Main topic: Updates and developments in the digital asset space, including bitcoin spot ETFs and fundraising news.
Key points:
1. Bitcoin spot ETFs are gaining attention, with Europe's first bitcoin spot ETF being listed and the U.S. SEC delaying deadlines for applications.
2. Fundraising news includes BitGo raising $100 million, ZetaChain raising $27 million, ZTX raising $13 million, Dinari raising $7.5 million, and HypeLab raising $4 million.
3. Other articles of interest cover the strong tech jobs market, the potential of the creator economy, the recovery of the pre-seed market, and the need for alignment of product-market fit metrics with company values.
Hint on Elon Musk: The article does not mention Elon Musk.
Global investment giant BlackRock has positioned itself to benefit from the growing importance of digital assets, including Bitcoin, through its substantial stake in MicroStrategy, indicating a new phase of institutional adoption in the cryptocurrency market.
Head of Research at FS Insight, Tom Lee, predicts that Bitcoin's network value and scarcity could push its price over $200,000, while other experts, including Ark Invest CEO Cathie Wood, also foresee significant growth for the cryptocurrency. Lee highlights Bitcoin's resilience and regulatory scrutiny as well as interest from traditional financial giants such as BlackRock and Citadel.
BlackRock, a major asset manager, is accused of deliberately driving down the price of Bitcoin in order to establish a better buying position for their Spot Bitcoin Exchange-Traded Fund (ETF) if it is approved, according to analyst Crypto Rover. This highlights the influence of big players in the market and reminds retail investors to be more analytical.
Bitcoin is predicted to reach $22,000 due to worsening investor sentiment and the impact of lawsuits against Binance and Coinbase, while BitMEX co-founder Arthur Hayes claims the bull market began in March.
Binance has seen the departure of 10 key executives, Nasdaq has received approval to trade AI-based orders, former FTX CEO Sam Bankman-Fried's bail has been denied, and Grayscale has asked the SEC to discuss the conversion of its Bitcoin fund to an ETF; Bitcoin is at $25,871, Ether is at $1,635, and XRP is at $0.50.
MicroStrategy's Executive Chairman, Michael Saylor, believes that bitcoin will replace gold and reach a price of $5 million per coin through three factors: the approval of a spot bitcoin ETF, a change to fair value accounting for bitcoin balance sheet holdings, and increased prevalence of bank custody and collateralized lending.
Bitcoin holds above $27,000 as U.S. rates traders predict that the Federal Reserve will maintain borrowing costs, Solana's SOL and ether experience slight gains, FTX sues founder's parents for fraudulent transfers and misappropriated funds, and a new $60 million fund called Oak Grove Ventures focuses on Web3, AI, and biotech.
Software developer MicroStrategy has purchased nearly $150 million worth of bitcoin between August and September, bringing its total holdings to approximately 158,245 BTC.
The crypto fund management business could see assets of up to $650 billion in five years due to the expected launch of spot-based bitcoin ETFs, according to a research report by broker Bernstein.
Political pressure is causing delays in the approval of a Bitcoin spot ETF, but CEO of BitGo, Mike Belshe, remains optimistic that Bitcoin's price will reach its record high of $69,000 within the next 18 months.
BitMEX co-founder Arthur Hayes predicts that Bitcoin will reach $750,000 to $1 million by 2026, but warns of a financial crisis on par with the Great Depression following the bull market.
The demand for Bitcoin as a digital store of value, combined with its potential approval for a US-listed spot ETF, could result in a significant rally and inflows of $20-$30 billion, according to a report by Matrixport.
Inflows to digital asset investment funds reached $78 million, with Bitcoin investment funds receiving the highest proportion at $43 million, while Bitcoin trading volumes increased by 16% in the past week. Additionally, the launch of the Ethereum futures ETF in the US saw under $10 million in investments during the first week, indicating muted investor interest. Deribit, a crypto options exchange, plans to offer options tied to alternative cryptocurrencies XRP, SOL, and MATIC, and FTX founder Sam Bankman-Fried's defense against US Department of Justice charges may be prohibited from mentioning Anthropic's recent fundraising efforts.
Anthony Scaramucci, founder of SkyBridge Capital, believes that Bitcoin could be a hedge against inflation and is optimistic about its potential price surge, suggesting that if Bitcoin ETFs allocate $100 billion to the cryptocurrency, its price could reach $150,000 to $250,000.
