Crypto Roundup: October 4, 2021

Bitcoin has started October with a bang, exploding towards $50K in hope of a long-awaited ETF approval. The leading crypto added 10% in just a few hours on Friday, as traders cheered for “Uptober” and celebrated the support of some of the loudest regulatory voices. Securities and Exchange Commission (SEC) chairman Gary Gensler renewed his backing for a Bitcoin Futures ETF on Wednesday, and Fed chair Jerome Powell said on Thursday that the central bank has no plans to ban cryptoassets. Meanwhile, Tezos hit all-time highs above $9 on NFT mania, and Algorand, Chainlink, and Enjin made double-digit gains. Compound, however, bucked the trend by dropping 7% after the protocol mistakenly gave out more than $90 million to users. This Week’s Highlights Bitcoin swings higher as Gensler affirms ETF support Visa positions for a multi-chain future Bitcoin swings higher as Gensler affirms ETF support Across the crypto market, prices have been rising in anticipation that a Bitcoin ETF could finally be given the regulatory green light. In remarks for the Financial Times on Thursday, SEC chairman Gary Gensler renewed his support for a Bitcoin ETF backed by future contracts, suggesting that some of the ETF applications set to be considered in the coming month could be approved. The long-awaited ETF will allow investors to get exposure to Bitcoin using a standard brokerage account without having to buy the underlying asset. Analysts ...