Ark Invest founder and CEO Cathie Wood did not invest in the ProShares Bitcoin Strategy Exchange Traded Fund, or ETF, on opening day, according to Business Insider. Wood said about the ETF’s debut:“No, we did not [invest]. We’re looking at this very carefully […] there are some tax ramifications we’d like to understand more having to do with contango versus more normal backwardation.”The contango of the ETF refers to when the future price of the commodity is higher than the spot price. Backwardation is when the forward price of the futures contract is lower than the spot price in a downward trend.This past June, Cathie Wood’s Ark Invest partnered with 21 Shares to file for its own Bitcoin ETF. She is also no stranger to the equities market when it comes to investing in cryptocurrencies. One of her fund’s, Ark Investment Management, was approved to invest in Canada’s Bitcoin ETF under the Ark Next Generation ETF. Ark Invest owns 8.3 million shares of Grayscale Bitcoin Trust (GBTC), with Bitcoin and Ethereum making up a good percentage in Ark Invest’s portfolio. In the spring, Ark Invest also added Coinbase stock to three of its ETFs, Ark Innovation ETF (ARKK), Ark Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF).Wood said she is looking for the next FAANG investment to help her investors. FAANG is a stock market acronym describing the five biggest American tech stocks: Facebook, Amazon, Apple, Netflix and Google. The FANG term was initially coined by Jim Cramer in 2013. The Bitcoin Strategy ETF had the highest ever first day of natural volume for an ETF, and the second highest ETF on the overall volume on its first day of trading.
Bullish sentiment is running high across the cryptocurrency market on Oct. 20 as Bitcoin’s (BTC) surge to a new all-time high at $67,000 thrust the digital asset into uncharted territory and investors are closely watching to see how altcoins and DeFi tokens react to the move.Crypto Fear & Greed Index. Source: Alternative.meThe DeFi sector has also benefited from BTC’s bullish breakout and today the total value locked (TVL) across all DeFi protocols climbed to a new record-high.According to data from DeFi Llama, which collects data from DeFi protocols across all major blockchain networks, including Binance Smart Chain (BSC), Avalanche (AVAX) and wrapped Bitcoin (WBTC), there is now more than $233.88 billion in value locked in protocols across the various blockchain networks. Currently, AAVE leads with $18.79 billion and Curve come in second place with $17.97 billion locked in value. Total value locked in DeFi. Source: DeFi LlamaAs a result of the surging price of Bitcoin, WBTC is now ranked fourth-ranked in terms of TVL with $14.51 billion in value being deployed across the DeFi landscape. The biggest gainers in TVL over the past seven days were Trader Joe with a 57.2% increase and Rari Capital which saw a 50.57% surge. Yield Yak also gained 36.52%. Top TVL gainers in the past 7 days. Source: Token TerminalNew users flow into DeFiIn addition to the rising token values, the DeFi ecosystem also saw a sharp increase in new user inflow and data from Dune Analytics shows that 3,591,876 unique wallets have now interacted with at least one DeFi protocol. Total DeFi users over time. Source: Dune AnalyticsDespite the inflow of new users, trading volumes across decentralized exchanges (DEX) have remained below the highs set in May and are currently lower than the activity seen in recent months as well. Monthly DEX volume. Source: Dune AnalyticsOne possible explanation for this has been the increased focus on BTC over the past couple of months as speculation about when a Bitcoin exchange-traded fund (ETF) would pass and whether or not BTC price will surpass $100,000 by the end of 2021 dominated conversations. Related: Ethereum nears its own all-time high as ETH price retakes $4KStablecoin growth hints at future demand for cryptoAnother factor contributing to DeFi’s growth could be the steady integration and infusion of stablecoins.There has been an interesting history of increases in the circulating supply of Tether coinciding in large part with run-ups in the price of Bitcoin, and this most recent rally is no exception because on the same day that BTC established a new all-time high, so to did the circulating supply of USDT. Tether has just surpassed $70B market cap pic.twitter.com/R0gO3Nk2SB— Chris (@ChrisBTCbull) October 20, 2021The importance of stablecoins to the overall DeFi economy is also evidenced by the total value locked on Curve, which specifically deals with the creation