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


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

Digest

  • (BTC) New All-Time High. Valkyrie Sets Up the Second Bitcoin ETF
  • To Close on ATH and to Reach $100 Billion, Crosses $4200
  • Giant Pimco is Investing in Crypto Space
  • AMC Theatres Might Issue Their Own Cryptocurrency

Bitcoin (BTC/USD) Hits a New All Time High. Valkyrie is Preparing for the Launch of the Second Bitcoin ETF

According to the crypto community, BTC has seen a sharp drop in price since the debut of the Bitcoin futures ETF. Jumping by more than 5% after ProShares’ Bitcoin ETF went live on NYSE, Bitcoin set a new high at $66,930.

A five-day chart showing the price of Bitcoin (BTC) Source: Tradingview

Bitcoin is currently trading at $66,329 and the crypto world expects further gains in the days ahead. Valkyrie will launch the second U.S. Bitcoin Exchange Tradeable Fund (ETF) in the same week that ProShares received the first.

A spokesperson for Valkyrie revealed that the ETF would launch Friday, 22 October.

“The Valkyrie Bitcoin Strategy fund will begin trading on the Nasdaq exchange on Friday. The company originally intended to trade on the Nasdaq exchange under ticker BTFD, but it changed to 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

After the Bitcoin ETF launched, the initial Bitcoin ETF sent the Bitcoin price above $66k. The second ETF could potentially see Bitcoin cross $70,000.

Ethereum Crosses 4300 and closes in at ATH, Total Valuation in DeFi Exceeds $100 Billion

Ethereum has seen the excitement over Bitcoin surpass its ATH, pushing it past $4,300. ETH gained more than 10% within 24 hours and has now reached a 6-month high at $4,361.

The price of ETH was at $4,228 as of the writing of this article. There has been increased activity within the ecosystem as well. The daily trading volume for ETH shot up to a 30 day high with 25 billion ETH being traded in just 24 hours.

This is the five-day Ethereum price chart (ETH) Tradingview

A product from its blockchain, called DeFi, has seen its price rise as well. With the cryptocurrency industry pumping, assets used in decentralized financial sector surpassed $100 Billion for the first-time.

Over the past 90 days, DeFi has locked up a total of $2.5 billion in projects. Source: DeFi pulse

On October 21, the DeFi sector’s value reached a new record of $104.15 trillion. AAVE Multichain Protocol is the most valuable DeFi project at $17.78 Billion, followed by DAO Maker with $15.9 Billion.

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

Recent price pumps are a sign of DeFi’s continued growth. DeFi’s total value in January was $25 billion. That is 76% more than what it is now.

Giant Pimco is Investing in Crypto Space

Pimco is a $2 trillion-investment firm that has been looking to expand its exposure to digital currencies. This fixed-income titan currently manages more than $2.2 billion in assets.

Pimco previously tried to trade cryptocurrencies through crypto-linked securities. The investment company has revealed it’s looking into trading specific cryptocurrencies.

Pimco chief investment officer Daniel Ivascyn said that they plan to gradually increase their exposure to cryptocurrency. This move is part of its “trend-following strategies or quant-oriented strategies.”

Institutions have been investing in cryptocurrencies since 2021. A Nickel Digital Asset Management survey found that 62% of institutional investors worldwide with no crypto exposure expect to invest their first time within the next 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 Might Issue Their Own Cryptocurrency

Adam Aron is the chief executive officer of American movie theater chain AMC. He suggested that AMC entertainment might explore crypto-related topics by starting its own cryptocurrency. AMC started accepting Bitcoin in the past month and then later added.

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.”

AMC could also issue crypto and be successful in redeeming it, he said. Aron added that AMC is considering issuing cryptocurrency.

Flipsider

  • Companies have had to deal with regulators, (NASDAQ:Telegram, Kik, & Kik will issue cryptocurrency

Why you should care

AMC is an interesting company to watch in the final quarter of 2018, as it intends to add Ethereum and other cryptos to its accepted list before the year ends.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.