Crypto Flipsider News – Bitcoin ETF’s $1B First Day, Facebook Launches Novi, Coinbase Partners with NBA, China Pressures McDonald’s

Crypto Flipsider News – Bitcoin ETF’s $1B First Day, Facebook Launches Novi, Coinbase Partners with NBA, China Pressures McDonald’s

Read in the Digest

• Recap of Bitcoin Futures ETF’s Performance on First Day: $1 Billion in Trading
• Facebook (NASDAQ:FB) Launches Crypto Wallet Novi, U.S. Lawmakers React
• Coinbase (NASDAQ:COIN) Announces Exclusive Partnership with NBA, Chainalysis to Add Bitcoin Balance Sheet
• China Presses McDonald’s to Support Digital Yuan Before Olympics

Recap of Bitcoin Futures ETF’s Performance on First Day: $1 Billion in Trades

After years of waiting, the crypto community has finally gotten the first Bitcoin futures ETF in the U.S., and it did not disappoint. Debuting on the New York Stock Exchange on October 19, the ProShares Bitcoin Futures exchange-traded fund (ETF) hit $1 billion in trades.

At the end of the first day, 24,417,166 shares of ProShares Bitcoin Strategy ETF (BITO), or approximately $1.002 billion, had been traded on NYSE. BITO opened at $40.88 on October 19 but was at $41.94 on October 20, a 3% price increase in less than 24 hours.

As expected, the launch of the first Bitcoin ETF sparked a price rally, sending BTC as high as $64,434, just 0.7% shy of its all-time high. Bitcoin was trading at $64,035 at the time of this writing.

The five-day price chart of Bitcoin (BTC). Source: Tradingview

Flipsider:

• Grayscale has hinted at its plan to convert its Bitcoin ETF Futures to a spot ETF

Why You Should Care

The launch of the new crypto security on Wall Street marks another step closer to mainstream investing for Bitcoin and the crypto universe at large.

Facebook Launches Crypto Wallet Novi, U.S. Lawmakers React

After years of flirting with cryptos, the world’s leading social media platform, Facebook, has launched its Novi wallet app. More than two years after the first announcement, Novi finally rolled out, but as a small pilot program for the U.S. and Guatemala.

The pilot program will let users send and receive money “instantly, securely, and with no fees.” According to the announcement, Facebook will be using the Paxos stablecoin in partnership with Coinbase (custody partner holding the funds for the pilot program).

There is one missing feature, the Facebook-backed Diem originally meant to be the cornerstone of the project. However, according to David Marcus, co-creator of Diem, the pilot is intended to “test core feature functions, and operational capabilities in customer care and compliance.”

Flipsider:

• A group of United States lawmakers believes that Facebook cannot be trusted to manage cryptocurrency
• They have urged Facebook to immediately halt its pilot cryptocurrency wallet Novi

Why You Should Care

Facebook currently has approximately 2.89 billion monthly active users, making it one of the most popular platforms. Its Novi wallet could help in the mass adoption of cryptos.

Coinbase Announces Exclusive Partnership with NBA, Chainalysis to Add Bitcoin Balance Sheet

The publicly traded American crypto exchange platform Coinbase has announced a partnership deal with the National Basketball Association (NBA) and its sister organization, the Women’s National Basketball Association.

The multi-year partnership will see Coinbase “create interactive experiences to engage with the NBA and WNBA’s incredible community and athletes.” This will include creating content and campaigns aimed at educating basketball fans about crypto.

The blockchain data platform, Chainalysis, has announced plans to purchase an undisclosed amount of Bitcoin. The Bitcoin purchase will be the firm’s first and will be done through the New York Digital Investment Group’s brokerage services.

On October 19, Chainalysis revealed that it will be expanding its partnership with NYDIG to purchase Bitcoin via its brokerage service.

Flipsider:

• Coinbase has been hit with a class-action lawsuit after failing to register its platforms as national securities exchanges or as broker-dealers

Why You Should Care

The involvement of more industries in the crypto universe is a move in the right direction for achieving global adoption.

China Presses McDonald’s to Support Digital Renminbi Before Olympics

It is no longer news that China has been at the forefront of the CBDC race, completing several test pilots for its digital currency. What is new is that China is pressuring McDonald’s to expand its e-currency system before the Olympics to support the digital Renminbi.

The e-renminbi, or e-CNY, is the legal tender issued by the People’s Bank of China that allows people to make digital transactions through a mobile phone app. China is currently pushing for the widespread use of the e-renminbi by the time the Beijing Games start in February.

American fast-food company McDonald’s currently allows consumers to use digital renminbi wallets at 270 locations in Shanghai. However, according to reports, China is pressuring McDonald’s to expand the system more widely across China.

An insider report states that both Visa (NYSE:V), a top Olympics sponsor, and Nike (NYSE:NKE), a U.S. team sponsor, were also facing pressure. However, Visa and Nike both declined to comment.

Flipsider:

• The Digital Renminbi issued by the People’s Bank of China has drawn security concerns from U.S. critics

Why You Should Care

While dozens of other countries are working on their respective central bank digital currencies, none have taken the same assertive measures as China. Analysts expect the digital yuan to reach 9% of Chinese domestic payments by 2025.

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