Crypto Market Analysis: October 4, 2021

Cryptoasset prices struggled to the end of September, failing to make gains for the majority of the month, or even hold ground in some cases. However, major cryptoassets rebounded over the weekend on the back of positive comments from the SEC’s Gary Gensler. Bitcoin had a strong week, despite falling to below $42,000 at the end of September. October’s arrival saw the cryptoasset jump in price over the weekend. It is now trading just below $48,000. Ether likewise saw a start of October rally, having traded down to $2,800 at the end of last month. ETH jumped over the weekend, trading upwards and now around $3,350. SEC head calls for cryptoasset consumer protection…but then reiterates support for ETFs linked to crypto Gary Gensler has said that investors in crypto products deserve the same protections and safeguards against fraud and manipulation as bank depositors or purchasers of insurance policies. The SEC boss acknowledged that the size of the crypto space now meant that it was time for investors to be covered in the same way as if they were investing in a more traditional asset such as a mutual fund. His comments were specifically regarding investors wanting returns from their assets on an annual basis. However, despite heeding warnings, he did once again reiterate his support for exchange-traded funds (ETFs) on futures linked to the top cryptocurrency by market value, leading to speculation that the US might approve t...