Week in review: October 8, 2021 - Investors are favouring bitcoin over gold

ALT5pro-week-in-review-october-8

In this week's newsletter:

  • JP Morgan says that institutional investors are favouring Bitcoin over gold.
  • The U.S won't ban cryptocurrency after China bans all crypto transactions.
  • Bitcoin breaking the $50k resistance.

Read our weekly round up below.

JPMorgan: Institutional Investors Are Favoring Bitcoin Over Gold

Nasdaq: October 6, 2021

JPMorgan analysts have shared that they believe an increased appetite from institutional investors has been fueling the Bitcoin rally. "Institutional investors appear to be returning to bitcoin perhaps seeing it as a better inflation hedge than gold," JPMorgan said. Money is flowing out of gold and into bitcoin, according to the big bank.

Federal Reserve Chairman Says U.S. Won’t Ban Cryptocurrency a Week After China Bans All Crypto Transactions

NextAdvisor: October 6, 2021

U.S Federal Reserve Chairman Jerome Powell said he has “no intention” of banning cryptocurrency last week. His statement comes after China banned all cryptocurrency transactions and said it will consider any crypto-related transactions to be illicit.

Ukraine Is Building A Digital Future With Bitcoin

Tipranks: October 6, 2021

The price of the world’s largest cryptocurrency by market capitalization crossed $50,000 for the first time in a month on October 5th. Amidst heavy price volatility and FUD, Bitcoin (BTC) has made a triumphant return, cementing itself as the best performing asset of 2021

George Soros' Fund Holds Bitcoin, CEO Says Cryptocurrency Has Gone Mainstream

Bitcoin.com: October 7, 2021

The price of the world’s largest cryptocurrency by market capitalization crossed $50,000 for the first time in a month on October 5th. Amidst heavy price volatility and FUD, Bitcoin (BTC) has made a triumphant return, cementing itself as the best performing asset of 2021

Analyst Expects Ethereum Price To Explode To $30,000 Amid Network Adoption

FXStreet: October 7, 2021

Analysts expect Ethereum to explode with the rise in on-chain activity and increasing network adoption. Ethereum is heading closer to its key upgrade, "The Merge." Despite capital rotation from Ethereum to alternatives, the largest altcoin currently maintains the largest market share in the decentralized finance market.

Bitcoin Bounces Back Above $55,000, But Trader Has His Eye On Two Other Cryptocurrencies

CNBC: October 6, 2021

The cryptocurrency rallied on Wednesday, topping $55,000 and hitting its highest level since mid-May. Regulatory fears have eased this week after both Treasury Secretary Janet Yellen and SEC chair Gary Gensler said they have no plans to impose restrictions on cryptocurrency trading.

Crypto Mystery: Where's The US$69B Backing The Stablecoin Tether

BNN Bloomberg: October 8, 2021

In July, Treasury Secretary Janet Yellen summoned the chair of the Federal Reserve, the head of the Securities and Exchange Commission, and six other top officials for a meeting to discuss Tether.

Crypto Companies Raise Record-Breaking $6.5B in Q3 2021

Decrypt: October 8, 2021

Venture funding for blockchain companies between July and September 2021 hit an all-time high of $6.5 billion in 339 rounds–and that’s in disclosed deals only, according to recent research from Blockdata.

Digital asset solutions for financial institutions. Apply for an ALT 5 Prime account today!

Institutional Grade Digital Assets Trading and Custodian Services built on the foundation of Security, Accessibility, Compliancy and Transparency.

Sign Up For Our Newsletter

ALT 5 Sigma covers fintech, blockchain, Bitcoin and cryptocurrencies bringing you the latest news and analysis on the future of money.