of stablecoin pools for use across the ecosystem. The overall cryptocurrency market cap now stands at $2.635 trillion and Bitcoin’s dominance rate is 47.5%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Bitcoin (BTC) surged to a new all-time high today, hitting close to $67,000. Ether (ETH) also broke above its immediate resistance and has started its march toward the all-time high. This pushed the total market capitalization of the crypto sector to a new all-time high above $2.64 trillion.The successful debut of the ProShares’ Bitcoin Strategy exchange-traded fund (BITO) acted as the trigger to boost sentiment in the crypto space. The ProShares’ ETF trading volume on the first day of the launch exceeded $1 billion, making it the second-most successful ETF debut based on the trading volume on day one.Daily cryptocurrency market performance. Source: Coin360A panel of 50 fintech industry specialists, commissioned by Finder, believes that strong on-chain fundamentals, a favorable macro environment, and approval of the Bitcoin ETF could send Bitcoin to $80,000 by the end of the year. Could Bitcoin piggyback on the positive sentiment created due to the successful launch of the Bitcoin ETF and continue its northward march? Will altcoins also resume their up-move? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin broke above the immediate resistance at $62,933 on Oct. 19 and that was followed by another sharp up-move today, thrusting the price above the previous all-time high at $64,854 made on April 14.BTC/USDT daily chart. Source: TradingViewIf bulls sustain the price above the breakout level at $64,854, the bullish momentum could pick up further. The BTC/USDT pair could then rally to the overhead resistance at $75,000.The sharp up-move of the past few days has pushed the relative strength index (RSI) above 78, suggesting that the rally may be overextended in the short term. This could result in a few days of consolidation or a minor correction.If bulls do not give up much ground from the current level, it will suggest strength and improve the prospects of the continuation of the uptrend. The critical level to watch on the downside is $60,000. A break and close below this support will be the first sign that traders are aggressively booking profits at higher levels. ETH/USDTEther bounced off the neckline of the inverse head and shoulders (H&S) pattern on Oct. 19, suggesting that bulls are buying on dips to this support. Strong buying has pushed the price above the overhead resistance at $4,027.88 today. ETH/USDT daily chart. Source: TradingViewThe rising moving averages and the RSI in the positive territory indicate advantage to the bulls. If buyers sustain the price above $4,027.88, the ETH/USDT pair could rally to the all-time high at $4,372.72. This level may again act as a stiff resistance but if bulls clear the hurdle, the pair could reach the pattern target at $4,657 and then challenge the psychological level at $5,000. This positive view will invalidate if the price turns down from the current level and breaks below $3,200. BNB/USDTBinance Coin (BNB) is gradually moving higher toward $518.90, which had acted as a tough barrier on two previous occasions. Hence, the bears may again try to defend this level with vigor. BNB/USDT daily chart. Source: TradingViewIf the price turns down from $518.90, the BNB/USDT pair could drop to the 20-day EMA ($450). A strong rebound off this level will suggest that the sentiment has turned positive and traders are buying the dips.That will increase the likelihood of a break and close above $518.90. The pair could then start its northward march to the pattern target at $554. This bullish view will invalidate if the price turns down and breaks below the right shoulder at $392.20.ADA/USDT Cardano (ADA) is attempting to bounce off the support line of the symmetrical triangle pattern. If bulls push the price above the 20-day EMA ($2.19) the altcoin could rally to the resistance line of the triangle.ADA/USDT daily chart. Source: TradingViewA break and close above the triangle will signal that the uncertainty has resolved in favor of the buyers. The ADA/USDT pair could then rally to $2.47 and if this level is crossed, the up-move could reach $2.80.Alternatively, if the price turns down from the current level or the overhead resistance and breaks below the triangle, it will suggest that supply exceeds demand. The pair could then decline to the critical support at $1.87.XRP/USDTXRP formed an inside-day candlestick pattern on Oct. 18 and 19, suggesting indecision