For the next four weeks, we will highlight the most timely news in the crypto and blockchain industry, from developments in digital-asset companies,...
Hi, there: Welcome to an update of the most important moves and news in crypto and what’s on the near-term horizon in digital assets. I’m Mark DeCambre, managing editor of markets at MarketWatch, and for the next four weeks, from Oct. 3-24, we’ll be publishing Need to Know Crypto Edition as a prelude to a new weekly crypto newsletter “Distributed Ledger,” which will kick off in November.Crypto in a snap This week bitcoin BTCUSD, +1.46% and Ether ETHUSD, -2.
Asset managers have been racing to kick off a U.S. bitcoin ETF but Gensler has intimated that he would be more inclined to support an ETF that uses futures contracts, which let traders bet on whether an underlying asset such as oil CL.1, +0.96%, or gold GC00, +0.24%, because he believes the futures might provide better investor protections for average buyers in volatile crypto.
The fact is that “there are significant costs that will make their way to investors”…including the need to “roll the contracts from one expiry to the next,” the Grayscale executive said. However, Sonnenshein suggested the SEC Chair had seemingly “leaned so far in one direction” that it raised the question “more importantly, are they, in fact, going beyond their investor protection mandate in focusing on one product type?”
The success of GLD “would suggest that the bitcoin ETF scenario would more likely mirror what has occurred for gold versus similar commodities like oil because bitcoin is easy to store,” Grayscale’s Sonnenshein said.What does that meme?‘Volcano energy’ El Salvador said it mined its first bitcoin using volcano energy. El Salvador’s president Nayib Bukele tweeted that “We’re still testing and installing, but this is officially the first #Bitcoin mining from the #volcanode Volcano.
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