Bitcoin $100K By Christmas And Is NuCypher (Up 360%) A Pump And Dump?
Halloween is almost upon us and Bitcoin is nearing its all-time high of $64,000 again. Betters and bookies are united in their belief that the biggest digital currency can hit $100,000 before the end of the year, with Christmas being an agreed upon timing.
Meanwhile NuCypher briefly entered the CoinMarketCap top 100 over the weekend, climbing some 1,000 percent on Friday before dropping back. Many on social media are convinced it’s all a big pump and dump.
ETF sends crypto higher
Classic investors had been eagerly awaiting an SEC green light for a Bitcoin Exchange Traded Fund in the US for some time now. As the SEC realized many US investors were jealously looking at Canada which has launched two such products, they are now finally letting more investors enter the world of crypto as well.
For those who are sticking with the older, larger brokerages like Fidelity, a Bitcoin futures ETF might be the only choice for getting direct exposure to the high profits you can get from Bitcoin. Until now, senior investors were obliged to open a Robinhood or Cash App, which is not their preferable investment strategy.
Nate Geraci, president of the ETF Store, explained on the attraction of Bitcoin ETFs on Bloomberg, noting that:
If I’m an investor and I have a Charles Schwab account or Fidelity account, I may want all of my holdings under one roof. I may want tax reporting and performance reporting all in one place versus having that at another broker.
NuCypher Pump and Dump
A notable gainer this weekend was NuCypher, up 360% over the past week at the time of writing. With no notable explanation however, many on social media are speculating that it could be a pump and dump.
It is clearly the first major move by the coin in two years, without any clear indication as to why.
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