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OKEx Insights Institutional investment NFT Bitcoin ETF News of the Week

Bitcoin ETF pushes leading cryptocurrency to all-time highs

2021.10.23 Adam James

The first-ever Bitcoin futures ETF in the United States pushed the price of BTC to all-time highs.

It’s been a historic week for the blockchain and cryptocurrency industry after the first-ever Bitcoin futures ETF in the United States went live and exceeded expectations. Subsequently, the price of BTC flash crashed 88% on Binance.US after hitting all-time highs on global cryptocurrency exchanges.

Here’s everything you need to know about these stories, and more, in this week’s edition of OKEx Insights’ News of the Week.

Bitcoin ETF exceeds expectations, BTC hits new all-time high

Following the launch of the first-ever Bitcoin exchange-traded fund in the United States, the price of BTC set a new all-time high of 66,999 USDT on OKEx.

The ProShares Bitcoin futures ETF exceeded expectations on its first day of trading — with roughly $1 billion changing hands.

Key takeaways

  • BTC was not alone in surging higher following the launch of ProShare’s Bitcoin futures-backed ETF. The price of ETH also surpassed 4,000 USDT as many altcoins rallied.
  • The global cryptocurrency market capitalization also hit a new all-time high above $2.7 trillion.
  • The cryptocurrency industry has waited for what feels like a very long time for a Bitcoin ETF in the United States. Though ProShare’s offering is technically a futures-backed ETF, it still represents a milestone in Bitcoin’s history.

BTC price flash crashes to $8,200 on Binance.US

The price of BTC flash crashed from $65,500 to $8,200 on Binance.US on Thursday — an 88% drop. The exchange later claimed that the issue was the result of a bug in a client’s trading software.

Key takeaways

  • Other cryptocurrency exchanges experienced sudden BTC price drops, but only to more expected levels around $64,000.
  • Generally speaking, both trading firms and exchanges generally have measures in place to ensure this type of move does not happen — making the drop even more surprising.
The price of BTC flash crashed dramatically on Binance.US. Source: Binance.US

Bored Ape Yacht Club NFT sells for 696.969 ETH

A record sale for Bored Ape Yacht Club was reached this week after #8585, an ape featuring psychedelic fur and a crown, sold for the meme-tastic 696.969 ETH — worth approximately $2.7 million at the time of the sale.

Key takeaways

  • Bored Ape Yacht Club remains hot. Less than a month before the record sale, two other nonfungible tokens from the collection sold for more than $1 million each.
  • The buyer of #8585 also recently purchased a Fidenza for 200 ETH, as well as a pair of CryptoPunks for 155 ETH and 265 ETH.
Bored Ape Yacht Club NFT #8585 sold for 696.969 ETH. Source: OpenSea

U.S. senators call for shutdown of Facebook’s Diem and Novi

Facebook CEO Mark Zuckerberg has been the recipient of a letter from five senators in the United States seeking to shut down the social media giant’s much-maligned stablecoin project Diem and crypto wallet Novi. 

Key takeaways

  • The senators supporting the letter include Elizabeth Warren, one of the Senate’s biggest cryptocurrency opponents.
  • Facebook’s Diem has long been under scrutiny by elected officials in the United States — something that seems likely to continue.

Associated Press partners with Chainlink

The Associated Press announced late this week that it is partnering with Chainlink to put its journalism immutably on the blockchain. The decentralized oracle service will essentially allow blockchain developers the ability to connect to AP’s data and information.

Key takeaways

  • This is not the first time the Associated Press has gone down the blockchain road. The independent news organization previously partnered with Everipedia in October 2020 to put its election call information on the blockchain.
  • Chainlink continues to lead the blockchain oracle market by a wide margin.


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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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