Bitcoin Nears $60K as ETF Approval Looms, Greed Takes Over

The latest moves in crypto markets, in context

Edited by Bradley Keoun

October 15, 2021

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Bitcoin (BTC)

+2.8% $59,376

Ether (ETH)

+0.5% $3,769

(Price data as of October 15 @ 12:00 UTC)

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Good morning, I'm Bradley Keoun, subbing in for First Mover Editor Omkar Godbole. Here's what's happening this morning:

Market Moves: Bitcoin Spikes as Crypto Traders Anticipate Futures-Based ETF Approval Next Week

And please check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time. Today's show will feature guests:

Brett Harrison, FTX President

Matt Hougan Bitwise CIO

Omer Ozden, CEO of RockTree Capital

Biggest Movers

These are the biggest movers in the CoinDesk 20 over the past 24 hours:

Top Gainers:

The Graph (GRT): +9.8%

Top Losers:

The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.

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Market Moves

by Bradley Keoun

Bitcoin was surging Friday in cryptocurrency markets, nearing $60,000 for the first time since April, after a Bloomberg report that a bitcoin futures exchange-traded fund will clear the U.S. Securities and Exchange Commission.

A green light from the SEC could pave the way for one of the new ETFs to launch as soon as next week, with applications by ProShares and Invesco on the docket.

Any approvals would mark a milestone for the industry, which has been attempting to win approval of a bitcoin-related ETF for years, against the SEC's resistance. Traders' anticipation that more demand for bitcoin (or bitcoin futures, anyway) might soon be incoming from traditional investors has helped to fueled this week's gains, analysts say.

"Regulated institutions (pension funds, insurance firms, asset managers, et al) will be able to easily purchase an instrument that tracks the price of bitcoin," Q9 Capital, a crypto trading platform, wrote early Friday. "It also means that the holding will fit nicely into a traditional brokerage account."

In traditional markets, European shares rose and U.S. stock futures were higher, the dollar was steady and yields on 10-year U.S. Treasury bonds climbed 0.03 percentage point to 1.54%. Brent crude oil futures topped $85 a barrel for the first time since October 2018.

Bitcoin has doubled in 2021. Time to double down?

Bitcoin's is outpowering traditional markets this year. Is the largest cryptocurrency overstretched, or just getting started? (Source: CoinDesk.)

Ether, Bitcoin to Strengthen in Coming Weeks, FSInsight Says

by Will Canny

Ether is beginning to gain on bitcoin following a month of underperformance, and Thursday’s surge to multiweek highs suggests a retest of the September top at $4,027, according to a report by FSInsight, a markets strategy and research firm.

Ether is “showing evidence of starting to gain ground in market cap given the breakout in its market-cap dominance chart,” FSInsight said.

FSInsight says both ether and bitcoin should continue to strengthen in coming weeks and “technically it looks right to own both near-term.”

An ether breakout above $4,027 should “not face much resistance at 4410, but likely surpass this and rally to targets near 4951, or targets above lie near 5826,” and “it’s anticipated that September highs should be exceeded, giving way to acceleration back to new all-time highs,” FSInsight said.

The firm’s first upside target in bitcoin is close to $61,000 and then the highs from earlier this year of around $64,860.

Read the full story here:

Ether, Bitcoin to Strengthen in Coming Weeks, FSInsight Says

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BOLO

Be on the lookout for the following events today:

12:30 UTC (8:30 a.m. ET):
- U.S. retail sales for September

ICYMI

In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:

Russian President Vladimir Putin reportedly says cryptocurrency "has the right to exist and can be used as a means of payment." The hosts of "First Mover" review Russia's stance toward crypto with global regulatory expert Mary Beth Buchanan of Merkle Science. Also, Urs Bernegger of SEBA Bank discusses markets and the Swiss bank's new program for earning yield with crypto.

A Message from CoinDesk

While the pandemic has stunted some industries, fintech development and adoption have accelerated. Join executives from across the financial and technology sectors at Accelerate Finance: Money in a Mobile World on Oct. 13 to understand what's next in tech and how consumer expectations are driving change. Register now.

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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

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