The price of Bitcoin hit a new all-time high of $68,514.26 during Asian trading hours as the bull trend that seemingly started at the beginning of October continues. In total, the market has added over $1 trillion in value in just a month.

Cryptocurrency lender BlockFi has filed a proposal for a spot bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The BlockFi NB Bitcoin ETF would trade on the New York Stock Exchange and hold bitcoin directly.

The cryptocurrency-powered Brave browser has announced an integration with the Solana (SOL) network due to the cryptocurrency’s high transaction speeds and low costs, which make interacting with crypto easier.

Sponsored: You’ve probably heard all about Curve Finance, the popular decentralized exchange for stablecoins, but may be put off by having to manage another on-chain wallet. Bybit has simplified the process for users like you, so you can get easy access to DeFi on Bybit.

Top stories in the Crypto Roundup today:

• Bitcoin and Ethereum Hit New Highs as Crypto Market Nears $3 Trillion
• BlockFi Files Proposal for Spot Bitcoin ETF
• Crypto-Powered Brave Browser Expands to Solana
• How bAssets React to Market Volatility
• Sponsored: Check Out The Newest Liquidity Mining Pool on Curve Finance

Bitcoin and Ethereum Hit New Highs as Crypto Market Nears $3 Trillion

The price of Bitcoin hit a new all-time high of $68,514.26 during Asian trading hours as the bull trend that seemingly started at the beginning of October continues. In total, the market has added over $1 trillion in value in just a month.

The total market capitalization of all cryptocurrencies is approaching the $3 trillion mark thanks to gains made by both BTC and several altcoins. Bitcoin is widely perceived as a store of value asset like gold by investors, making it a haven as worries about inflation keep increasing.

The number of unique wallets with a balance of more than zero bitcoin has almost returned to 39 million,  nearing the record high of 38.7 million which was reached in May. At the same time, crypto exchanges’ bitcoin balances have been dropping, leading to a supply drop.

While BTC surged above $68,000, Ethereum’s ether, the second-largest cryptocurrency by market cap, hit a new all-time high of $4,827.89. ETH’s surge came as data shows the Ethereum network burned more ether than it issued for a week, thanks to Ethereum’s London hard fork, which introduced a mechanism to burn a large chunk of transaction fees.

Concerns surrounding Ethereum’s scalability moved some investors away from ETH and into alternative networks like Solana (SOL), Polkadot (DOT), Terra (LUNA) and Avalanche (AVAX).

BlockFi Files Proposal for Spot Bitcoin ETF

Cryptocurrency lender BlockFi has filed a proposal for a spot bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The BlockFi NB Bitcoin ETF would trade on the New York Stock Exchange and hold bitcoin directly.

The filing is under the Securities Act of 1933 and joins more than 20 similar proposals awaiting a decision from the SEC. Only 10 of those proposals have a decision date from the regulator. The proposed ETF joins BlockFi’s proposed futures offering the BlockFi Bitcoin Strategy Fund.

BlockFi’s futures filings came after SEC Chair Gary Gensler hinted he’d be more likely to approve a futures-based bitcoin ETF. Since then, multiple such products received a green light to trade, while BlockFi’s proposal is yet to move forward.

Crypto-Powered Brave Browser Expands to Solana

The cryptocurrency-powered Brave browser has announced an integration with the Solana (SOL) network due to the cryptocurrency’s high transaction speeds and low costs, which make interacting with crypto easier.

According to Brendan Eich, CEO of Brave, as more users and creators require “tools for fast and affordable access to the decentralized web, this integration will seamlessly pave the way for the next billion crypto users to harness applications and tokens.”

Brave currently has 42 million monthly active users, which could further support the growth of the Solana ecosystem. The integration is set to be complete in the first half of 2022, and by then Brave users will be able to access a variety of decentralized applications on the Solana network.

The Brave browser’s web app is currently the third-most downloaded internet browser, after Opera and Google’s Chrome.

How bAssets React to Market Volatility

As Twitter user mintingfarms notes,  Terra’s bETH first made its appearance in mid-August of this year. Just a few weeks later, the newcomer saw its first real shakeup when ETH prices dropped from roughly “~3.9k to as low as ~3.0k” on September 7.

So how did bLUNA react? As we can see in the graph above, the oracle price of bETH remains consistently lower than the bETH oracle price. What’s more, as mintingfarms points out, the Ethereum Uniswap v3 price as the height of the bar charts exceeded most bETH oracle prices (in green)

And when we examine the price ratio of bETH Oracle prices with the ETH price from Uniswap V3, as has been done above, we can see that the bETH oracle price was ~3.33% lower than the spot price of ETH on Uniswap v3 pool.

“Compared to bLUNA oracle price updates, it appears that bETH oracles update on a less frequent basis,” mintingfarms notes. “This steepest decline was registered a 10.1% decline in bETH oracle price from the preceding reading. Ignoring this anomaly in absence of oracle updates, the next highest registered decline was at 1.77%.”

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