The big dogs ruled the week, with everything coming from the top. Innovation at all stages continued to flow. The bad guys got a lot of heat from regulators and law enforcement.
The headlines:
- The SEC approved Bitcoin ETF options trading across the board;
- Grayscale wants to go all out in the ETF game;
- We may not have heard the end of Stripe’s blooming romance with stablecoins;
- What do convenience stores have to do with crypto ATMs? (read on to find out);
- Plus, even the Feds “really like” stablecoins! (more on that later);
- And much more!
As always, these are your decentralized diaries!
Bitcoin is at $67k
The bulls are in for Bitcoin, with prices hitting a $69,462.74 high from a $64,809.20 low. Prices are currently at $67,992.61 (as of 10/21/24).
The altcoins are (similarly) set to explode. Ethereum (ETH) is at $2,688.82, Solana (SOL) is at $165.02, Avalanche (AVAX) is at $28.10, Chainlink (LINK) at $11.70, and Polkadot (DOT) at $4.43.
The SEC Approved Listed Bitcoin ETF Options
According to two October 18 SEC memos, NYSE-listed Bitcoin ETFs can (now) have options. They include the Bitwise Bitcoin ETF (BITB), the Grayscale Bitcoin Trust (GBTC), and the Grayscale Bitcoin Mini Trust (BTC).
Similarly, the regulator approved options trading for Cboe’s listed Bitcoin ETFs. They (also) include the ARK 21Shares Bitcoin ETF (ARKB) and the Fidelity Wise Origin Bitcoin Fund (FBTC).
Grayscale Could Add a Multi Crypto ETF
Crypto asset manager Grayscale (reportedly) seeks to add to its crypto ETF portfolio. According to an October 15 NYSE filing and pending regulatory approval, the Grayscale Digital Large Cap Fund could soon become an ETF.
The Grayscale Digital Large Cap Fund (currently) covers five tokens. They include Bitcoin (BTC), Ether (ETH), Avalanche (AVAX), Solana (SOL) and Ripple (XRP).
Stripe May Soon Buy the Bridge Stablecoin Platform
According to an October 17 Bloomberg report, Stripe is (allegedly) in talks with stablecoin infrastructure firm Bridge about a (potential) acquisition. The $1 billion deal remains unconfirmed by the duo.
DTCC Introduced a Tokenization Sandbox
Trade ecosystem firm DTCC pushed the tokenization game further with the launch of DTCC Digital Launchpad. This platform allows for the interaction of several assets, including digital and regular real-world assets (RWA).
Moreover, DTCC aims to bring together critical players to initiate and execute pilots that could foster innovation.
A Fed Official Touted Stablecoin Benefits to the Financial System
Federal Reserve Governor Christopher Waller offered a positive perspective on the emergence of stablecoins and the role they (could) play in the American financial ecosystem. At an October 18 event (at the Institute of Advanced Studies), Waller highlighted the advantages of stablecoins.
They include cost reduction and vertical payment integrations. Additionally, Waller indicated that with the appropriate restrictions, stablecoins (could) have “safe asset” status, especially within new trading ecosystems.
American Stablecoin Adoption is Dropping-Chainalysis
In related news, the United States may not have fast stablecoin adoption rates. According to an October 17 Chainalysis report, stablecoin transactions on American-regulated crypto exchanges fell over 10% YoY.
Furthermore, the report showed that US stablecoin activity fell from 50% in 2023 to below 40% market share in 2024. The report also hinted at the rising use of dollar-backed stablecoins in other jurisdictions as a sign of confidence in the greenback.
Ripple Unveiled Its Stablecoin Partners
Following its recent string of successes, Ripple Labs took things up a notch by naming its partners per its RLUSD stablecoin rollout. They include CoinMENA, MoonPay, Independent Reserve, Bitso, Bullish, Uphold and Bitstamp.
Trading firms B2C2 and Keyrock will (expectedly) be the market makers for the new stablecoin. Ripple is waiting for regulatory approval from the New York Department of Financial Services (NYDFS) before the RLUSD goes live.
The FBI Arrested the January Fake Bitcoin ETF Poster
Surprisingly, the expectations of Alabama native Eric Council Jr. are going in the opposite direction. The FBI indicted Council and charged him with access device fraud and conspiracy to commit identity theft.
The charges are not unconnected with the January 2024 hack of the SEC Twitter/X account when Council (allegedly) posted fake news of Bitcoin ETF approvals.
Similarly, crypto and real-life crimes overlapped in a plot twist. The Feds alleged that Jeandiel Serrano, 21, and Malone Lam, 20, stole $230 million in Bitcoin.
On a darker note, the indictment connected the theft with the August 25 kidnapping of a Connecticut couple whose son (reportedly) has a crypto stash.
Coinflip is Expanding its Bitcoin ATM Footprint Across America
Bitcoin ATM usage will continue to rise. This time, convenience stores will have a taste of crypto. On October 17, crypto ATM operator Coinflip revealed its collaboration with convenience store chain Yesway.
Consequently, across the U.S., crypto ATMs are coming to Yesway’s and Allsup’s 45 stores in the Midwest and Southwest. The states include Iowa, South Dakota, Texas, Wyoming and New Mexico.
Solv Introduced Bitcoin Staking to Solana
Crosschain interactions continued to expand. Bitcoin staking specialist Solv introduced “SolvBTC.JUP”, a token on the Solana-based Jupiter Exchange. The pilot token provides stakers with Bitcoin yields and is available to institutional clients (for now).
Bitcoin-Related Google Searches Are Near a Four-Year Low
Interestingly, despite the recent Bitcoin price recovery, queries on the world’s largest search engine haven’t been impressive. According to Google Trends, searches declined from a May 16-22, 2021 high (at 100 points) to 17 points on October 13-19, 2024.
Searches were at 12 points on October 11-17, 2020.
