1. Bitcoin Bulls See 'Trillions' of Inflows When Spot ETF Wins Approval  Bloomberg
2. Why Bitcoin bears are trying to keep BTC price below $62K for Fridays options expiry  Cointelegraph
3. Bitcoin price slips as Ether comes down from record  Fox Business
4. US Lawmakers Urge SEC to Permit Trading of Bitcoin Spot ETFs Regulation Bitcoin News  Bitcoin News
5. 3 Bitcoin ETFs to Give Investors A Taste of the Hot Crypto  InvestorPlace

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Bitcoin Bulls See 'Trillions' of Inflows When Spot ETF Wins Approval - Bloomberg

Bitcoin(CRYPTO:BTC) has been an amazing investment. Its price has gone up 20-fold since 2018. Now a single coin will run you about $63,000. Bitcoin has become a new asset class. El Salvador now recognizes Bitcoin as a currency.

What does the future hold for this top dog in the cryptocurrency market? On this episode of "The 5," Motley Fool contributors Travis Hoium, Jason Hall, and Taylor Carmichael discuss the future of Bitcoin. This segment was recorded on Oct 21.

Jason Hall: What is the ultimate future for Bitcoin?

Travis Hoium: I'll preface this by saying, this is an area where I think we're looking at cryptocurrency like the Internet was in 1998, 1999, where there is huge potential and we're starting to see what that potential might look like.

Jason Hall: When nobody really knew what it was.

Travis Hoium: We may also have a crash here in the next, who knows when. That's very possible. I want to be a little bit cautious in what I say about that. Bitcoin it seems has solidified itself as a store of value and not really a utility in the world of cryptocurrency the way that I see it right now, whether or not that holds true, like gold. Gold has been a store of value for centuries at this point for no other reason than people think it holds value. That could be the same thing with Bitcoin over the next 10 or 20 years. What I'm interested in in the cryptocurrency space though is what is the utility of cryptocurrency? That's why one of the things that I'm looking at right now is what can we do with things like smart contracts with the Ethereum (CRYPTO:ETH) or some of the other cryptocurrencies that are out there? I think Bitcoin has really solidified itself as the brand name and the gold, if you will, of the cryptocurrency space, but I think the innovation is going to happen in some of these other cryptocurrencies. That's where I'm trying to learn as much as I can. It's a space that, hey, look, nobody is an expert at this point. Everybody is learning as we go, just like we were in the Internet in the '90s. Bitcoin, I'm not really very bullish on right now. That's a contrarian view, but I'm looking at things like Ethereum and some of the other smart cryptocurrencies, if you will, because of their utility, and I think that's really where, just like the Internet, it's going to be about utility long-term.

Jason Hall: Taylor.

Taylor Carmichael: I do not own any. Actually, I do own crypto. I've earned some crypto. I've never bought crypto, but I've earned some crypto playing the game Splinterlands (CRYPTO:SPS). If you want free crypto, Google me if you want, and Splinterlands. I played that game with game $10, and now I have cards, last time I checked, they were worth $12,000 and it's just free. That's fun. But to get on the subject of Bitcoin, I don't understand cryptocurrency. I researched it, I dug into it, I can't figure out why there's one more valuable than the other. I've been scared to buy any coins, so I haven't bought any coins. But I'm becoming more and more bullish on the industry as a whole. I think crypto is here to stay, I don't think it's going anywhere. I think Bitcoin is a bit like AOL. It's the number one, it's the early one, it's an early mover. As we all know, AOL was a great stock forever. It made the Motley Fool what it is, it was one of the first big stocks for the Motley Fool. But eventually it's acquired by Time Warner and it was different than Amazon (NASDAQ:AMZN).

Jason Hall: When the Fool started off, literally on AOL, it was on AOL.

