Bakkt shares skyrocket after partnering with Mastercard and Fiserv
One week in review:
Oct. 24–30 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Bakkt shares skyrocket after partnering with Mastercard and Fiserv | | | On Monday, the share price of the Intercontinental Exchange-backed crypto services company Bakkt (BKKT) surged 120% on the back of two major partnerships with Mastercard and Fiserv. | | | Both partnerships were announced on Monday, with the Mastercard deal enabling Bakkt's U.S. customers to buy, sell and hold crypto assets via custodial wallets. Meanwhile, the strategic collaboration with global payment provider Fiserv gives Bakkt the chance to offer merchant-facing digital asset services. | | | The news sparked a bullish rally that saw BKKT surge by 120% to sit at $30.60 by the end of trading on Monday. | | #2. GBTC delivered better returns than Bitcoin ETFs last week | | | While there has been a lot of hype surrounding the long-awaited launch of the first U.S. Bitcoin ETFs, Grayscale's executives highlighted that the Grayscale Bitcoin Trust (GBTC) actually outperformed them last week. | | | Over a seven-day period starting from Oct. 19, the industry stalwart GBTC returned around 8.8%, while the new and shiny ProShares Bitcoin Strategy ETF dipped around 0.5%. | | | Despite Grayscale outlining plans to convert GBTC into an ETF, Barry Silbert, CEO of Grayscale's parent company Digital Currency Group, was still keen to rub salt in the wound, as he highlighted GBTC's higher trading volumes compared to BITO. As of Monday, GBTC's volume totaled $374 million, while BITO managed to generate $286 million. | | #3. NFL quarterback Tom Brady gives fan 1 BTC for his historic 600th-touchdown-pass ball | | | Superstar NFL quarterback Tom Brady almost lost the ball he threw for his record 600th touchdown pass this week after wide receiver Mike Evans mistakenly handed it off to a fan after scoring. | | | Evans apparently did not realize that it was the quarterback's record pass at the time. However, Brady revealed after the game on Monday that he offered the fan 1 BTC as thanks for handing it back quickly. | | | The Tampa Bay Buccaneers also agreed to give the fan two signed team jerseys, a helmet with Brady's autograph, Mike Evans game cleats as well as a jersey signed by the wide receiver, season tickets for the rest of the year and through 2022, as well as a $1,000 credit towards purchases at the team's store. Many onlookers have complained that it was a weak offer, as the ball could have sold for a much higher value via auction. | | #4. Prediction of the week. Bitcoin price dip matches October 2017 with BTC 'explosion' still forecast before 2022 | | | Bitcoin's price sustained a bit of turbulence this week, trading above $63,000 before falling down to around $58,000, based on data from Cointelegraph's BTC price index. Following the dip, Bitcoin's price rallied back up past $62,000. | | | Zooming out on a longer time horizon than just this week reveals similarities in price action between 2021 and 2017 (one of the crypto market's notable bull runs) according to charting from Twitter user Smart Crypto. The Twitter personality posted a tweet showing two charts side by side — one from 2017 and one from 2021. | | | Both charts showed Bitcoin's price action from July until the end of the year. The charts look as if 2021 rhymes with 2017 in terms of Bitcoin's price action. If BTC's chart continues playing out similarly to 2017, the asset could be in for a notable rise in value ahead. Smart Crypto's tweet was seemingly based on analysis from Twitter user TechDev. | | #5. FUD of the week. CFTC reportedly investigating decentralized prediction platform Polymarket | | | Earlier this week it was reported that the Commodity Futures Trading Commission (CFTC) was investigating Polymarket, a New York-based decentralized prediction market platform. | | | The news was first reported by Bloomberg, citing anonymous sources who claimed that the CFTC was looking to gauge whether the firm was enabling customers to trade binary options and conduct swaps that should be registered with the financial regulatory agency. | | | "Polymarket is firmly committed to complying with applicable laws and regulations and to providing information to regulators that will assist them with any inquiry," a spokesperson from Polymarket said. | | #6. FUD of the week. SEC reportedly knocks back Valkyrie's leveraged Bitcoin ETF | | | It was reported on Thursday that the U.S. Securities and Exchange Commission (SEC) had knocked back two Bitcoin exchange-traded fund ETF applications from Valkyrie and Direxion. | | | On Tuesday, Direxion filed for a product that would enable investors to buy contracts that short the price of BTC, while Valkyrie applied for a leveraged BTC futures ETF the following day. | | | As many onlookers have pointed out, the SEC appears to specifically favor Bitcoin ETFs that offer direct exposure to futures contracts, as opposed to funds that are directly backed by the asset, or ones that are leverage-based and shorting-focused in this instance. | | | Feel free to explore the most important news with Hodler's Digest: | | | |
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