Last Week On Sunday: Bitcoin’s Revenge
Every week on Sunday, we will be going over some of the good, the bad, and the funny things the CRU News Desk came across during the week.
When #Bitcoin was $5 gold was $1800. https://t.co/CQzpwctF1L
— Mandrik (@Mandrik) October 22, 2021
Week In Review: Bitcoin’s Revenge
Bitcoin 7-Day Chart Credit: CoinGecko.com
The biggest story of the week by far has to be Ethereum finally flippening Bitcoin. Just kidding. That didn’t actually happen. Though, based on tokenomics, you could argue Ethereum flipped BTC on Binance US.
Obviously the biggest story this week was the Proshares ETF commencing trading on Tuesday. Thanks to the positive vibes, the week saw mostly positive price action for Bitcoin, and even a new all-time high of 67k for the world’s first cryptocurrency on Wednesday. Fittingly, the week culminated with the release of Barron Magazine’s latest issue, which featured the headline “Bitcoin Goes Mainstream.”
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The Good
BREAKING: Interactive Brokers just announced they will empower Registered Investment Advisors across the United States to invest in bitcoin and cryptocurrencies.
This means hundreds of billions of dollars can now enter the market more easily.
— Pomp ?? (@APompliano) October 18, 2021
The good outweighed the bad this week. But, not just because of the ETFs.
- News leaked out early in the week that US financial advisors can now offer crypto to clients. Pomp put it best via Twitter: “This means hundreds of billions of dollars can now enter the market more easily.”
- A US-based public pension fund finally got in on the action, adding Bitcoin and Ethereum to its holdings. I wasn’t too surprised about Bitcoin, but I have to say I was re Ethereum. Ethereum is getting a lot more mainstream than maximalists probably want to admit. It was interesting to see how the headlines mostly ignored Ethereum’s part in this story too…
- Earlier this week, Decrypt reported on CME open interest increasing thanks to the ETF. “Open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME) now stands at $3.6 billion, higher than its previous record set in February.”
The Bad
Surprisingly, no China FUD this week. If anything we got some “China made Bitcoin stronger” pieces from Bloomberg and The Economist. Bloomberg, in particular, said, “The most convincing explanation for the cryptocurrency’s record-testing rally may be its resilience in the face of a clampdown by Beijing.” Bitcoin, it seems, is kind of like Hulk Hogan. The more you hit him, the stronger he gets.
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But it wasn’t all good news this week.
- Scott Minerd tried to do that thing again that he does where he takes advantage of the fact that he can say whatever he wants about crypto and not face any repercussions from the SEC. This time he called most crypto “garbage” in an interview with Bloomberg. In particular, he called out Shiba Inu, which is up 65% in the week. Good luck buying the Shib dip, Minerd.
- Quietly, the digital asset marketplace, Bakkt went public this week. But it wasn’t as well-received as the record-shattering ProShares ETF. gBakkt opened at $9.41 before falling to $8.41. That’s a 6% drop.
- Apparently, the aforementioned record-shattering ETF might be performing too well. Though, the addition of more futures ETFs, like the Valkyrie ETF will help with dilution, and not force the contracts to stray from the Bitcoin price.
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The Funny
My punk is not for sale. Don't care what anyone offers me.
— richerd (@richerd) October 15, 2021
Most weeks, the comedy in crypto is unintentional re: sardonic laughs at the expense of all-too-familiar FUD. With the week being as light on FUD as it was, the comedy comes at the expense of the idiosyncrasies of the crypto world.
- A Crypto Punk owner turned down $9.5 million USD in Ethereum for one of his punks. “My punk is not for sale. Don’t care what anyone offers me.” That’s tough talk from a PFP owner. Every man has a price.
- Great Britain’s FCA is carrying water for Barclays again. This time it’s with a campaign warning the young people of TikTok about the perils of investing in crypto. Great Britain has an interesting history when it comes to censorship.
- Wall Street Bets bad boy Martin Shkreli had to give up his one-of-a-kind Wu Tang Clan album. It’s now owned by PleasrDAO, which believes it can get around the original agreement that states that the owner can not publicly distribute the music: “We believe that we can do something with this piece,” Johnson told the Times, “to enable it to be shared and ideally owned in part by fans and anyone in the world.”
- Shkreli has a bit of a history with crypto. Though, in the same kind of way that Norm Macdonald does, where no one is sure if it’s just some prolonged riff.
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