Taylor Carmichael: Yeah. I think that's how I found The Motley Fool, was just coming in on AOL. I think Bitcoin is going to be a very good investment for a long time, but it's what you are saying, Travis, there might be issues with it long term. It could go up way, way, up, but it might not be the ultimate winner. Like Yahoo was not the ultimate winner. It was a good start for a long time, but then Google just killed it. Sometimes technology shifts like that. It is the top dog, it is the first-mover. The reason Bitcoin in particular jumped, it went from $10,000 to $60,000, I think, Square (NYSE:SQ) announced that they were buying Bitcoin, and I know Jack Dorsey is a Bitcoin bull. He says that he thinks that Bitcoin is going to replace the dollar, the euro, the yen. That's beyond bullish. Whereas Warren Buffett calls it rat poison squared. He says that about all crypto, so it's fascinating. I think when he says "rat poison squared," it's a dig at Square. [LAUGHTER] I love Square. I think Dorsey is a genius. I haven't bought Bitcoin, but I'm buying the picks and shovels. I have been talking about Silvergate Capital (NYSE:SI), my favorite stock in this space, ticker SI. But for Bitcoin specifically, I'm watching from the sidelines. I know a lot of Fools own it, and I think I'm going to miss out, but I'm watching from the sidelines. But I would definitely pay attention to the whole crypto space because it's a very important space. I think crypto is like the Internet 20 years ago. It's the same dynamic.

Jason Hall: Yeah. Travis, you bought up some good points right about the utility case. You think about Ethereum and it's blockchain network, it's more capable out-of-the-box, so to speak. But there are things happening. You've got the Lightning Network, you have Stacks. There are these things that are happening that developers are working on that are starting to add more. Like the Lightning Network. El Salvador being able to use it as a currency exists because of Lightning Network, the ability to increase the number of transactions, drive transaction costs down, make it a little greener, and then you've got Stacks, this adjacent network rights for developers to build. You think about smart contracts and some of that stuff, it's coming along. There's a lot of innovation that's happening that I think is going to help keep Bitcoin relevant, right? I think that's really important. I think you think about that 21 million number, it's a limited number of tokens that will ever exist. For people that are looking for a store of value, I think that's it. I think there's going to be enough other stuff that keeps it relevant and functional, that keeps developers using it, and other use cases that make it functional, and then that gold comparison. Gold is like a $9 trillion dollar asset, Bitcoin is like $1.3 trillion roughly. 20 years from now, I think Bitcoin is going to be bigger than gold, I really do. Two-thirds of gold's value is people that trade gold and hold it as some hedge or some investment, not as utility value, not it's commercial value, it's investment value. It's people that are holding it as an investment. I think that's going to be the same case for Bitcoin, because there's a lot of things that are even better versus gold. Most Gold is held, people hold it digitally. They make an investment in a trust that has gold somewhere in a big storage facility, and you pay a percentage of assets to do it. With Bitcoin, the cost structure should over time improve. I think it's going to be around for a long time, and I think it could easily 6x from here, 7x from here. I really think it may take 10 or 20 years to do it, but I think it really could. I'm not making a big investment in it, I have a small stake, I'm going to build it out over time.

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What Is the Ultimate Future for Bitcoin? - Motley Fool

While business and world leaders have struck new agreements on the energy transition at the COP26 climate summit in recent days, bitcoin (BTC-USD) has sustained a sky-high price above $61,000.

But concern over the energy-intensive process of bitcoin mining, which requires high-powered computers sometimes deployed on an industrial scale, has drawn scrutiny to the environmental impact of the world's largest cryptocurrency.

In a new interview, Tom Steyer a hedge fund billionaire and environmental advocate described bitcoin as a "huge user of electricity," contending the cryptocurrency will remain an environmental threat as long as the energy grid depends on fossil fuels.

Steyer sharply criticized bitcoin mining ventures that seek out cheap, dirty energy in order to maximize profits.

"Someone came up to me with a proposal this is probably four months ago, so not that long ago [asking] did I want to invest in a bitcoin mining operation next to a coal plant?" he says.

"The idea being you don't have to transport the coal it's much cheaper [and] we'll be able to create bitcoin at a big spread to the current price. This is a great money making opportunity. That is a disaster. That is a straight up disaster," he says.

Bitcoin mining, the process that records transactions and brings new bitcoins into circulation, demands miners solve complex math problems using advanced computation. In exchange, they receive a portion of bitcoin as a reward, making the task potentially lucrative, especially as the price of bitcoin continues to climb.

