The Bitbuy Brief: The Catalyst For Bitcoin's New All-Time High Price

Issue 155: The Catalyst For Bitcoin’s New All-Time High Price📈

October 21st, 2021

Weekly Market Recap

This week, the story everyone is talking about is that  Bitcoin reached a new all-time high. Bitcoin touched over $82,000 CAD on Wednesday, and was up 14% on the week at the time of publication. The Bitcoin price momentum picked up shortly after the first US Bitcoin ETF made its debut on the NYSE.

Other coins followed Bitcoin’s lead, with big weekly gains. Ethereum was up 14% over the 7-day period, as was Litecoin.

If you are looking to buy or sell the market move, click here to access your account.

Headlines & News

Bitcoin Price Hits All-Time High, One Day After U.S. ETF Debut – Global News

Paul Tudor Jones Says Crypto is His Preferred Inflation Hedge Over Gold Right Now – CNBC

Blockchain Firm Chainalysis Is Adding Bitcoin To Its Balance Sheet – News BTC

Australia Has Third-Highest Rate of Crypto Adoption in The World – CoinDesk

Billionaire Investor Carl Icahn Thinks Bitcoin May be The Best Hedge For Inflation – CoinTelegraph

Fixed-Income Titan Pimco is Starting to Embrace Cryptocurrencies, CIO Says – CNBC

First US Based Bitcoin ETF Makes Its Debut on NYSE

The first-ever exchange-traded fund (ETF) backed by Bitcoin Futures went live on Tuesday, October 19th. The announcement came as a surprise, as the crypto industry has been longing for a Bitcoin-related ETF, since 2017.

Throughout the years, asset managers have had their shot at launching spot Bitcoin ETFs, but were quickly rejected by the Securities and Exchange Commission, citing that none of the Bitcoin backed ETF proposals have proven market resistance to potential price manipulation.

The SEC finally approved this one, and chairman Gary Gensler provided commentary on Tuesday on the historic move:

“What we’re trying to do is ensure to the best we can within our authorities to bring projects into the investor protection perimeter.” he said.

ProShares, the eighth-biggest ETF provider in the world,  debuted their Bitcoin-backed ETF. The ETF went live on the NYSE with the ticker “BITO”

Shortly after the Maryland-based company rang the bell at the NYSE, the product topped USD $1Billion in trading volume, just on its first day. The ETF became the second-most heavily traded new ETF on record, according to NBC.

The fund’s price rose close to 5% at the close of stock-market trading, sending Bitcoin to break its six-month high since April, and reaching an all-time record of CAD $82,780.01

NFT Artist of The Week: Mark Bland

Mark Bland is a 2D/3D/XR artist, designer, and creative developer from Toronto, Ontario. Bland’s medium is mostly digital as he focuses on work that goes beyond one-dimensional design.

Bland is one of the few artists that hosted Toronto’s first-ever NFT show. Hosted at LaLa Contemporary, Bland was able to debut his most-notable collection, “Fractal Totems”

The NFT collection is unique as each of the 13 digital totemic portraits is created through a hybrid of generative software, and hands-on sculptural illustration. The collection is a study on the totem pole structure, its spiritual meaning, and its re-imagination in the digital world through fractal mathematics – the study of complex geometric shapes that commonly have “fractional dimension”.

Each Totem from the collection boasts an amalgamation of abstract compositional layering, fractals and mathematical equations that are sculpted into forms and brought to life by the artist, through manual illustration.

You can check Bland’s NFT collection on Foundation.

Bitbuy made it to the 2021 List of Best Workplaces™ for Today’s Youth!

Bitbuy is proud to announce that our organization has been named in the 2021 list of Best Workplaces for Today’s Youth.

Bitbuy received this honour after a thorough and independent analysis conducted by Great Place to Work®.

The list is based on direct feedback from employees of the hundreds of organizations that were surveyed by Great Place to Work®. The data has a 90% confidence and a plus or minus 5% margin of error.

To be eligible for this list, organizations must be Great Place to Work-Certified™ in the past year and at least 30% of their employees must fit the Millennial or younger demographics, and they must have a minimum 90% positive response to the statement “I am treated fairly regardless of my age”.

You can ready our presser here.

Bitbuy Is Hiring!

Here at Bitbuy, we’re always looking for talented people to join the rocket ship!

If you know any qualified candidates, please encourage them to apply for the following job postings:

  • Intermediate Java Developer
  • Intermediate Mobile Developer
  • Data Analyst
  • Account Manager
  • Account Payable Accountant

Visit our website to see what positions we are actively recruiting.