GB Market Commentary 19/10/2021
by Jonas Luethy
Bitcoin is currently trading at just over $62’000 or around $2000 away from the previous all time high. ETH is still lagging behind bitcoin, and alts are mostly moving sideways. Whilst bulls have a price target of $100’000, some analysts are expecting a higher low around $50’000 before bitcoin makes a bigger move upwards. Bitcoin dominance in the market is at 46.82% and the total crypto market cap is 2.5 trillion.
France has started to trial its own CBDC to execute bond transactions using blockchain. The 10-month pilot is one of the largest to date in Europe, with over 500 transactions being executed already, and 4 major international banks taking part.
Finally, the Valkyrie bitcoin ETF is set to be the second bitcoin ETF to be approved by the SEC. Following the approval of the first bitcoin ETFs by the SEC, Greyscale is rumoured to put forward an application to convert the GBTC fund into a spot ETF.