In today’s bitcoin and cryptocurrency news, discover about Cryptocurrency since the beginning of June, the price of bitcoin has been fluctuating within a tight band, staying between $19,000 and $20,000. Meanwhile, shortly after the start of APT trading tonight, both Binance and FTX plan to provide perpetual futures contracts, which allow investors to gamble against an asset’s price. On the other hand, Bitcoin, digital currencies, and crypto-correlated stocks have had a rough year, and while the near-term prognosis is mixed, with some cautious optimism and the anticipation that the “crypto winter” would continue. Lastly, the rapidly digitalized world of trade may one day include bitcoin (BTC) and crypto, according to John Mack, a former CEO of Morgan Stanley, a prominent US-based investment bank; and many of us may live to see it.
The Price of Bitcoin, Ether, Uniswap, and Other Cryptocurrencies All Rose Today
Original Source: Bitcoin, ether, Uniswap, other crypto prices today surge. Check latest rates
Bitcoin prices surged Monday, with the world’s largest and most popular digital asset trading 1% higher at $19,501. After reaching an all-time high of approximately $69,000 in November 2017, Bitcoin’s price has been trading around $20,000 since June.
Ether, the token linked to the ethereum blockchain and the second largest cryptocurrency, also surged by more than 2% to $1,329. Dogecoin price today was almost 1% higher at $0.05, while Shiba Inu was up 1.3% to $0.000010.
“Bitcoin and Ethereum increased nearly 2% and 3% in the past 24 hours. BTC has risen above $19,000, indicating more buyers in the market. BTC is currently trading above $19,500. The next resistance could be at $19,647. If bulls breach resistance, BTC might reach $20,000 Ethereum, the second largest cryptocurrency, is also trading in line with Bitcoin. If purchasers can hold the initiative, ETH may rise to $1,360 and $1,380 soon “Edul Patel, CEO and Co-founder, Mudrex- A Global Crypto Investment Platform.
Avalanche, Binance USD, Polkadot, Cardano, Chainlink, Tether, ApeCoin, Solana, Litecoin, Tron, Uniswap, Cardano, Polygon, XRP, Terra, Stellar values also gained during the last 24 hours. The worldwide crypto market cap today was $975 billion, up more than 1% in the last 24 hours, according to CoinGecko.
Bitcoin had fund inflows of $8.8 million last week, indicating investors are maintaining their buying momentum. Ether is trading at $1330, up 2.48% from the previous day. The whole crypto market grew by roughly 2% to $938 billion, with Bitcoin and Ether leading the way. The crypto market has entered a more mature and steady phase since the beginning of the month, with Bitcoin finding good support at $19k. In the altcoin market, SOL, AVAX, and TRX reported healthy price jumps, with QNT becoming the newsmaker of the day with a 38% spike in the last week “Tarusha Mittal, UniFarm COO and cofounder.
“The next Fed meeting may ignite some action in the crypto market as investors are worried of further tightening of monetary policy by central banks to manage inflation “he added.
Three Arrows Capital (3AC), which filed for bankruptcy in July, is being investigated by the CFTC and SEC over whether it deceived investors, Bloomberg News reported.
Global markets have plummeted in recent months as central banks around the world hike interest rates to fight inflation. Risk assets like cryptocurrency have been struck hard as recession fears mount.
Aptos Trading Going Live—Why Traders May Short It
Original Source: Aptos Trading Set to Go Live—Here’s Why Traders May Be Lining Up to Short It
Aptos, a VC-backed layer-1 solution formed from Meta’s bankrupt Diem project, launched its mainnet on Monday. And its native cryptocurrency, APT, is scheduled to emerge.
APT is to Aptos what ETH is to Ethereum or SOL to Solana. Aptos’ native token will begin trading later today on Binance, Coinbase, and FTX. The cryptocurrency will be accessible for trade on MEXC, ByBit, Bitfinex, Huobi and OKX at 9 p.m. ET on October 18. (or 1 a.m. UTC on October 19).
A number of these exchanges are offering another APT product. Binance, FTX, and OKX will create perpetual contracts for APT an hour after the token starts trading.
Perpetual contracts are a type of futures contract that allows investors to speculate on price changes of an underlying asset. Being short on an asset means an investor thinks its price will fall; being long means betting its price will rise. Since its launch on Monday, Aptos has experienced an outpouring of criticism aimed at the initiative and its early backers.
One of the greatest sticking points is that the project’s team waited so long to provide information about token distribution, after it had already been leaked publicly. But once news spread that 51% of the initial 1 billion APT supply is with VCs and 190 million APIT core developers, the hits kept pouring.
That’s why there’s a lot of anxiety about launching perpetual options shortly after the token hits exchanges. With all the bad attitude around APT and its tokenomics, open interest in options contracts that bet against the fledgling token could become a real-time measure of how many people expect or root for the project to fail.
With conventional futures contracts, expiry and settlement happen at regular intervals. That’s true for commodities, securities, and cryptocurrency. CME’s micro Bitcoin and Ethereum options feature weekly and monthly expirations. That means investors can wager on BTC and ETH price activity over weeks or months.
But perpetual options contracts have no expiration date. It offers the investor the right to buy or sell a specified amount of the underlying asset, in this example APT, at their choosing.
On Tuesday morning, crypto reporter Colin Wu wrote on Twitter that the Aptos team has been trying to persuade Binance, an Aptos investor, to wait two weeks before issuing its perpetual APT contracts, presumably to avoid shorting and downward pressure on the price of APT. Wu gave no evidence or sources for his allegation.