among the bulls and the bears. This uncertainty resolved to the upside today with a break above $1.10. XRP/USDT daily chart. Source: TradingViewThe bulls will now try to push the price above the downtrend line. If they manage to do that, the XRP/USDT pair could rise to $1.24 and if this resistance is crossed, the next stop could be the critical level at $1.41.If the price turns down from the downtrend line, the pair could again drop to $1. A break and close below this support will complete a bearish descending triangle pattern that could result in a decline to $0.85.SOL/USDTThe bulls have successfully defended the moving averages in the past few days, indicating accumulation at lower levels. The buyers will now try to push Solana (SOL) above the overhead resistance zone between $171.47 and $177.79.SOL/USDT daily chart. Source: TradingViewA close above $177.79 will complete an ascending triangle pattern, which has a target objective at $226.94. The rally may not be linear as bears are expected to pose a stiff challenge at the psychological level at $200 and then at the all-time high at $216.On the other hand, if the price turns down from the current level, it will suggest that bears are aggressively selling on rallies. A break and close below the trendline will invalidate the bullish setup. The SOL/USDT pair could then drop to the critical support at $116. DOT/USDTThe bulls have successfully held Polkadot (DOT) above the breakout level at $38.77 for the past few days. This suggests strong accumulation by the bulls as they anticipate the rally to resume.DOT/USDT daily chart. Source: TradingViewThe upsloping moving averages and the RSI just below the overbought territory indicate that buyers have the upper hand. A break and close above $44.78 could push the price to the all-time high at $49.78. On the other hand, if the price turns down from the current level and breaks below the 20-day EMA ($37.84), it will suggest that bears have made a strong comeback. The DOT/USDT pair could then drop to the 50-day SMA ($33.63).Related: Cointelegraph Consulting: ETFs listed — What’s next for Bitcoin?DOGE/USDTThe bulls pushed Dogecoin (DOGE) above the downtrend line on Oct. 18 but could not sustain the higher levels as seen from the long wick on the day’s candlestick. The buyers again tried to clear the overhead hurdle at the downtrend line on Oct. 19 but failed.DOGE/USDT daily chart. Source: TradingViewAfter twice being unsuccessful, the bulls are again trying to drive and sustain the price above the downtrend line today. Such a move will invalidate the developing descending triangle pattern, clearing the path for a possible rally to $0.32 and then $0.35. Contrary to this assumption, if the price turns down from the downtrend line and breaks below the 20-day EMA ($0.23), it will suggest that bears are aggressively defending the downtrend line.If bears sink the price below the 20-day EMA, the DOGE/USDT pair could drop to the strong support zone at $0.21 to $0.19.LUNA/USDTTerra protocol’s LUNA token broke below the 50-day SMA ($36.66) on Oct. 17 but the bears could not pull the price below the strong support at $34.86. The failure to do so seems to have attracted buying from aggressive bulls who have pushed the price above the overhead resistance at $39.75 today.LUNA/USDT daily chart. Source: TradingViewThe LUNA/USDT pair could now rise to $45.01 where the bears are likely to offer a stiff resistance. If the price turns down from this level but rebounds off the breakout level at $39.75, it will suggest that bulls have the upper hand.A breakout and close above $45.01 could push the pair to the all-time high at $49.54. On the contrary, if the price turns down from the current level and breaks below $39.75, it will signal strong selling at higher levels. The pair could then drop to $34.86.UNI/USDTUniswap (UNI) has been trading in a tight range between the neckline of the possible inverse H&S and the 20-day EMA ($25.32). This indicates indecision among the bulls and the bears about the next directional move.UNI/USDT daily chart. Source: TradingViewA breakout and close above the neckline will complete the bullish setup. The UNI/USDT pair could then rally to $31.41 and if this level is crossed, the up-move may reach the pattern target at $36.98.Conversely, if the price turns down from the current level and plummets below the moving averages, the decline may extend to $22. This is an important level for the bulls to defend because a break below it could sink the pair to $18.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.