Story continues

An analysis conducted by Cambridge University, released in February, found bitcoin mining consumes 121.36 terawatt hours a year of energy, which amounts to more than that consumed by Argentina, or more than the consumption of Google, Apple, Facebook, and Microsoft combined.

The global landscape of bitcoin mining shifted dramatically in May, when China banned the practice. Once the world's top home for bitcoin miners, China ceded that role to the U.S., which as of last month hosted over 40% of bitcoin mining.

In the U.S., bitcoin remains largely unregulated. But top officials in the Biden administration have moved toward new rules for cryptocurrrency in recent months.

Treasury Secretary Janet Yellen has urged speedy adoption of rules for stablecoins, a form of cryptocurrency that pegs its value to a commodity or currency, like the U.S. dollar. Plus, SEC Chair Gary Gensler has described the crypto market as the "wild wild West" and indicated a desire to regulate it.

It remains unclear whether such regulations would affect cryptocurrency's environmental impact.

"Bitcoin is a huge user of electricity," Steyer says. "So to the extent that that electricity is derived from fossil fuels, and is emitting greenhouse gases and other dangerous toxins, then yeah, it's a problem."

Political activist Tom Steyer speaks during the "Need to Impeach" town hall event at the Clifton Cultural Arts Center, Friday, March 16, 2018, in Cincinnati. (AP Photo/John Minchillo)

Steyer rose to prominence as the founder and senior managing member of hedge fund Farallon Capital Management, which he departed in 2012. Since then, he launched the voter engagement organization NextGen America and became a leading advocate on environmental issues.

Speaking to Yahoo Finance, Steyer noted that the issue of bitcoin's environmental impact ultimately comes down to the transition toward the sustainable generation of electricity.

"The real question is when you think about it: Clean up the electricity generation, electrify everything. Be smart about your energy use. That's kind of the overall take on how we reduce emissions," he says.

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Billionaire Tom Steyer: This type of bitcoin venture is a disaster for the environment - Yahoo Finance

Its been a broadly bearish morning session for Bitcoin and the broader market.

At the time of writing, Bitcoin, BTC to USD, was down by 2.39% to $61,397.0.

A mixed start to the day saw Bitcoin rise to an early morning high $63,067.0 before hitting reverse.

Falling well short of the first major resistance level at $64,252, Bitcoin fell to a late morning low $61,277.0.

Steering clear of the first major support level at $60,862, however, Bitcoin revisited $61,900 levels before easing back.

Its been a mixed morning for the rest of the majors.

Crypto.com Coin was up by 7.88% to lead the way.

Bitcoin Cash SV (+0.17%) and Polkadot (+0.55%) also found morning support.

It has been a bearish morning for the rest of the majors, however.

At the time of writing, Chainlink was down by 3.76% to lead the way down.

Binance Coin (-2.07%), Cardanos ADA (-2.21%), Ethereum (-2.06%), Litecoin (-2.64%), and Ripples XRP (-1.90%) also struggled.

Through the early hours, the crypto total market cap rose to an early morning high $2,746bn before falling to a late morning low $2,690. At the time of writing, the total market cap stood at $2,688bn.

Bitcoins dominance rose to an early morning high 43.43% before falling to a low 43.10%. At the time of writing, Bitcoins dominance stood at 43.15%.

Bitcoin would need to move back through the $62,213 pivot to bring the first major resistance level at $64,252 and $65,000 levels into play.

Support from the broader market will be needed, however, for Bitcoin to break out from $63,500 levels.

Barring an extended crypto rally, the first major resistance at $64,252 would likely cap any upside.

In the event of another extended rally through the afternoon, Bitcoin could test resistance at $68,000 before any pullback. The second major resistance level sits at $65,603.

Failure to move back through the $62,213 pivot would bring the first major support level at $60,862 back into play.

Story continues

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$60,000 levels.

The second major support level sits at $58,823.

Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs this morning. We also saw the 100 EMA narrow on the 200 EMA.

Through the 2nd half of the day, a widening of the 50 EMA from the 100 and 200 would bring $68,000 levels into play.

Key through the late morning and early afternoon, however, would be to move back through to $63,500 levels.

