Markets Continue Sideways 

Even Most Altcoins Are Flat

Another uneventful day in the market actually had meaning today as US Stocks were hammered yet again. While we might see a delayed reaction to this like we did earlier this month, it is reassuring to see a low correlation between crypto and more traditional markets.

Today’s news had pretty familiar standouts: Coinbase and the Bitcoin ETF.

Coinbase had two separate announcements, neither of which were all that exciting, but certainly were crucial in its bid to maintain relevance in the face of oncoming institutional investors.

Seemingly jumping on the stablecoin bandwagon, they announced their support of Circle’s stablecoin, CUSD.

Commenting on its decision to support the USDC stablecoin, Coinbase said that fiat-based blockchain currencies could contribute to the development of “a more open financial system” and could further the adoption of decentralized applications (dApps):

“The advantage of a blockchain-based digital dollar like USDC is easier to program with, to send quickly, to use in dApps, and to store locally than traditional bank account-based dollars. That’s why we think of it as an important step towards a more open financial system.”

Coinbase also noted that stablecoins like USDC are ideal for business purposes and e-commerce applications, as payments denominated in these tokens can be made at any time of day without the inherent risks of price volatility associated with using bitcoin and other cryptocurrencies as working capital.

While this isn’t the most exciting news, it certainly has importance as it shows a continued trend towards enabling stablecoins. They will become the bridge that allows fiat currency to flow in and out of crypto, and are an important building block for more adoption.

Coinbase also announced they received approval from New York regulators to form a qualified custodial firm for cryptocurrencies.

“For our customers, operating under a New York State Trust Company is more than just a new license — it’s an important piece of regulatory clarity that will allow us to compliantly store more assets and add new features like staking.”

All this boils down to one conclusion: Coinbase wants to capture as much of the institutional money as possible. By playing on the forefront of regulatory limits for this space, they clearly aim to play with the big dogs on Wall St. Time will tell if they can follow through.

In other news, the U.S. Securities and Exchange Commission (SEC) has published a memorandum, dated Oct. 9, from a meeting regarding the Bitcoin ETF proposal from VanEck and SolidX.
The new SEC Commissioner, Elad Roisman, met with representatives from VanEck and SolidX to brief him on the Bitcoin ETF. Elad Roisman, in addition to existing commissioner Hester Pierce, have openly stated pro-crypto rhetoric.

The gist of the situation is that there might be a weird period where there are only 3 commissioners in which 2 pro-crypto votes could approve the ETF.

Otherwise with 4 commissioners you still need 3 out of 4 to vote for the rule change, in addition to the chairman,

As we’ve learned, the new chairman is pro-crypto and if it comes down to it he will side with his inherent party (Republican) to avoid a highly criticized and lengthily tied outcome.

What makes this really interesting is that one of the anti-crypto commissioners is required to step down in December. That means that the Commissioners will be 1 against, two for without including the pro-crypto chairman.

This is still speculation, but it is looking more and more probable that we will see approval for the ETF come late December to late February.

Of course, as you’ve heard, that will cause quite a stir. In addition to institutional giants like Fidelity entering the space, this will have resounding effects for the entire industry.

Then again, we’ve been down this road before, so let’s not senselessly get our hopes up.

Instead, we can focus on finishing the year as strong as possible and continuing to add to our positions. We may soon regret we didn’t add more.

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Defensive Actions for the next trading day: 

• None.