Crypto markets are in an absolute state of euphoria after Bitcoin (BTC) caught a bid and hit a new all-time high at $67,000. Bitcoin’s surge to $67,000 also helped to spark double-digit gains for multiple altcoins as the age-old adage of a rising tide lifting all boats appears to be in full effect. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets ProData from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24 hours were OriginTrail (TRAC), Kadena (KDA) and Cartesi (CTSI). OriginTrail makes a moveOriginTrail is a protocol that operates on the Ethereum (ETH) network and specializes in harnessing blockchain technology to improve logistics and supply chain management. According to data from Cointelegraph Markets Pro, market conditions for TRAC have been favorable for some time. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. TRAC price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for TRAC began to pick up on Oct. 19 and reached a score of 72 around one hour before the price increased 48% over the next day.The spike in price for TRAC comes as the project is in the process of rebranding its image as the “world’s first decentralized knowledge graph” and has been collaborating with Dr. Bob Metcalfe as part of its advisory board. Kadena undergoes a revampKadena, an enterprise-focused blockchain project, has seen a healthy price breakout over the past 24 hours as momentum across the market increased.Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low at $2.60 on Oct. 19, the price of KDA reversed course and surged 33.65% to an intraday high at $3.47 on Oct. 20 following a spike it is its 24-hour trading volume. KDA/USDT 4-hour chart. Source: TradingViewThe rise in the price of KDA comes following a revamp of the project’s website and partnership with Immutable Records that aims to bring a fully functioning nonfungible token marketplace to the Kadena network. Cartesi bridges to AvalancheCartesi is a blockchain protocol focused on integrating the traditional tools used by the developer community with decentralized tools that will help to evolve smart contracts and make them widely accessible to all. Data from Cointelegraph Markets Pro and TradingView shows that the price of CTSI has rallied 51% from a low of $0.70 on Oct. 19 to an intraday high at $1.07 as its 24-hour trading volume spiked 587% to $288 million.CTSI/USDT 4-hour chart. Source: TradingViewThe spike in the price of CTSI comes as the project announced the launch of a bridge to the Avalanche network and prepares for its mainnet launch, which will include delegated staking. The overall cryptocurrency market cap now stands at $2.637 trillion and Bitcoin’s dominance rate is 47.5%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The total market capitalization of all cryptocurrencies rose to new all-time highs on Wednesday, capping off a dramatic months-long recovery that reaffirmed the bullish narrative for Bitcoin (BTC) and Ether (ETH).The crypto market cap — an important barometer for the overall health of the digital asset economy — reached a high above $2.63 trillion on Wednesday, according to Cointelegraph Markets Pro. That represents a gain of 5.9% over the previous 24 hours. A buying frenzy in the market lifted Bitcoin to new record highs, as the flagship cryptocurrency touched an intraday peak of $67,016.50. Ether, meanwhile, crossed the $4,000 mark for only the second time since May. With the exception of stablecoins, every cryptocurrency in the top-ten market cap rankings printed gains. The new market cap peak marks an important milestone for digital assets after a months-long correction during the summer threatened the bullish narrative. During the low point of the summer correction, the crypto market cap plunged below $1.2 trillion. A pair of Bitcoin ETF approvals in the United States appears to have sparked the latest rally for BTC and the broader crypto market, though bullish momentum has been building for months. A favorable macro environment, strong on-chain fundamentals and technical confirmation of a July bottom helped secure Bitcoin’s relief rally over the past three months. Related: Bitcoin futures ETF debuts with highest-ever first day ‘natural’ volume of $1BThat Bitcoin has been the major catalyst for the relief rally is further reflected in the BTC dominance index, which has increased to 47.7% Bitcoin dominance bottomed near 39% in May during the height of the altcoin rally. Cointelegraph’s Altseason Indicator, which tracks the extent to which altcoins outperform Bitcoin, is only at 15%. (In crypto, “altseason” refers to a period where altcoins outperform Bitcoin.)
