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Crypto This Week – Week 42

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Bitcoin recorded a new all-time high with its price passing the $66,000 mark thus putting it on a price discovery phase. Despite creating new highs, exchange reserves continue to show a downtrend. With a market cap of $1.223tn, it is now the sixth most valuable asset on the planet. Ethereum was quick to follow, making its new ATH shortly after. Let the games begin.

Flash Crash - Bitcoin’s price briefly crashed to $8,200 on the Binance.US exchange. The 88% drop possibly caused sizable liquidations to occur on a highly uncertain published price. While the crash had affected other cryptocurrency exchanges, none were hit as hard as Binance US. Some exchanges saw bitcoin’s price drop to $63,000 and others, like Kraken and FTX, saw a price drop of $54,000 and $58,500 respectively.

The ProShares Bitcoin Strategy ETF (BITO) hit the exchanges on 19 October and was met with roaring demand, gathering up $570m in assets under management on its first day of trading. By the end of day two, the ETF toppled the billion-dollar mark and closed with $1.1bn in AUM. Did they bito more than they could chew?

The Graph protocol goes live on Moonriver, as the powerful indexing protocol further expands into the Polkadot (DOT) and Kusama (KSM) ecosystems. This will support developers in building powerful applications on Polkadot using The Graph, as well as enable developers from all supported ecosystems to explore querying subgraphs. Connect the dots and you get a beautiful graph

Interactive Brokers Group announced its launch of cryptocurrency trading for Registered Investment Advisors (RIAs). The global brokerage firm started offering cryptocurrency trading for RIAs in the US, enabling them to trade and custodise Bitcoin, Ethereum, Litecoin and Bitcoin Cash through Paxos on behalf of clients. Poor choice of alts but, hey, at least they are warming up

Z-man and the masters of the Metaverse - Facebook is planning to change its company name next week to reflect its focus on building the Metaverse. CEO Mark Zuckerberg outlined his vision for a metaverse in July and the company plans to hire 10,000 highly-skilled employees in the EU to help build the next computing platform.

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Coinbase has entered into a multi-year partnership with the National Basketball Association (NBA) and Women's National Basketball Association (WNBA) to serve as their exclusive cryptocurrency sponsor. Coinbase's logo and branding will appear during televised games for the aforementioned leagues. It will be the league's first crypto platform partnership. Ball is in your court CZ

Crypto exchange FTX raised $420.69m in its most recent funding round. It featured investments from 69 investors including funds managed by BlackRock, Temasek, Tiger Global, Ribbit Capital and Lightspeed Venture Partners. The latest round of funding comes a few months after completing the largest round of funding in crypto history, with $900m in Series B. The deal values the cryptocurrency exchange at $25bn, showing the increasing appetite from traditional investors to back crypto companies, despite intensifying regulatory scrutiny into the sector. FTX gonna give it to ya

Nothing in this article constitutes professional and/or financial advice. The content is provided exclusively for informational and/or educational purposes. Nothing is to be construed as an offer or a recommendation to buy or sell any type of asset. Seek independent professional advice in regards to financial, tax, legal and other matters.

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