This article was originally posted on FX Empire

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Bitcoin Price Prediction A Breakout from $63,500 Would Be Needed to Deliver $68,000 Levels - Yahoo Finance

Square Inc. reported lower-than-expected revenue for the third quarter as less volatile pricing for bitcoin impacted demand, though the companys chief financial officer noted strength in volume during October.

The company posted a break-even third quarter, after earning $37 million, or 7 cents a share, in the year-earlier quarter. On an adjusted basis, Square SQ, -1.99% earned 37 cents a share, up from 34 cents a share a year earlier, while analysts tracked by FactSet were expecting 38 cents a share. The fintech company grew revenue to $3.84 billion from $3.03 billion, while analysts had been modeling $4.39 billion.

Shares fell roughly 3% in after-hours trading following the release of the report.

Squares revenue total for the latest quarter consisted of $1.30 billion in transaction-based revenue, $695 million in subscription revenue, $37.3 million in hardware revenue, and $1.82 billion in bitcoin revenue. Analysts tracked by FactSet were expecting $2.6 billion in bitcoin revenue.

Bitcoin BTCUSD, +1.78% is a relatively low-margin business for Square, and the company incurred $1.77 billion in bitcoin costs during the quarter.

Bitcoin revenue and gross profit benefited from year-over-year increases in the price of bitcoin and number of bitcoin actives, the company noted in its shareholder letter, though bitcoin revenue and gross profit both declined on a sequential basis, which Square largely attributed to relative stability in the price of bitcoin.

Chief Financial Officer Amrita Ahuja noted on a call with reporters that as bitcoin prices increased in October, the company saw strength in demand.

The companys total gross profit for the third quarter came in at $1.13 billion, up from $794 million a year earlier. Analysts had been expecting $1.15 billion. Speaking on the call with reporters, Ahuja argued for the importance of the gross-profit metric as an indicator of Squares performance.

Squares Cash App mobile wallet generated gross profit of $512 million, whereas analysts tracked by FactSet were looking for $536 million. Wolfe Research analyst Darrin Peller suggested the miss wasnt particularly surprising.

Heading into the print, we believed Cash App would face waning impacts of government stimulus benefits and lower bitcoin revenues, he wrote in a note to clients. We believe these dynamics were known by most investors, who were expecting ~$510 million in Cash App gross profit.

The results were unusual for Square, especially given the companys track record of revenue/earnings beats, Wedbush analyst Moshe Katri told MarketWatch. The results likely reflected the impact of fading stimulus payments, which was a similar theme at other payments names as well, he continued.

During the third quarter, Square saw a lower portion of transactions take place through debit cards, while average transaction size also fell on a year-over-year basis. Despite the decreases, Square noted in its shareholder letter that these trends remained elevated relative to historical periods partly as a result of changes to consumer behaviors due to COVID-19 and government disbursements, which may not continue in future quarters.

Square saw gross payment volume of $45.43 billion, up from $31.73 billion a year earlier. The FactSet consensus was for $45.61 billion.

Square expects seller GPV to be up 42% on a year-over-year basis during October.

Square has the largest short interest in the data-processing and outsourced services sector with $9.7 billion, according to data from S3 Partners. That short interest has increased by $996 million over the past 30 days. Squares short interest as a percentage of its float stands at 9.81%.

Shares of Square have declined about 7% over the past three months as the S&P 500 SPX, +0.42% has risen roughly 6%.

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Square says bitcoin demand slowed in Q3 but picked back up in October; earnings weigh on stock - MarketWatch

Coin Stories podcast host Natalie Brunell breaks down the short-term downtrend on Making Money.'

Bitcoin was trading 2% higher Wednesday morning.

The price was around $62,800 per coin, while rivals Ether, the world's second-largest cryptocurrency, hit an all time high rising to as high as $4,643, breaching the previous day's $4,600 and taking the week's gains to more than 10%, according to Reuters.

Dogecoin was trading around 27 cents per coin, according to Coindesk.

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The Biden administration is focusing on stablecoins, calling on Congress to pass legislation that would strengthen government regulation.

Stablecoins are a form of cryptocurrency that has soared in popularity in the past year.

