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Crypto Flipsider News – Grayscale and ProShares Bitcoin ETFs, Crypto Market Cap ATH, Bakkt on NYSE, Steam Bans Crypto Games, Musk back to SHIB

Read in the Digest

  • Grayscale to convert Bitcoin fund into spot ETF & ProShares ETF could Launch this week.
  • Global crypto market cap hits new all-time high, Bitcoin nears ATH.
  • Bakkt prepares to go public, BKKT shares set to trade on NYSE today.
  • Steam bans all games featuring crypto and NFT.
  • Elon Musk sparks another Shiba rally.

Grayscale to Convert Bitcoin Fund into Spot ETF + ProShares ETF Could Launch This Week

Global digital currency investment and cryptocurrency asset management firm, Grayscale has hinted at its intentions to file an application with the SEC to convert its bitcoin fund into a spot ETF.

Grayscale is on the long list of firms waiting for the SEC to approve the first bitcoin futures ETFs, but could be about to change its mind. Unlike Bitcoin futures ETFs, if Grayscale issues a spot Bitcoin ETF, they would be backed purely by Bitcoin and have no derivatives attached to it.

The crypto community could soon receive its long awaited Bitcoin exchange-traded fund (ETF). According to reports, ProShares could be the first to offer a bitcoin ETF after the fund provider submitted an amended filing.

The amended filing by ProShares carries all the hallmarks of a regulatory filing, setting the pace to be the first Bitcoin ETF. The ticker symbol for the ProShares offering is set to be “BITO,” and the fund carries an expense ratio of 0.95%.

Flipsider:

  • While the crypto community awaits the first Bitcoin ETF, analysts believe that it could cause a spike in the price of Bitcoin.

Why You Should Care

Anticipation has been building ahead of a Bitcoin futures ETF for a long time, and the approval of the first could be a major milestone for the industry.

Global Crypto Market Cap Hits New All-Time High, Bitcoin Nears ATH

Following an impressive month in the market, and a week of rallying, the total market capitalization of cryptocurrencies has reached a record high. On October 18th, the crypto market cap hit an ATH of $2.6 trillion.

The new ATH now means that cryptocurrencies are worth more than Apple by market cap, standing at $2.55 trillion by market cap at the time of this writing.

The total market cap of cryptocurrencies. Source: Coingecko

Among the top-performing cryptos is the industry’s flagship asset: Bitcoin. Over the last five days, the price of Bitcoin has risen more than 7%, improving its price to an interday high of $62,614.

This is the highest point Bitcoin has traded at in the last 6 months. At the time of this writing, Bitcoin is trading at $61,172. Bitcoin remains the largest cryptocurrency with a market cap of $1.153 trillion.

The dominance of Bitcoin in the crypto industry.

Flipsider:

  • Bitcoin’s price rise has raised concerns, especially in regards to inflation as it nears its ATH.

Why You Should Care

The total market capitalization of the cryptocurrency is now larger than that of the largest company in the world, showing that the industry is continuing to grow.

Bakkt Prepares to Go Public, BKKT Shares Set to Trade on NYSE Today

Bakkt Holdings, a digital asset company which was founded in 2018, is preparing to go public after completing a merger with VPC Impact Acquisition Holdings, a special purpose acquisition company. 

The merger, Bakkt Holdings Inc., will have its Class A common stock shares and warrants begin trading on the New York Stock Exchange (NYSE) under the ticker symbols “BKKT” and “BKKT WS.” 

Bakkt’s shares will begin trading today, Monday, October 18th, 2021. Following the announcement,  Gavin Michael, CEO of Bakkt, had this to say:

"We expect our platform will continue to redefine the digital asset marketplace in which it operates, and we are excited for the opportunity to accelerate our innovation, growth and scale as a public company."

Flipsider:

  • Digital assets have been long criticized for being too volatile, and concerns of over inflation have been raised as Bitcoin nears its ATH

Why You Should Care

The merger with VPC Impact Acquisition Holdings will give Bakkt the necessary capital to continue innovating and providing digital asset services.

Steam Bans All Games Featuring Crypto and NFT

While crypto adoption increases, the company behind Steam, the Valve Corporation, has updated its content rules and guidelines for studio partners, and has taken the decision of outlawing crypto-related products.

Following the ban, all games and applications that involve minting or trading cryptos, or non-fungible tokens, are no longer allowed on Steam. 

The new guidelines disallow programs “built on blockchain technology that issue or allow exchange of cryptocurrencies or NFTs.” However, developers can still publish games on Steam that are built on crypto, but not connected with crypto or NFTs.

In reaction to the news, the developers of Age of Rust announced that it had been kicked off Steam with very little warning. In September, Steam removed Light Nite, a “play to earn” multiplayer third-person shooter that rewarded in-game victories with tiny amounts of bitcoin.

Flipsider:

Why You Should Care

The decision by Valve to ban crypto affiliated games comes at a time when platforms in general are embracing crypto.

Elon Musk Sparks Another Shiba Rally

For the second time this month, Twitter CEO and crypto enthusiast Elon Musk has sparked another bull run for memecoin Shiba Inu. Shiba Inu, enjoyed a major pump after Musk tweeted a picture of his pet Shiba, Floki.

On October 17th, the Tesla CEO posted a text art image of the Japanese dog Shiba Inu with a rocket ship — which is slang in the crypto world for “to the moon.”

Since the Tweet, Shiba has gained more than 10%, with daily trading volume more than doubling. At the time of this writing, SHIB is currently trading at $0.00002726

The five day price chart for Shiba Inu (SHIB). Source: Tradingview

Flipsider:

  • While SHIB continues to explode, many influential figures believe that the meme coin has no true value.

Why You Should Care

Elon Musk’s influence over the crypto space keeps increasing, directly affecting the price of Bitcoin, Dogecoin, and now Shiba Inu.

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