Daily Crypto Update 10/26/21
Hi there! Here is what we are covering today! ☀️
💰Solana hit a new ATH
Despite September’s network outage which stopped the network for more than 17 hours, it looks like Solana’s summer is back. With some fresh money from VC companies, DeFi, and NFT serge, Solana’s native token set a new record.
Yesterday SOL hit a new ATH at $218.73 according to CoinMarketCap, breaking its previous highest price of $213. The cryptocurrency is up nearly 31.4% over the last seven days and is currently sitting at the sixth position by market cap, flipping XRP.
The network could transit over 50 000 transactions per second which caught the attention of many new DeFi projects. Currently, Solana’s ecosystem has over $13.56M locked in its protocols. According to DeFiLlama the project with the most assets locked is Radium - an AMM and liquidity provider.
💰Mastercard partners with Bakkt, BKKT share price skyrocketed
Bakkt is a crypto custody company that launched its crypto wallet in March and became public on October 18. Just a few days after its IPO the financial services giant Mastercard revealed a partnership with the business that will allow the US customers to buy, sell and hold crypto via Bakkt’s wallet. On the same day, global payment provider Fiserv also announced a collaboration with the crypto firm.
The ton of exciting news drove the stocks to go up by more than 50%. On Friday the stock closed at $9.15 just to hit its highest position of $31.57 on Monday. The closing price was still significant - $30.60. At the moment Bakkt has a valuation of nearly $4B.
💰Bitcoin futures ETFs are competing for lower fees
Last week ProShares offered the very first Bitcoin futures ETF in the USA which hit a trading volume of approximately $1B on its first day.
Just a few days later the SEC gave approval to Valkyrie to bring the second futures ETF which on the first day was far behind with only $80M trading volume.
But it seems like the competition has just begun. More ETFs on the market mean higher competition for lower fees. ProShares and Valkyrie have a management fee of 0.95%, which means that investors pay $9.50 on every $1000 invested. However, VanEck’s ETF will offer a much lower fee of 0.65%. By doing so the investors would prefer to invest in Bitcoin via VanEck’s vehicle. The only cheaper BTC ETF in the world is CI Galaxy Bitcoin ETF (BTCX), a Canada-listed spot Bitcoin ETF which comes with a 0.40% fee.