It is the focus of a 22-page report issued Monday, the Treasury Department and several other regulators said the legislation should require that stablecoin issuers become banks, which would potentially subject them to a wide range of rules, including those requiring that banks hold sufficient cash reserves and implement measures to prevent money laundering and other illicit activities, according to The Associated Press.

AARON RODGERS TO CONVERT PART OF SALARY INTO CRYPTO: 'BITCOIN THE MOON'

"The absence of appropriate oversight presents risks to users and the broader system," said Treasury Secretary Janet Yellen. "Current oversight is inconsistent and fragmented, with some stablecoins effectively falling outside the regulatory perimeter."

"Current oversight is inconsistent and fragmented, with some stablecoins effectively falling outside the regulatory perimeter."

U.S. Treasury Secretary Janet Yellen speaks at Winfield House in London, June 5, 2021. (Reuters / Reuters Photos)

Stablecoins are a type of cryptocurrency that is pegged to a specific value, usually the dollar or another currency or gold.

In other cryptocurrency news, ground was reportedly broken on Monday Nov 1 for the construction of a veterinary hospital that El Salvador's President Nayib Bukele says has been funded by bitcoin gains, according to Reuters.

BITCOIN IN EL SALVADOR SPARKS CRYPTO CURRENCY DEBATE

"We are seeing additional benefits such as this veterinary hospital, the schools that I am advertising and, God willing, if the price of bitcoin continues to rise, there will be new infrastructure for the benefit of our people," said Bukele during an official event where he laid the foundations for the clinic.

In September, the Central American country became the first in the world to adopt the cryptocurrency as legal tender.

The hospital is expected to have medical offices, operating rooms, a rehabilitation area and will directly employ 300 people.

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According to the Salvadoran government, this infrastructure project is the first in the world to be generated with profits from bitcoin.

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Bitcoin trades 2% higher while Ether hits record high - Fox Business

A popular crypto trader thinks that Polygon (MATIC) and Binance Coin (BNB) are set to rally before Bitcoin (BTC) ascends towards $100,000.

The crypto market analyst known as Altcoin Sherpa tells his 141,900 Twitter followers that Bitcoin may be leaving the last door open for buyers to accumulate before taking off on its next leg up.

IMO [in my opinion] this is the last chance to get on the Bitcoin train before this takes off. When it accelerates I expect it to suck all altcoin liquidity out of the market and move like a runaway train. Higher low getting established now dont get left behind.

He says the next move that Bitcoin will make is going to be huge, based on the healthy market structure indicated by estimated moving averages.

For this being at all-time highs, the EMAs [estimated moving averages] are actually very, very healthy IMO. Price has chopped and consolidated a while, I think when this moves its going to be huge.

Taking a look at Binance Coin, Sherpa is expecting the altcoin to push beyond $600, but doesnt think that BNB will be able to outpace Bitcoin.

At time of writing, BNB is trading at $548.55, according to CoinGecko.

BNB: Expecting this to continue grinding up to the $600s. All-time highs in the USD [US dollar] pair coming but I dont think this is going to outperform BTC personally.

As for the layer-2 (L2) Ethereum scaling solution Polygon, hes expecting MATIC to hit new all-time highs in the coming weeks. He anticipates a volatile period as L2s and sidechain competition heats up.

MATIC: Still a good project, expecting this one to hit all-time highs in the next few weeks. Battle between these side chains/L2s/EVM clones are going to be really interesting the next few months. ETH gas makes it pretty unusable for normal [people].

Currently, MATIC is trading at $1.98, according to CoinGecko.

Featured Image: Shutterstock/Vectorpocket

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Crypto Analyst Says Bitcoin Will Move Like a Runaway Train, Predicts Rallies for Binance Coin and Pol... - The Daily Hodl

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In this episode of the "Bitcoin Magazine Podcast," host Christian Keroles was joined by Dave Bradley, the founder of Bitcoin Brains, cofounder of Bull Bitcoin and chief revenue officer at Bitcoin Well.

Bradley is a Bitcoin OG and he broke down how he first got into Bitcoin, and then moved into all the things going on at Bitcoin Well, such as white-glove Bitcoin services, a non-custodial Bitcoin wallet, and its Bitcoin ATM software.

