Walmart Now Has Bitcoin ATMs? Five Bitcoin Developments from the Past Week

Before I get around to Walmart, I want to address the recent pullback in Bitcoin and Ether prices since Bitcoin hit a new record high. Shares of publicly listed crypto miners also fell this week. It’s important for investors to remember that the crypto ecosystem remains, and is expected to remain, highly volatile.

Whereas gold bullion and the S&P 500 have a standard deviation of ±1% over a single trading day, Bitcoin has one closer to ±4%. Ether’s is even higher at ±6%, and HIVE Blockchain Technologies can easily go up or down 8% during any given trading session.

Needless to say, the crypto ecosystem is high-risk and potentially high-reward, and it’s essential that investors who are thinking of participating manage their expectations.

There’s much more to cover from the week that was! Below are five Bitcoin developments you need to know.

1. The first Bitcoin ETF was also the fastest to $1 billion in assets

Many of you reading this may be aware that Wall Street finally got a Bitcoin-linked ETF. The ProShares Bitcoin Strategy ETF (BITO), which tracks the performance of Bitcoin futures contracts, was first out of the gate on Monday, mere days after the Securities and Exchange Commission (SEC) said it would no longer block the issuance of investment products related to the digital asset.

But that’s not the only record BITO now holds. The ETF attracted over $1 billion in as little as two days after its debut, making it the fastest ever to reach that milestone. The previous recordholder, appropriately enough, was State Street’s SPDR Gold Shares ETF (GLD), launched in 2004. It took the popular gold-backed ETF three days to reach $1 billion in assets.

BITO may be the first, but it will hardly be the last. A second Bitcoin futures fund, the actively managed Valkyrie Bitcoin Strategy ETF (BTF), became available for trading today.

Having said that, not everyone is jumping to buy a Bitcoin futures contract. Of the nearly 700 people who took a recent HIVE poll, more than three quarters said they were either “probably” or “absolutely” not interested in an ETF that tracks the futures market. Presumably they are holding out for a Bitcoin spot ETF, or they would prefer to own the crypto outright.

2. Bitcoin’s all-time high price has reignited speculations of $100,000

The price of Bitcoin topped $66,000 for the first time on Wednesday, pushing its market cap above an incredible $1.3 trillion. The surge was driven largely by the debut of BITO as well as the undeniable power of FOMO, or fear of missing out.

This has reawakened speculation that the crypto is headed for $100,000, perhaps as early as year’s end. Take a look at the logarithmic chart below. Each horizontal line represents a growth factor of 10.