The spot price of bitcoin smashed through the leading crypto asset’s all-time high (ATH) surpassing $66,000 per unit after the first bitcoin exchange-traded fund (ETF) was launched in the United States. The last time bitcoin touched an ATH six months ago on April 14, 2021, the price tapped $64,804 per unit.
Bitcoin Records New All-Time Price High
The fiat value of bitcoin (BTC), measured in U.S. dollars, has reached an all-time high. The price has touched $66,299 per unit on Bitstamp, surpassing the digital asset’s ATH captured six months ago. At press time, there’s $39.6 billion in trade volume dedicated to bitcoin (BTC) trading.
Bitcoin’s market cap is $1.223 trillion and it is the sixth most valuable asset on the planet today.
Bitcoin’s ATH follows the launch of the Proshares Bitcoin Strategy ETF (BITO) that was listed on October 19, 2021. The bitcoin exchange-traded fund is the first ETF ever to be approved in the United States and it’s based on bitcoin futures markets.
BTC tapped an all-time high on Wednesday at $66,299 per unit.
Bitcoin’s greatest pair today is tether (USDT) commanding 59.97% of all BTC trades. This is followed by USD (14.99%), BUSD (4.61%), JPY (3.33%), EUR (3.20%), KRW (2.27%), and AUD (2.16%).
The top exchanges today include Coinbase, FTX, Bitfinex, Bitstamp, and Kraken, respectively. Coinbase commands 20.25% of the BTC volume today and FTX captures 14.68%.
Year-to-date, bitcoin (BTC) is up 456% in value and during the last 30 days, BTC has risen 37.8%.
At current prices, bitcoin dominance is currently at 45.4% and ethereum (ETH) dominance is about 17.3%.
Only 12 cryptocurrencies have outperformed BTC’s seven-day gains. Crypto assets like OKB, MATIC, and ZEC have seen gains above 19% this past week.
Bitcoin’s hashrate has been hovering around 140 exahash per second and the network’s next mining difficulty change is 12 days away.
What do you think about bitcoin smashing a new all-time high on Wednesday? Let us know what you think about this subject in the comments section below.
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Bitcoin’s (BTC) ongoing price rally above $64,000 has coincided with a substantial drop in its reserves across all exchanges.According to data provided by CryptoQuant — a South Korea-based blockchain analytics service — the amount of Bitcoin held in exchanges’ wallets dropped to as low as 2.379 million BTC earlier this week, the lowest in more than three years. Currently, the reserves are around 2.38 million BTC.Bitcoin’s all exchange reserve. Source: CryptoQuantCryptoQuant noted that the declining Bitcoin reserves showed the availability of fewer BTC tokens “for selling, altcoins purchasing, and margin trading.” Additionally, that also reflected traders’ intention to ‘HODL’ the cryptocurrency.Demand for Bitcoin grows among whales and fishesOn the other hand, the cryptocurrency’s demand appears to have been increasing across retail and institutional traders, with the number of wallets holding more than $100 and $10 million worth of BTC reaching their record high of 16.67 million and 10,510, respectively.Bitcoin addresses with balance greater than $100 and $10 million. Source: Messari, CoinMetricsOn-chain analyst Willy Woo published a report in August 2021 that discussed Bitcoin’s “supply shock” against its rising demand, concluding that the cryptocurrency’s per token worth should be at least $55,000. The “conservative” target remained lower than pseudonymous analyst PlanB’s $135,000 price projection by the end of 2021, based on its stock-to-flow model.$63K✅ https://t.co/tj6SSwSzKR— PlanB (@100trillionUSD) October 19, 2021Meanwhile, PlanB’s Bitcoin price prediction for November 2021 sits around $98,000, above $70,000, the most preferred strike target for the options expiring on the 26th of the same month, as shown in the chart below.BTC Options OI by strike price (expiry Nov 26, 2021). Source: ByBt.comBTC price macro fundamentalsBitcoin’s bullish on-chain fundamentals are likely to see further strength from Wall Street adoption. On Tuesday, ProShares became the first ETP firm to launch a Bitcoin Futures-based exchange-traded fund (ETF) on the New York Stock Exchange. In a milestone for Bitcoin investing opportunities, the listing opened a new road for institutional investors to gain exposure to BTC.For instance, Fundstrat Global Advisors Co-Founder Tom Lee said he anticipated the Bitcoin ETFs to attract at least $50 billion in the coming twelve months, reasserting his team’s year-end $100,000 price target for BTC.Technically, Bitcoin appeared to be heading towards its record high near $65,000, now acting as a resistance level.BTC/USD daily price chart featuring Fibonacci retracement levels. Source: TradingViewOn the flip side, Bitcoin’s