Crypto Roundup: The Watershed Moment For Crypto Is Approaching (And More…)

Well, what can I say? The Sam Bankman-Fried trial is over. What do we do now… Wait until the HBO series comes out?

Oh yeah, that’s right. We should probably cover some other stuff that’s going on in crypto-land.

Welcome to Crypto Roundup. Whether you’re a fresh newb to the crypto space or a grizzled veteran, we’ve got you covered. In this space, you’ll find a quick summary of the latest and most important news you need to know about digital assets (and how to profit from them).

With that said, let’s get right to it.

Bitcoin ETFs… Happening Soon?

Tired of hearing about a potential Bitcoin ETF? Well, I don’t know what to tell ya. Because, in case you haven’t heard, it’s kind of a big deal.

This week, we learned an interesting tidbit from two Bloomberg analysts, who say we just entered a significant window of opportunity to get these things approved. According to Bloomberg ETF analysts James Seyffart and Eric Balchunas, there’s an eight-day window, from November 9 to November 17, during which the U.S. Securities and Exchange Commission (SEC) could approve all 12 pending spot Bitcoin ETF applications.

This window of opportunity arises as the SEC extended the deadline for several Bitcoin ETF filings, with the last day of the comment period set for November 8. From November 17, the comment period for three filings, including Global X Bitcoin Trust, Hashdex Bitcoin ETF, and Franklin Bitcoin ETF, will recommence, delaying any potential approval or denial until after November 23 at the earliest.

However, they also suggest that the SEC could technically make a decision on nine of the twelve applications anytime before January 10, 2024.

Still with me? OK, because here’s the juicy part…

They predict a 90% chance of an approval before this date. This optimism is partly fueled by Grayscale’s recent court victory (which we’ve covered previously) and a recent CoinDesk report indicating that the SEC is having ongoing discussions with Grayscale Investments about converting its bitcoin trust, GBTC, into a Bitcoin ETF.

That’s right, it looks like the two parties involved in this spat are playing nice for a change.

Anyway, the crypto market has responded positively. Bitcoin’s price is up by over 30% in the last three months.

This rally has also impacted other major cryptocurrencies, with Solana (SOL) gaining 93%, Ripple (XRP) 36%, and Ether (ETH) 20% in the past month.

Why should we care? Well, many believe that approving a Bitcoin ETF could be a watershed moment for crypto. Not only could it mark a pivotal moment in the mainstream acceptance and regulation of cryptocurrencies, but it could also trigger a major rally for cryptos across the board.

BlackRock Files For ETH ETF 📂

While we wait on pins and needles for news about a Bitcoin ETF, BlackRock appears to be taking concrete steps toward launching an Ethereum ETF.

According to CNBC, BlackRock registered an for the ETF with Delaware’s Division of Corporations, a preliminary step often preceding formal ETF filings. (They did the same thing for their Bitcoin ETF filing in June.) Decrypt, meanwhile, reported that BlackRock filed a proposal with the Nasdaq stock exchange for an “iShares Ethereum Trust.”

In other words, if the world’s largest asset manager gets its way, this is happening.

The potential launch of an Ethereum ETF by BlackRock could open the doors to billions of dollars of new investment, offering retail investors a more accessible way to gain exposure to the second-largest cryptocurrency by market capitalization.

BlackRock’s iShares product line is a leader in exchange-traded funds, boasting over $2.3 trillion in assets under management. This ETF would allow investors to gain exposure to Ethereum’s price movements through a traditional stock exchange without needing to hold the cryptocurrency directly.

Ethereum’s price surged 10% on the news, surpassing $2,100 for the first time since April. But for the month, ETH is up 30% and more than 85% from a year ago.

Michael Saylor’s Milestone…

Love him or hate him (can we be ambivalent?), Michael Saylor’s done it again.

His business software company, MicroStrategy, has hit a remarkable milestone: over $1 billion in unrealized profits from its Bitcoin holdings. As of late Thursday, these holdings were valued at a staggering $5.7 billion, thanks to Bitcoin’s price crossing $37,000 for the first time since May 2022. The company’s cost basis in Bitcoin comes to about $4.6 billion.

Under the leadership of Saylor, a vocal Bitcoin advocate, MicroStrategy has accumulated over 158,000 bitcoins over three years. The position was built by using company funds and proceeds from bond sales. The current value of these holdings represents over 80% of MicroStrategy’s $7.1 billion stock market capitalization.

Gotta hand it to the guy. Saylor’s bold strategy and unwavering belief in Bitcoin seem to be paying off.

DCA-ing Bitcoin, One Day At A Time 🗓️

When you think about dollar-cost averaging, we usually don’t associate it with cryptocurrency. It’s usually something like blue-chip stocks. But as it turns out, this good old-fashioned approach also works pretty well for crypto.

A Reddit user (with the handle u/Gorillahair2000) seems to have proven just that. By embracing the concept of dollar-cost averaging, this Redditor embarked on a year-long journey, investing just $5 daily into Bitcoin. Then, the user shared their results publicly on the online forum.

WATCH THIS VIDEO: Why Crypto Is Poised for a New Bull Run

Talk about financial discipline mixed with a dash of daring. But it shows just what consistent, small-scale investing can lead to – whether we’re talking about staid dividend payers or even Bitcoin.

After a year of this steady-as-she-goes approach, the results are in. The journey began with an investment cost of a cup of coffee. The total investment tallied up to $1,825.00 – and a position of 0.075 Bitcoin. But here’s the kicker: the current value of this Bitcoin when this story broke was a cool $2,585.75. That’s a net gain of 41.68%.

During this time, Bitcoin priced at an average of $24,108.58 and ended with its value soaring to $34,158.20.

Moreover, our savvy investor didn’t just buy and hold their BTC on an exchange. Following best practices, they used Strike, a renowned Bitcoin Lightning wallet, and securely transferred their digital gold to a hardware wallet. (Take notes here, folks.)

So, what’s the takeaway? For starters, it’s a testament to the power of dollar-cost averaging. Just think… maybe you could afford to do ten bucks a day – or maybe $50. It also shows how Bitcoin fared as a harbor in the storm, unfazed by high interest rates, inflation, and global tensions. And finally, it’s a sign of hope, showing that you don’t have to be a big shot to make it big with crypto.

Cheers to Gorillahair2000! 🍻

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