Point Roberts, WA and Delta, BC – October 19, 2021 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.
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Crypto Corner Podcast 697: Stocks discussed: (NasdaqGS: FB) (NasdaqGS: COIN)
Stocks discussed: (NasdaqGS:FB) (NasdaqGS:COIN)
For today’s edition of Crypto Corner, we have featured the following excerpt from commentary written by Tim Frost, CEO of YIELD App, from October 18. YIELD App provides an innovative digital asset wealth management platform that bridges traditional and decentralized finance in the easiest way possible. For more info on YIELD App, check out www.yield.app
Bitcoin [BTC] is holding above $60k following the signaled approval of a futures ETF from ProShares, but whether it touches the fabled $100k this year will depend on the next few days. If it can hold $60k and even push through the all-time high of $64,804 achieved in April this week, we may see a big Christmas present for Bitcoin investors.
With the ETF approval assumed by many to be locked in already, price speculation amongst crypto and traditional investors alike has seen some astronomical price targets. If we turn to historical data points, the approval of the first Gold-based ETF in 2004 preceded an unprecedented rally in the underlying commodity, topping out at a 5x increase in price. Comparative performance in Bitcoin could see the asset rocket past the $300,000 level.
Approval of the ProShares ETF would no doubt open the flood gates to the listing of outstanding Bitcoin ETFs awaiting approval in the backlog. A total of 19 other institutions are on the roadmap to get the nod forward, including big names such as Galaxy Digital, Valkyrie, and VanEck, who have expressed a desire to enter the race with their own product offering.
Cointelegraph reports that Facebook (NasdaqGS:FB), along with Coinbase (NasdaqGS:COIN) and Paxos, began the pilot testing phase for its forthcoming Novi digital wallet project in the United States and Guatemala today. This allows for “a small cohort of users in both countries,” to download the wallet’s app on iPhone or Android devices “and add money to their accounts with a debit card,” whereupon they can “send and receive money using Pax Dollar (USDP), a dollar-backed stablecoin issued by blockchain trust company Paxos.” Coinbase, which manages $180 billion in assets, will custody customers’ funds. Facebook “intends to launch Novi along with its Diem payment network once regulatory approval is granted.”
Sam Mowers, Investorideas
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