relative strength index (RSI), a momentum indicator that analyzes an asset’s overbought/oversold signals, reported the cryptocurrency price as excessively high on the daily candle chart suggesting that a pullback is on the table. Related: Bitcoin sees its highest ever daily close as BTC/Euro pair hits all-time highsShould a correction happen, Bitcoin’s next support target could be near $57,500, which serves as the 78.6% Fib level of the Fibonacci retracement graph, drawn between the $65,000-swing high and the $30,000-swing low. The level also coincides with Bitcoin’s 20-day exponential moving average (the green wave in the chart above). The said level has earlier acted as strong support during Bitcoin’s uptrend. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
SEC Chair Gary Gensler and Proshares CEO Simeon Hyman discussed the launch of the first Bitcoin-linked ETF in a CNBC breaking news segment on Tuesday.Proshares Bitcoin Strategy ETF, also known as BITO, is based on CME Bitcoin futures contracts. CNBC commentator Bob Pisano shared concerns from some investors that BTC futures could deviate from the BTC spot price:“The futures market is a better place for price discovery,” said Hyman. “The CME futures market trades more volume than the largest US crypto exchange. We launched a similar mutual fund on 7/28 and since we launched on Friday, the Bitcoin Reference Rate is up 52 percent, our BTC mutual fund is up 52 percent and the BTC Greyscale Trust is up 37 percent.”The debut of BITO follows announcements that other BTC-linked funds, including Valkyrie’s Bitcoin Strategy ETF, are set to start trading on the Nasdaq. A new blockchain-industry-based fund, called the Volt Crypto Industry Revolution and Tech ETF, intends to begin trading soon as well.Pisano asked SEC Chair Gary Gensler about earlier comments where he said he did not have the same concerns with issuing BTC futures-linked funds versus a fully-linked BTC fund. Gensler confirmed:“What we are trying to do is bring new projects into the investor-protected perimeter. BTC futures have been overseen by the SEC’s sister agency, The Commodities Futures Trading Commission, for the past four years. You have something that’s been overseen for the past four years by a federal regulator and it’s also been wrapped up in the SEC’s jurisdiction through the Investment Company Act of 1940.” Hyman expressed his confidence in the new fund noting the history of BTC’s price action, US securities laws, and the opportunity for a new opportunity for investors:“There’s a lot of history here. We believe it will trade quite well. We think regulated futures traded in a 40-act ETF will open the opportunity to get BTC exposure to a lot of folks who may have been waiting on the sidelines.”
Billionaire investor Carl Icahn warned Tuesday that the next market crisis may be on the horizon, and Bitcoin could be the best hedge against inflation.With the United States government continuing to stimulate the economy, Icahn stated that he fears the dollar is becoming more devalued and that the price of goods is rising.“In the long run we are certainly going to hit the wall. I really think there will be a crisis the way we are going, the way we are printing money, the way we are going into inflation. If you look around you, you see inflation all around you and I don’t know how you deal with that in the long term.” Icahn said on Monday with CNBC. His comments were in line with Federal Reserve Chairman Jerome Powell who mentioned that inflation was rising along with supply issues:“As the economy continues to reopen and spending rebounds, we are seeing upward pressure on prices, particularly due to supply bottlenecks in some sectors,” Powell said in prepared remarks. “These effects have been larger and longer lasting than anticipated, but they will abate, and as they do, inflation is expected to drop back toward our longer-run 2% goal.”Icahn mentioned investing billions in cryptocurrencies this year, but still has not added a position in this market — at least not that he has stated publicly. Ryan Adams, founder of crypto investment firm Mythos Capital and Bankless, speculated that Icahn may have a position. The billionaire still believes there may be an alternative to investing in the stock market, and cryptocurrencies may be worth exploring:”We got a lot of smart guys working at Icahn & Company, and we just don’t understand bitcoin. I’m not saying it’s bad or good, I’m just saying we don’t understand it. We’re not going to invest in something we don’t get […] The jury is really out on whether bitcoin has intrinsic value or acts as a store of value. If inflation gets rampant, I guess it does have value. There are so many variables, it is a very difficult thing to invest in.”
