Bitcoin Breaks Out

Weekly Wrap: 16th October - 23rd October

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When I began compiling this week's newsletter, Bitcoin was sat at just over $31k and we're now sitting at $34.5k. I think it's fair to say the bulls are back in the room!

There is definitely a lot of excitement about the potential for a Bitcoin Spot ETF on the timeline. Some developments suggest things are moving along behind the scenes.

However, Bitcoin isn't the only crypto to see a boost. In fact, both $LINK and $SOLANA are up by about 37% on the week and have outpaced much of the market crypto with no obvious catalyst beyond price action.

Not wanting to be left out of the action, there has also been a bounce in NFT volume and floor prices across several collections. This has likely been helped by the new Flooring Protocol which has been locking up liquidity on a few collections.

With excitement building across the market, it seems that the Uptober effect is in full swing.

Onwards...

- @nuconomist

All Spot Bitcoin ETF Applications May be Approved Together - CoinDesk

It seems that industry experts expect that if a Bitcoin ETF is approved, then the SEC is likely to approve all of the current applications in one go. This would prevent any one of the actors from gaining an unfair first mover advantage.

BlackRock Preps for Bitcoin ETF Launch, Lines up Seed Investor and Reveals Ticker - Decrypt

Some clear signs that a BlackRock ETF could be close to launching today as it receives a ticker "IBTC" and details are revealed that suggest a seed investment to get it live.

First Uniswap Token HayCoin Jumps to $3M Per Token - CoinDesk

It looks like memecoins are still in fashion, with speculation picking up last week on a token originally used for testing by the UniSwap founder. As his holdings grew to an implied valuation in the billions, he decided to burn his entire holdings to cool things off. This had the unusual effect of bumping the remaining coins up to a valuation of over $3 million per token. The only catch, there are only 4.4 tokens on the market.

NFT Market Cap (ETH): Ξ 5.3 Million 🔼 | $9.10 Billion (-0.01%)

Weekly NFT Volume (ETH): 39000 🔼 +29.19%

Weekly NFT Traders: 50754 🔼 +15.41%

Weekly NFT Loan Volume (USD): $69.3 Million 🔼 +10.61%

Weekly NFT Deposited as Collateral: 3640 🔼 +0.47%

Bored Ape Yacht Club: Floor: 26.99 ETH | Volume: 13k ETH 🔼

Open Metaverse Alliance Seeks Universal Standard for Creator Royalties - NFT NOW

Royalties were one of the big benefits presented when NFTs were gaining traction in 2020/2021. But over the last year or so there has been a massive decline in royalties being observed by major marketplaces. The Open Metaverse Alliance (OMA3) is now putting together a task-force to develop a standardised approach to protect and enforce royalties at an industry wide level.

Inaugural Bitcoin Ordinals Trading Fund Attracts Institutional Interest - Bitcoin Magazine

While fund managers have been exploring the world of Ethereum NFTs for a while now, the Unbroken Chain fund has recently launched to invest specifically in "Ordinals-related assets". This signals a growing interest in the market for NFTs o wn Bitcoin as we move out of Bitcoin winter.

France's New NFT Gaming Law: A Potential Model for the US? - NFT Now

France is introducing a new law that covers games which reward users with “Exchangeable In-Game Items.”. It has provisions on protecting minors, KYC and preventing social media influencers under certain circumstances. If successful, it is possible that this could be used as a model for regulating the NFT market overseas as well.

With some bullish price action kicking off, it is a good time to remember that profits aren't profits until they are secured. I definitely ignored a few warning signs towards the end of the last bull run and ended up a lot lower than I would have liked. I know I'm not alone in that...

It is great seeing big numbers on the screen but when everything feels like it is up only, it can be hard to pull some out, especially with others sharing their wins daily. If an amount is life changing to you, try not to lose it going all in :)

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