Daily Digest 10/18

Insight on the biggest news and charts that provide context for what’s going on in the market today.

Today cryptocurrency custodian, Bakkt, will officially be hitting the New York Stock Exchange tomorrow under the symbol BKKT. Bakkt is a New York based company that also has its Bit license allowing them to offer crypto financial options to NY residents.

Just last week Bakkt announced they had partnered with google to let users spend crypto with a Visa debit card.
They are yet another crypto centric company that is making its way to the stock exchange going the likes of Coinbase, Microstrategy, and soon to be listed Kraken. Crypto is starting to shake the regular market with multiple company listings as well as the launch of a BTC ETF this week.
“Our platform sits at the intersection of cryptocurrency, rewards, loyalty and payments, and we look forward to accelerating the plan that is already underway: building out a broader partner network, expanding the access and utility of digital assets, and gaining momentum in a space that is continuing to grow,” CEO Gavin Michael added.

Grayscale made the announcement last week that they were going to seek the SECs approval for them to convert their BTC trust into a spot ETF and today on Twitter they made it clear that it was not just a rumor.

The difference with Grayscale's proposed ETF is that Grayscale would be holding the actual cryptocurrencies instead linking it to a futures or derivatives contract like the one we saw get approved for ProShares that is launching tomorrow.
Grayscale has been waiting for the SEC to first approve a futures based ETF. They will be waiting to see how the success of these newly approved ETFs plays out before they officially submit their application to the SEC.

Nothing but positive news has come out around the entire crypto market recently as noted in both of today's articles as well as the tomorrows launch of the ProShares ETF on the NYSE. This is all good news for continued upward momentum.
We all remember when the market was in extreme fear a few months ago and how all it takes is a couple news stories to change the perception of the market. It may be wise to start taking some precautions.
It is also worth noting that, for today at least, that futures trading outweighed spot trading 80% to just over 19%. This could be a signal that the market is getting way over leveraged and we may need to start being careful and maybe a little less greedy at the moment.

Andreessen Horowitz Vets Launch $110M Crypto 'Ownership' Fund