The Digest

• Grayscale to convert fund into spot ETF & ProShares ETF could Launch this week.
• New record global crypto market cap, Bitcoin closes to ATH
• Bakkt shares will trade today on NYSE as Bakkt plans to become public.
• Steam banning all crypto- and NFT games
• Elon Musk ignites another Shiba rally

Grayscale Could Convert Bitcoin Fund to Spot ETF + PROShares ETF This Week

Grayscale, a global digital currency investor and crypto asset management company has indicated that it will file an application to the SEC for its bitcoin fund to be converted into a spot ETF.

Grayscale, which is currently on the list of companies waiting to be approved by the SEC for bitcoin futures ETFs (BTC Futures ETFs), could soon change its mind. Grayscale would issue a spot Bitcoin ETF. This is in contrast to Bitcoin futures ETFs. It will be fully backed by Bitcoin with no derivatives.

A long-awaited Bitcoin ETF could soon be made available to the crypto community. ProShares may be the first company to offer bitcoin ETFs after an amendment was filed by the fund provider.

ProShares’ amended filing carries all of the characteristics that a regulatory filing should, setting the stage for the launch of the 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

• Analysts believe it will cause an increase in Bitcoin’s price, even though the cryptocurrency community is still waiting for the first Bitcoin ETF.

Why you should care

For a while, anticipation was building for Bitcoin futures ETF approval. It could prove to be an important milestone for the industry.

Global Crypto Market Cap hits a New All-Time Record, Bitcoin Closes to ATH

After a remarkable month on the market and an incredible week of rallies, total cryptocurrency market capitalization has hit a new record. The crypto market capitalization reached $2.6 trillion on October 18.

The new ATH signifies that cryptocurrencies have a higher market value than Apple (NASDAQ:), with a market cap of $2.55 trillion as at this writing.

Market cap for all cryptocurrencies. Source: Coingecko

Among the top-performing cryptos is the industry’s flagship asset: Bitcoin. Bitcoin prices have risen by more than 7% over the past 5 days. They now stand at $62,614.

This represents the high point Bitcoin traded in the past 6 months. Bitcoin currently trades at $61,172. Bitcoin continues to be the biggest cryptocurrency and has a market value of $1.153 billion.

Bitcoin’s dominance in the cryptocurrency industry.

Flipsider

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

Why you should care

It is clear that cryptocurrency’s total market capitalization is larger than the global largest companies, indicating that it is growing.

Bakkt Sets Up to Go Public. BKKT Shares Will Trade on NYSE Today

Bakkt Holdings was founded in 2018. It is now preparing for public listing after merging with VPC Impact Acquisition Holdings. This special purpose acquisition firm, will be acquired by Bakkt Holdings.

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. Gavin Michael (CEO of Bakkt) had the following to say after the announcement:

We expect that our platform will redefine digital asset market, which is why we’re excited to be able to increase our innovation, growth, and scale publicly.

Flipsider

• The volatility of digital assets has been criticized long ago. As Bitcoin nears its ATH, concerns about inflation are raised.

Why you should care

Bakkt’s merger with VPC Impact Acquisition Holdings gives Bakkt sufficient capital to keep innovating, providing digital asset service.

Steam Bans All Games That Use Crypto or NFT

Despite crypto adoption increasing, Valve Corporation, which is behind Steam, has updated its content and guidelines to studio partners. They have also taken the decision not to allow crypto-related products.

The ban has been lifted from Steam for all applications and games that use cryptos to trade or create them.

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.

Age of Rust’s developers responded to the news by announcing that they had removed it from Steam. 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

• Global payment platform for Bitcoin was banned three years ago. Stripe announced the creation of a crypto-team

Why you should care

Valve has decided to ban cryptocurrency-related games at a moment when many platforms are adopting crypto.

Elon Musk sparks another Shiba Rally

Elon Musk, the CEO of Twitter (NYSE) and a crypto enthusiast has ignited a second bull run for memcoin. After Musk posted a photo of his Shiba Iu, Floki, on Twitter, Shiba Inu received a significant boost.

On October 17th, the Tesla (NASDAQ:) 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.”

(_/)( •_•)/ >

— Elon Musk (@elonmusk) October 17, 2021

Shiba saw a more than 10% increase in daily trading since that tweet. SHIB trades at 0.00002726 as of the writing.

This is the five-day price chart for Shiba Inu. Source: Tradingview

Flipsider

• The popularity of SHIB is continuing to grow, but many prominent figures think that meme coins have no real value.

Why you should care

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

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