The rapidly evolving realm of decentralized finance (DeFi) has brought a new level of utility and value to the cryptocurrency ecosystem in 2021 but has also provided nefarious actors with numerous exploits in siphoning profits and tokens away from unsuspecting investors. In the past few days, KeeperDAO (ROOK), a DeFi protocol that allows participants to trade, borrow and stake assets with protection from miner value extracted (MEV) bots that front-run transactions, has rallied 118%. Data from TradingView shows that since trading at a low of $124.70 on Oct. 12, the price of ROOK has rallied 118% to a daily high at $298 as its 24-hour trading volume spiked from an average of $7 to $24 million. ROOK/USD 4-hour chart. Source: TradingViewThe reasons for the surging price of ROOK include the roll-out of community governance features, an increasing total value locked on the protocol and the possibility of a new token buyback mechanism that could help to reduce the circulating supply of ROOK. Governance features back the current rallyGovernance features have been growing in prominence across the cryptocurrency ecosystem over time as community control is seen as one of the main features of a truly decentralized network that is not under the control of one small group or entity. As part of its evolution toward a fully functioning DeFi protocol, KeeperDAO introduced its new governance voting structure on Oct. 4 with the release of two KeeperDAO improvement proposals (KIPs), which established the simple format for writing KIP’s and chose the first group of community Sophons to contribute to the community’s growth. Voting on KIP-0 and KIP-1 is now LIVE and will run for 7 days.KIP-0: https://t.co/4ECMFcZEIQKIP-1: https://t.co/M4i4MvTd97Please vote ‘No objection’ if you have no objections. This helps us demonstrate a high degree of support for these initial KIPs.— KeeperDAO ♜♜♜ (@Keeper_DAO) October 4, 2021Both proposals passed without objection on Oct. 11, which allowed the KeeperDAO community to begin putting its treasury to work earning a yield for the ecosystem. ROOK’s treasury and total value locked surgeAnother reason for ROOK’s increasing momentum is the protocol’s growing treasury, which is now back near its all-time highs established during the market run-up in May. KeeperDAO treasury. Source: Dune AnalyticsAccording to data from Dune Analytics, the total value of the KeeperDAO treasury currently sits at $122.2 million, while the total value of assets locked on the protocol now stands at $390 million. KeeperDAO total value locked. Source: Dune AnalyticsRelated: How to make DeFi easier for newcomers, explainedInvestors bought the bottom and the community showed upAnother reason for the building strength of ROOK is the ongoing governance votes, which are focused on reducing the circulating supply of ROOK, cutting back emissions to stakers and funding development through the end of 2021.gm voters.KD Improvement Proposals 2, 3, and 4 are now live for voting https://t.co/zF2Nj8t3T7— KeeperDAO ♜♜♜ (@Keeper_DAO) October 16, 2021
KPI-2 aims to decrease the emission rate of ROOK, which would effectively lower the number of tokens minted in each cycle. KPI-4 is a proposal to use some of the protocol’s ‘Ninja’ profits to buy back ROOK from the open market and burn them. At the current rate, this would translate into $800,000 worth of ROOK tokens being burned monthly, which would help lower the circulating supply and theoretically increase the price of the remaining tokens. KPI-3 proposes additional funding for individual contributors who help with the development and growth of KeeperDAO. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.