For the month of October, US stocks have declined 1.6%, while Bitcoin is on track to gain 24% and 85% on a year-to-date basis. On Tuesday, Bitcoin reached an all-time high for 2020 of $13,490 when news broke about DBS, Southeast Asia’s largest bank, launching a digital asset exchange. According to a since-deleted web page, DBS Digital Exchange will offer access to “an integrated ecosystem of solutions to tap the vast potential of private markets and digital currencies.” A spokesperson from DBS told CoinDesk the plans for the digital exchange are still a work in progress and have yet to receive regulatory approval.
On Friday, Deribit, the world’s largest crypto options exchange by trading volume, listed Bitcoin options contracts that allow traders to bet on a potential price rally to $40,000 next year. The new contracts come at a bullish time in crypto, given the growing institutional participation and rising mainstream adoption.
Speaking of mainstream adoption, US customers of Coinbase can now join the waitlist for the Coinbase crypto Visa debit card, which will be launching early next year. American customers will be able to spend cryptocurrency anywhere Visa cards are accepted and will manage their cards directly through their Coinbase account. Many platforms require users to load funds onto the card in order to spend them, however the Coinbase Card will provide customers the convenience of taking funds directly from their Coinbase account, removing the middleman completely. According to Coinbase, you can join the waitlist through the Coinbase app, however there will be a bit of a wait, with the first customers being approved this winter.
Key Crypto Headlines
“Another global bank believes that digital assets are the future of the global economy.”
“If Bitcoin can stay above $10,000 by the day of the US elections, history suggests that $100,000 is next.”
“Despite its centralized design, JPM Coin’s real life utilization represents a step toward the mainstream adoption of blockchain technology.”
“Crypto derivatives exchange Deribit has listed Bitcoin options contracts that allow traders to bet on a potential price rally to $40,000 next year.”
“Tim Draper remains bullish on DeFi and Bitcoin but thinks regulation has not caught up with the technology.”
“Coinbase is launching its Visa debit card in the US early next year.”
“The country continues to make slow but sure steps on its way to being a crypto-friendly nation.”