As the day wore on, FTX and OKX revealed intentions to launch their own perpetual contracts at the same time as Binance. Binance and Aptos declined to comment when contacted by Decrypt earlier today.
A Possible Positive Development for Bitcoin and Cryptocurrency Prices
Original Source: Perhaps Some Good News for Bitcoin, Crypto Stocks
It’s been a hard year for bitcoin, other digital currencies, and crypto-correlated stocks, and the near-term outlook is split between some embryonic optimism and projections of an extension of the “crypto winter.”
Weary investors and crypto devotees would prefer to see optimism morph into tangible results because if that happens, benefits could be widespread, including accrual to exchange traded funds such as the Invesco Alerian Galaxy Crypto Economy ETF (SATO) and the Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC).
Both ETFs have exposure to the Grayscale Bitcoin Trust BTC (GBTC). From there, the lineups are full of crypto-correlated equities. BLKC and SATO are predictable yet potent beneficiaries should bitcoin and other digital assets rebound.
Morgan Stanley CIO Mike Wilson is bullish on bitcoin in the near term.
Following the correlation between the two markets, some market analysts predict future price patterns. According to Morgan Stanley’s CIO, Michael J. Wilson, the US will shortly have a 16% short-term rally. The bear market analyst said the price spike would only be conceivable without an official recession or earning capitulation,” writes NewsBTC.com.
If a significant broader market technical indicator is hit or exceeded, risk assets could come back into favor, perhaps fueling a rally in crypto-correlated companies, raising BLKC and SATO.
According to Wilson, the US stock market will recover soon. This provides the prospect of the S&P 500 hitting the 200-weekly moving average (WMA), per Bloomberg,” according to NewsBTC.com. Due to adverse macroeconomic conditions and higher interest rates, the index declined this year. However, Bitcoin’s price movement hasn’t been impressive.”
The S&P 500 notching a substantial near-term rise would be crucial to BLKC because its 60 equity components include several S&P 500 firms. These include Walmart (NYSE:WMT), JPMorgan Chase (NYSE:JPM), International Business Machines (NYSE:IBM), Microsoft (NASDAQ:MSFT), Intel (NASDAQ:INTC), and Nvidia (NASDAQ:NVDIA).
As for bitcoin’s price, which can affect BLKC and SATO, it continues to linger around $20,000. Bulls feel a move to $23,000 might ignite additional upside, but some traders are waiting.
Former Morgan Stanley Executive Says Crypto Would Change Finance
Original Source: Former Morgan Stanley Executive Says Crypto Will Change the Financial System – Future of Money?
John Mack, a former CEO of Morgan Stanley, says bitcoin (BTC) and crypto may become part of the increasingly computerized world of trading. Many of us may live to witness it.
Mack told CNBC that he doesn’t think Wall Street will “go away,” but that it will change “dramatically.”
“Take crypto. It’s hard for me to see why it has value,” he stated.
“So 50 years from now, maybe it will be a big means to trade money.”
Mack said it’s easy to wire crypto. As everything is online, consumers don’t need to worry about placing their money in banks, but “you got to make sure it’s insulated, protected, and no one can break into it,” he said.
He suggested that in the near future, crypto and digitization in trading may be the standard.
“Fifty years from now, I think things will be even more electronic and driven by human input in computers on how to trade, take risks, and make sure they don’t go over their limitations.”
Mack has been a crypto investor for a time. When asked if he still holds bitcoin, he said, “Yes.”
Through his family office, he has “outright positions in crypto.”
Mack is a senior advisor to Kohlberg Kravis Roberts and the former CEO and Chairman of Morgan Stanley. He was CEO of the bank from 2005 to 2010, and Chairman from 2005 until 2012. Between 2001 to 2004, he led the multinational investment bank Credit Suisse.
Morgan Stanley entered the crypto game a while ago. In March 2021, it revealed plans to offer three bitcoin ETFs to its affluent clients.
In October, Morgan Stanley CEO James Gorman was less skeptical of crypto than some of his fellow investment bank executives. “I don’t think crypto is a fad. “I don’t think it will go away,” Gorman said during an earnings teleconference. “I don’t know what bitcoin’s value should be. But these things won’t go away,” the CEO remarked.
Twelve institutional funds administered by Morgan Stanley may have had exposure to bitcoin indirectly through cash-settled futures or investments in Grayscale Bitcoin Trust, the bank said in a March 31 filing.
Summary of today’s Bitcoin and Cryptocurrency news
Overall, since the beginning of the year, global stock markets have fallen as governments around the world have raised interest rates to combat rising inflation. As concerns about a recession grow, risk assets like cryptocurrency have taken a beating.
Meanwhile, through the course of the day, both FTX and OKX made public their intentions to introduce perpetual contracts simultaneously with Binance. When Decrypt reached out to Binance and Aptos earlier today, they both declined to comment.
On the other hand, price of bitcoin, which can have significant effect on both BLKC and SATO, remains around $20,000 zone. Some investors are waiting for Bitcoin to break $23,000 before investing, while bulls hope that this will spark further gains.
Lastly, recent reports from October indicated that Morgan Stanley CEO James Gorman was more optimistic about cryptocurrency than many of his peers in the investment banking industry. “Crypto is not a passing phenomenon in my opinion. During an earnings call, Gorman stated, “I don’t think it’s going to go away.” It’s not my place to say what the price of bitcoin should be. In spite of this, the CEO stressed that these issues would not soon disappear.