer.
- Dogecoin jumps as Elon Musk revives original deal to buy Twitter for $44B.
- Bridgewater Associates to enter crypto as Ray Dalio steps down as Co-CIO.
- T-Mobile’s parent company launches Ethereum validator and staking support.
- Asset management giant Fidelity raises $5M for new Ethereum index fund.
Bitcoin (BTC) Regains $20k as the Crypto Market Rallies – Helium is Today’s Biggest Gainer
After more than two weeks of trading in a tight range, the crypto market is experiencing a significant rally, as the prices of crypto assets rise in tandem with the U.S. stock markets.
Over the last 24 hours, Bitcoin (BTC) has gained more than 3% in value to break above $20k, trading at an inter-day high of $20,380. At press time, Bitcoin is holding out just above the $20k mark, exchanging hands at $20,050.
The 24 hour price chart for Bitcoin (BTC). Source: CoinMarketCap
Helium (HNT) is today’s biggest gainer, having rallied by more than 10% to trade as high as $5.41. Leading dog-themed meme coin Dogecoin (DOGE) comes in as the day’s second-biggest gainer, following a huge announcement to its favor.
The 24 hour price chart for Helium (HNT). Source: CoinMarketCap
The significant gains in the broader crypto market saw its global market capitalization reclaim the $1 trillion mark for a brief period. According to CoinMarketCap, the crypto market is valued at $958 billion at the time of writing.
Flipsider:
- Officials of the Federal Reserve have asserted that the regulator will continue to boost its benchmark for interest rates as a means of pushing inflation down from unusually high levels.
Why You Should Care
The rally brings a much needed moment of relief for the tumultuous crypto market, with investors hoping for more gains in the month of Uptober.
Dogecoin Jumps as Elon Musk Revives Original Deal to Buy Twitter for $44B
In a dramatic turn of events, billionaire Inventor and Founder of Tesla Elon Musk has offered to complete his proposed $44bn acquisition of social media giant, Twitter.
On Tuesday, October 4th, Musk’s lawyers confirmed via a court filing that the world’s richest man is prepared to push ahead with the transaction. In April, Musk had offered to buy Twitter at $54.20 per share, before pulling out in July.
A Reddit thread reports that Musk had been discussing plans to move the Twitter social media platform to the blockchain as a way to eliminate bots. Furthermore, Musk could look to charge 0.1 DOGE in order to post tweets, or to retweet someone else’s post.
The reports of the deal’s confirmation, and the rumors of “the Dogefather’s” potential plans, sparked a major rally for Dogecoin (DOGE). Over the last 24 hours, the price of DOGE spiked 8.2% to hit an inter-day high at $0.06646.
The 24 hour price chart for Dogecoin (DOGE). Source: CoinMarketCap
Flipsider:
- Dogecoin was not the only asset to react to the news. Following the legal filing, Twitter’s share price climbed to $52, which represents a staggering 22% gain for the day.
Why You Should Care
Elon Musk’s long-term relationship with Dogecoin could see the meme coin find new utility if Twitter is indeed moved to the blockchain.
Bridgewater Associates to Enter Crypto as Ray Dalio Steps Down as Co-CIO
Ray Dalio, the billionaire hedge fund founder, infamous for his anti-crypto stance, has stepped down as Chief Executive of Bridgewater Associates, in accordance with the transfer of voting rights that took place on September 30th.
As Dalio transfers his majority stake in the $150 billion firm to a new generation of investors, there are reports that the hedge fund is preparing to back its first cryptocurrency-related fund.
According to sources, the hedge fund is prepared to make its full entry to the crypto space via the backing of an external crypto vehicle.
The 73-year-old billionaire Founder of Bridgewater will continue to serve at the company as a CIO mentor. Dalio purportedly hopes to remain a mentor, investor, and board member at Bridgewater until the day he dies, stating that he “loves doing those things together.”
Flipsider:
- A report published by government regulators and advisors names crypto a “potential risk” to the stability of the U.S. financial system.
Why You Should Care
As Dalio steps down, it opens up the possibility for Bridgewater’s first direct investment in crypto and blockchain technology.
T-Mobile’s Parent Company Launches Ethereum Validator and Staking Support
German-based telecommunications giant Deutsche Telekom (DT), the parent company of T-Mobile, announced on October 4th that it will soon provide validation nodes for the Ethereum Network through its subsidiary, T-Systems Multimedia Solutions (MMS).
The announcement follows a September 29th press release on the launch of Ethereum staking services, in which DT revealed that T-Systems MMS would be partnering with liquidity provider StakeWise to provide liquid Ether (ETH) staking services.
Through the partnership, DT will be directly involved in the governance of StakeWise, joining the decentralized autonomous organization (DAO), which will see T-Systems MMS contribute to Ethereum’s Network transparency and security.
The move is intended to strengthen DT’s presence in the blockchain space as it supports the transition of the Ethereum network to a Proof of Stake (PoS) consensus mechanism. T-Systems MMS backs Polkadot, Flow, and Celo.
Flipsider:
- T-Mobile entered into a five-year partnership with Nova Labs in September to launch a new 5G wireless service with competitor Helium Network.
Why You Should Care
Deutsche Telekom asserts that liquid staking through T-Systems MMS will represent a cheaper alternative, thereby helping users save time and energy.
Asset Management Giant Fidelity Raises $5M for New Ethereum Index Fund
On Tuesday, October 4th, digital asset management company Fidelity filed for a new Ethereum Index Fund with the U.S. Securities and Exchange Commission (SEC) after raising $5 million through sales held on September 26th.
The Fidelity Ethereum Index Fund marks the asset manager’s second launch, following the Wise Origin Bitcoin Index Fund 1, which was launched in 2020. The fund provides accredited investors with the opportunity to invest in ETH, as well as in Web 3.0 companies.
The performance of the Fidelity Ethereum Index PR benchmark can be tracked through passive and direct ownership of Ether, with the minimum investment required for the index fund standing at $50,000.
The fund deepens Fidelity’s involvement in the crypto space. Meanwhile, Galaxy Digital CEO Mike Novogratz recently hinted that Fidelity is considering offering Bitcoin trading options to its more than 34 million retail brokerage clients.
Flipsider:
- Unlike ETFs, the Ethereum index fund can only be traded at a set price point at the end of the trading day.
Why You Should Care
Ethereum’s transition to a Proof of Stake model has made the network more attractive to investors, with Bitwise and Grayscale also investing in the Ethereum Index Fund market.
Text source: DailyCoin.com