I think theres maybe 28,000 Bitcoin ATMs in the world and about half of those were deployed in 2021. Theyre exploding, especially across North America," Bradley said. "Were going to get to a point where every ATM in the world can sell bitcoin, fairly soon.

The discussion finished with talk of bitcoin price action, cycles and the future of Bitcoin. Enjoy this conversation with one of Bitcoin's very notable entrepreneurs!

The big step that youre talking about is eventually we put ourselves out of business, right, because nobody has any more dollars!" Bradley said. "In the meantime, were working to build as many ways we can for people to get that money into bitcoin.

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Discussing The Future Of Bitcoin ATMs: "Every ATM In The World Can Sell Bitcoin" - Bitcoin Magazine

Bitcoin (BTC) is in line for a continuation of its bull run, fresh analysis says, as BTC/USD retains its 2.2% daily gains.

As data from Cointelegraph Markets Pro and TradingViewtracks Bitcoins best day for a week, confidence in higher levels is building.

Earlier Tuesday, Nov. 2, the largest cryptocurrency abruptly exited a sideways trading channel to add almost $2,000 in just over an hour.

Amid calls of a potential breakout, popular trader Pentoshi believes that $62,500 may be buyers only chance to buy the dip.

$BTC any pullback towards 62.5k is a great bid zone to add, he advised Twitter followers alongside an accompanying chart.

With the Wall Street open around the corner, confidence is firmly evident among market participants, with analyst TechDev calling for a march beyond all-time highs of $67,100.

Related:Price analysis 11/1: BTC, ETH, BNB, ADA, SOL, XRP, DOT, SHIB, DOGE, LUNA

Ether (ETH), the largest altcoin by market capitalization, saw a fresh all-time high of $4,482 Tuesday, days after its previous record.

The top 10 cryptocurrencies by market cap were led by Polkadot (DOT), up 15% on the day at $52 itself an all-time high after its own October rally.

Bitcoin de facto hit its worst-case scenario monthly close for October, thus remaining on course to see almost $100,000 by the end of this month.

Bullish sentiment is also coming from a resurgent altcoin sphere.

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Bitcoin price consolidation could be over, says trader as Ethereum, Polkadot hit all-time highs - Cointelegraph

Traders should focus on Bitcoin (BTC) and Ethereum (ETH) right now, according to two popular crypto analysts.

Writing in the latest TechnicalRoundup newsletter, the pseudonymous traders known as Cred and DonAlt say the top two crypto assets by market cap both still look good after recently surging to new all-time highs [ATHs].

The market retested and closed above the all-important weekly support at $58,000. The technicals are bullish.

According toCoinGecko, Bitcoin is trading at $62,467 at time of writing, down about 7% from its October 20th all-time high of $67,276.

Ethereum is trading at $4,572 at time of writing and is down about 2% from its ATH of $4,674, which it hit on Wednesday.

In terms of BTCs worst case scenario, Cred and DonAlt say that if the breakout doesnt stick, traders should look for strength around $50,000. If Bitcoin were to lose that level, they think BTCs uptrend would be over.

But they think Bitcoin looks strong, and recommend traders look for clean, round numbers like $70,000 or $80,000 in terms of targets for a move higher. The analysts also note traditional markets arent presenting Bitcoin with volatility risk.

The S&P 500 is steadily making new highs, so the likelihood of correlated weakness as a result of traditional markets tumbling is reduced. While the lack of momentum has some participants concerned, its hard to be bearish above support and at the all-time high. We will change our minds if the evidence changes.

DonAlt and Cred are less bullish on altcoins in the short term, however.

Our attitude towards altcoins is lukewarm at best given the majors are on the move. We expect Bitcoin and Ethereum volatility to create a liquidity vacuum of sorts among altcoins, at least in the short term.

Long altcoins = short Bitcoin/Dollar (and Ethereum/Dollar) volatility. Therefore, in our view, positioning for strength in altcoins as the majors are making new all-time highs is not the most attractive bet in the market.

Read the full newsletter here.

Featured Image: Shutterstock/Bryan Vectorartist/Sensvector/pikepicture

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Bitcoin and Ethereum To Trigger Liquidity Vacuum on Altcoins in Short Term: Crypto Analyst - The Daily Hodl