Traders and analysts are attributing the recent bitcoin rally in part to institutional inflows, as established players expect the SEC to approve the first...
Hi, there: Welcome to an update of the most important moves and news in crypto and what’s on the near-term horizon in digital assets. I’m Frances Yue, crypto reporter at MarketWatch, and for the next three weeks, from Oct. 10-24, we’ll be publishing Need to Know Crypto Edition as a prelude to a new weekly crypto newsletter “Distributed Ledger,” which will kick off in November.
Ethereum ETHUSD, +0.69% also recorded a 9.7% weekly gain as of Friday, while dogecoin DOGEUSD, -3.08% rose 13% over the week. SEC Chairman Gary Gensler recently reiterated his support for a bitcoin-backed futures ETF, which would invest in bitcoin-based futures contracts instead of the crypto itself. The SEC hasn’t yet approved any bitcoin-backed ETFs or those underpinned by bitcoin derivatives.
“The setup for a short squeeze had been primed this week as bears shorted $50K resistance,” NYDIG, a financial service firm that focuses on bitcoin, wrote in a report on Wednesday. Dan Morehead, CEO of asset manager Pantera Capital, warned that the “buy the rumor, sell the news” pattern may apply if the SEC approves a bitcoin-backed futures ETF.
Crypto brief Bloomberg Businessweek published a cover story this week about the mystery around the $69 billion assets of Tether, the world’s largest stablecoin issuer. With exponential growth in recent years, Tether has drawn increasing scrutiny from the regulators and some investors. Its stablecoin USDT is pegged 1:1 to the U.S. dollars.
The Tether representative wrote to MarketWatch that “we have a select, small group of customers that borrow USDTs in exchange for posting security. These loans are secured by collateral in Tether’s possession of well in excess of 100% of the loan proceeds and earn monthly interest for Tether.”
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