A major crypto hedge-fund manager expects bitcoin to tumble once the SEC greenlights a bitcoin-backed ETF—Here’s why – MarketWatch

A major crypto hedge-fund manager expects bitcoin to tumble once the SEC greenlights a bitcoin-backed ETF—Here’s why – MarketWatch

Hi, there: Welcome to an update of the most important moves and news in crypto and what’s on the near-term horizon in digital assets. I’m Frances Yue, crypto reporter at MarketWatch, and for the next three weeks, from Oct. 10-24, we’ll be publishing Need to Know Crypto Edition as a prelude to a new weekly crypto newsletter “Distributed Ledger,” which will kick off in November.

Click on this link to subscribe to Distributed Ledger, but until then: enjoy Need to Know Crypto Edition.

One other thing, MarketWatch and Barron’s are gathering the most influential figures in crypto to help identify the opportunities and risks that lie ahead in digital assets on Oct. 27 and Nov. 3. Sign up now!

Crypto in a snap

Bitcoin BTCUSD, +2.46% has seen a momentous rise this week, up 12.7% from last week as of Friday, FactSet data show. By Wednesday, the cryptocurrency recorded a seven-day gain of 33.5%, its best seven-day performance since February this year, according to our research team at Dow Jones Market Data.

Ethereum ETHUSD, Source…