Crypto Flipsider News – Bitcoin & Ethereum Hit ATHs, DeFi Reaches $100B, Pimco Goes Into Crypto, AMC to Create Its Own Coin

Read in the Digest

• Bitcoin (BTC) Sets New All-Time High, Valkyrie Prepares to Launch the Second Bitcoin ETF
• Ethereum Crosses $4,200 to Close in on ATH, Total Value Locked in DeFi Surpasses $100 Billion
• Investing Giant Pimco Is Venturing into the Crypto Space
• AMC Theatres Could Issue Its Own Cryptocurrency

Bitcoin (BTC) Sets New All-Time High, Valkyrie Prepares to Launch the Second Bitcoin ETF

As the crypto community predicted, the launch of the first Bitcoin futures ETF has helped the price of BTC shatter its all-time high. Jumping by more than 5% after ProShares’ Bitcoin ETF went live on NYSE, Bitcoin set a new high at $66,930.

The five-day price chart of Bitcoin (BTC). Source: Tradingview

While Bitcoin currently trades at $66,329, the crypto community is anticipating more gains in the coming days. Valkyrie is preparing to launch the second U.S. Bitcoin ETF in the same week the crypto space received its first from ProShares.

Revealing that the ETF will launch on Friday, October 22, a spokesperson from Valkyrie said:

“The Valkyrie Bitcoin Strategy fund will begin trading on the Nasdaq exchange on Friday. The firm planned to trade under the ticker BTFD but changed back to the originally planned BTF."

Flipsider:

• While Bitcoin has just set a new ATH, experts believe this is the “least ideal” time to acquire the digital asset

Why You Should Care

With the first Bitcoin ETF sending the price of Bitcoin past $66k, we could possibly see Bitcoin crossing $70,000 after the second ETF launches.

Ethereum Crosses $4,300 and Closes in on ATH, Total Value Locked in DeFi Surpasses $100 Billion

The excitement that sent Bitcoin past its ATH has also engulfed Ethereum, sending the price of ETH past $4,300. Gaining more than 10% in 24 hours, ETH has set a new 6-month high of $4,361.

At the time of this writing, the price of ETH had settled at $4,228. There is also increased activity in the ecosystem, as the daily trade volume of ETH also shot up to a 30-day high, with $25 billion in ETH traded in 24 hours.

The five-day price chart of Ethereum (ETH). Source: Tradingview

As the price of Ethereum erupts, so has a product of its blockchain, DeFi. As the crypto industry pumped, the value of assets used in the decentralized finance sector crossed $100 billion for the first time.

The total value locked in DeFi projects over the last 90 days. Source: DeFi pulse

The value of the DeFi sector now (October 21) stands at a record high of $104.15 billion. The multichain protocol, AAVE, is the largest DeFi project with $17.78 billion locked, while DAO Maker follows with $15.9 billion.

Get The News You Want

Read market moving news with a personalized feed of stocks you care about.

Get The App

Flipsider:

• While the crypto market cap has hit a new ATH, the world’s second-largest crypto project, ETH, failed to eclipse its May 12 high of $4,362

Why You Should Care

The recent price pump just highlights the growth of the DeFi sector. In January, the total value locked in DeFi was $25 billion, 76% less than it is today.

Investing Giant Pimco Is Venturing into the Crypto Space

Pimco, a $2 trillion investment firm, is considering a move to increase its exposure to digital currencies. The fixed-income giant currently has over $2.2 trillion in assets under management.

Pimco has previously dabbled in cryptocurrencies via crypto-linked securities. However, the investment firm has now revealed that it is looking at potentially trading certain cryptocurrencies.

According to Daniel Ivascyn, the chief investment officer of Pimco, the firm plans to gradually increase its exposure to cryptocurrencies. This move is part of its “trend-following strategies or quant-oriented strategies.”

2021 has seen institutions pile investment into cryptocurrencies. According to a Nickel Digital Asset Management survey, 62% of global institutional investors with zero crypto exposure plan to make their first investments within 12 months.

Flipsider:

• Investment banker Jamie Dimon believes that regulators will “regulate the hell out of” cryptos

Why You Should Care

Pimco’s venture into crypto shows increasing adoption amongst institutional asset managers who have been rather slow to embrace cryptocurrencies.

AMC Theatres Could Issue Its Own Cryptocurrency

The chief executive of the American movie theatre chain, Adam Aron, has hinted at AMC entertainment delving deeper into the crypto space by launching its own crypto. In the last month, AMC began accepting Bitcoin and later Dogecoin.

In an interview, AMC CEO Adam Aron stated that the multinational entertainment giant has “made a lot of noise about getting hyperactive in cryptocurrency in the last few months.”

He also added that AMC could become an issuer of cryptocurrency and also become a successful redeemer of cryptocurrency. In addition, Aron noted that issuing crypto is one of the ideas that AMC is working towards.

Flipsider:

• Regulators have made it difficult for companies including Facebook (NASDAQ:FB), Kik, and Telegram to issue a cryptocurrency

Why You Should Care

AMC is one of the more interesting companies to keep an eye on in the last quarter of the year, as it plans to add Ethereum, Litecoin, and Bitcoin Cash to its list of accepted cryptos before the end of the year.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin