Crypto News: Bitcoin ETF, Polkadot, Price Predictions & More!!
It's time for another weekly crypto review - Tuesday edition! 🚀
I tried to put this one together as quickly as I could because I know the crypto market is moving fast. There are a lot of exciting things coming in the next few weeks, and the first of these happened today.
The first ever Bitcoin ETF is trading on the New York Stock Exchange. Fun fact: asset managers have been filing for a Bitcoin ETF with the SEC since 2013, so this is a pretty historic moment.
The only problem is that today's ETF is backed by futures, not physical Bitcoin. This means it won't have an effect on BTC's price besides hype.
That said, it looks like we could see a physically backed Bitcoin ETF soon too, especially since the biggest gripe investors and regulators had with Bitcoin related to its energy use. Now that a growing percentage of Bitcoin mining is taking place in the United States, this increased oversight could make both institutions and regulators more comfortable with BTC as an asset.
Another piece of bullish news we saw last week was announcement of an official date for Polakdot's parachain slot auctions. Parachains will finally give Polkadot smart contracts, and this will throw it in the ring with other smart contract cryptocurrencies. Definitely exciting stuff, and there are more details I get into in the video.
One thing that does concern me though is the increasing scrutiny around stablecoins. Tether was hit with another fine last week and a lot of regulators are rocking the boat about USDT. Circle's hasn't been entirely truthful either, but the benefits of stablecoins might outweigh the risks to investors and central banks, at least for the time being.
After all, central banks have their plates full with the record amounts of inflation we're seeing around the world. US inflation statistics for consumers and producers were released last week, and it's really not looking good. It does seem to be good news for cryptocurrency though, particularly BTC which is viewed as an inflation hedge by many institutions.
Now, even though BTC may be an inflation hedge, that doesn't mean it's immune from some seriously problematic macro factors such as the upcoming Evergrande default. The grace period for Evergrande's missed debt payments ends this Friday, and a handful of other Chinese property developers have started to default as well.
These factors and more might contribute to an upcoming correction in the crypto market which I discuss in my weekly crypto market forecast.
Be sure to stick around until the end so you don't miss that!
⛓️ 🔗 Useful Links 🔗 ⛓️
► Proshares Bitcoin ETF: https://cointelegraph.com/news/prosha...
► Crypto Miners Migrate To USA: https://decrypt.co/83283/usa-becomes-...
► Polkadot Parachain Slot Auctions Set To Begin: https://polkadot.network/blog/polkado...
► Tether Gets Hit With Fine: https://www.theverge.com/2021/10/15/2...
► Institutions Think FED Won’t Raise Rates: https://www.cnbc.com/2021/10/18/inves...
► Evergrande Default Risks: https://www.cnbc.com/2021/10/18/china...
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.