Bitcoin touched the $60,000 mark on Oct.15 following a Bloomberg report that a Bitcoin futures ETF will scale with the U.S. Securities and Exchange Commission (SEC). At the time of post, Bitcoin was trading up nearly 3% at $59,018, after reaching highs of $59,999 on coinbase.
Further buoying this positive sentiment is The U.S SEC tweet about weighing the risks and benefits of investing in a fund that holds Bitcoin futures. The post seemed to confirm earlier speculations that the securities regulator may approve a Bitcoin exchange-traded fund (ETF). Bloomberg hints at a possible approval next week, naming applications by ProShares and Invesco as two proposals that may be allowed to launch in the upcoming week.
In another positive news, Russian President Vladimir Putin thinks cryptocurrencies have value. Asked whether bitcoin or another cryptocurrency could be used as an alternative to the dollar in trading oil, the Russian President stated it’s “too early to talk about the trade of energy resources in crypto.”
As Bitcoin rallied, Altcoin projects NuCypher (NU,+631.59%), Keep Network (KEEP,+163.53%), BarnBridge (BOND,+70.88%) stole the spotlight show with their impressive rallies.BarnBridge is a project that seeks to expand the functionality of DeFi by making it more flexible and efficient. BOND rallied nearly 105% to mark highs at $48.90 on Oct.15.
NuCypher is a threshold cryptography network that powers decentralized applications and protocols from DeFi to Web3 to NFTs.NU rallied 1000% to all-time highs of $2.78 thanks to its new Upbit listing. NU consequently moved into the top 100 most valued cryptocurrencies by market capitalization, ranking 73rd as of press time.
Speaking on the NU and MATIC price increases, Chinese crypto influencer, Colin Wu notes ”Affected by the listing on Korea’s largest exchange Upbit, SOL (+7%), MATIC (+30%), and NU (+1000%)”.
MATIC was up 21.47% at 1.54 as of press time
Altcoins are trading in a mixed manner for now as profits rotated into bitcoin, with most tokens in red as of press time. Therefore NuCypher’s rally remains significant against the backdrop of the entire market.
Asides from the Upbit listing, the Nucypher community is ecstatic about Keep Network and NuCypher’s ongoing plans to integrate around a new network dubbed “Keanu” with onlookers claiming that the move is “the world’s first decentralized protocol merger.”
The Keep Network is a protocol allowing blockchain users to privately store and transfer data off-chain, with the team using its tech to build the decentralized Bitcoin tokenization protocol, tBTC.Notably, The Keep Network shares NU’s bullish sentiment as it rallied 300% to highs of $1.20 seen as of press time.
Since when the final proposal known as rc0 was ratified in June, both teams and communities have been busy navigating the uncharted decentralized merger scene. Keep Network started by building a random beacon and tBTC while NuCypher began with proxy re-encryption. As of July, “Threshold Network ‘’ and “T” became the official new network name and ticker for the merge.
On Oct 8, the NuCypher network announced: ”tBTCv2 is coming to Threshold Network. tldr; v2:scales 100x from today’s v1 by more effectively deploying capital for securing BTC…token and LP incentives are live.. bridge is estimated to go live near the end of this year”
tBTC v2 is a decentralized custodial banking system secured by the Keep Network and collateralized by KEEP. tBTC will be able to scale 100x from v1, to 100,000 BTC (or, 1% of the total supply) — matching the capability of custodial solutions like WBTC.
Amid the rally, Crypto Twitter was quick to point out NU’s price disparity on various exchanges with coinbase being at the center of discourse.
As crypto investors watch out for where NU price will trend next when it finally settles, TokenInsights believes Nu’s rally may signal something big for web3 tokens ”$NU leads the market, may it’s time for #web3? BTW, the first-ever decentralized projects merger between @NuCypher and @keep_project is around the corner, keep going!”
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