Cryptocurrency Market News: Ahead of its fourth halving later this month, Bitcoin’s (BTC) price has shown no signs of stalling. It briefly traded beyond $72,000 on Monday, overcoming last week’s nervousness. Last week, stablecoins were all the rage because of new offerings from VanEck and Ripple Labs.
Bitcoin Rising Again, Closing The Gap With $73,000 High.
Bitcoin investors have experienced an exhilarating adventure. The cryptocurrency price has fallen from a 30-day high of almost $73,000 to a level trading close to $60,000 in that period. Right now, Bitcoin is trading at the same level as it was at the beginning of last week when it had to rebound from a severe loss and trade below $65,000 before gaining momentum and completing the week on a good note.
Farside Investors reports that at the beginning of the month, $85.7 million was removed from the market by spot bitcoin exchange-traded funds (ETFs). Grayscale Bitcoin Trust’s (GBTC) $300 million funding was a major factor. Net inflows of $484.5 million occurred at the week’s conclusion as flows had turned around.1
Recent price increases in Bitcoin have been attributed to the fact that the next halving event is a little over two weeks away. Despite having its effect on bitcoin’s price, others argue that spot bitcoin ETFs’ supply and demand dynamics would be more significant.
Add 8,888 bitcoin (now worth roughly $640 million) from Tether (UST), the issuer of the world’s largest and most popular stablecoin. In addition, the world’s most popular stablecoin issuer, Tether (UST), increased its holdings of 8,888 bitcoins (currently valued at over $640 million) in the year’s first quarter. According to The Block, the company’s Bitcoin address has grown to hold about $5 billion in value, rising to the seventh largest on the network.
In addition, the world’s most popular stablecoin issuer, Tether (UST), increased its holdings of 8,888 bitcoins (currently valued at over $640 million) in the year’s first quarter. According to The Block, the company’s Bitcoin address has grown to hold about $5 billion in value, rising to the seventh largest on the network.
VanEck and Ripple Involved in New Stablecoin Offerings
To debut their stablecoin offering, Agora digital dollar (AUSD), backed by reserves managed by VanEck, the fintech business Agora raised $12 million. 3 This new offering broadens VanEck’s wager on cryptocurrencies, even though the firm already runs an exchange-traded fund (ETF) for bitcoin, the VanEck Bitcoin Trust (HODL). Through this offering, Agora reaps the benefits of VanEck’s familial connections and investment insight. Jan van Eck, CEO of VanEck, is the son of Nick van Eck, founder of Agora.
Also Read: AI’s Wealth Creation and Bitcoin’s Security
Cryptocurrency Market News: The XRP token’s developer, Ripple Labs, has also proposed a stablecoin—a digital currency backed by the U.S. dollar—to integrate cryptocurrencies with traditional financial systems further. With this project, we hope to enhance the adoption rate of the XRP Ledger and inject more liquidity, particularly for decentralized finance (DeFi) applications. At its debut, Ripple’s stablecoin service will be available on Ethereum and backed by assets, including U.S. dollar reserves and short-term Treasury bills.4
Do Kwon U.S.Terraform Labs Found Liable for Fraud
After around two hours of deliberation, a New York jury found Terraform Labs and its creator, Do Kwon, guilty of civil fraud against investors in a case initiated by the United States Securities and Exchange Commission (SEC).5 In May 2022, the Terra ecosystem experienced a shocking $40 billion collapse. The SEC claimed the firm and Kwon had made false promises about the dependability of their algorithmic stablecoin, UST.
The SEC sued Terraform Labs and Kwon for misrepresenting the Terra blockchain and UST’s stability mechanism, including the token’s price stability, artificially pulled by an anonymous U.S. trading entity.
This is the second major development involving Bitcoin fraud lawsuits in the last several weeks. On March 28, former FTX CEO Sam Bankman-Fried, a crypto bubble star, was sentenced to 25 years for fraud.
What to Expect in the Markets This Week
Cryptocurrency Market News: Despite no performance assurance, historical evidence indicates that bitcoin values will likely rise following the halving. But there is certainty about one thing. While there may be potential gains in the long run, investors should be ready for short-term volatility.
Implied volatility is a useful metric for investors as a proxy for future market sentiment toward prices. According to information from Kaiko, this metric, which had been trending downward earlier in the week, soared higher over the weekend for Bitcoin options contracts with varying expiration dates.
The implied volatility for “expiries in the next two weeks” rose significantly in only two days, from 59% to 71%. The analysts at Kaiko released a letter on Monday blaming the demand for bitcoin ETFs for the uncertainty and suggesting that expectations for near-term volatility are rising.
Cryptocurrency Market News: Bloomberg analyst James Seyffart predicts that selling related to Genesis’s bankruptcy proceedings will calm down this week. Thus, crypto market observers will be keeping a careful eye on spot bitcoin ETF inflows this week. Another Bloomberg ETF analyst, Eric Balchunas, claims that spot bitcoin ETF inflows were at a record high in March and showed no signs of slowing down in the first week of April.7
The U.S. authorities gave Coinbase (COIN) about $2 billion in bitcoin after a Silk Road attack this week, which could affect the market. 8 Who or whoever is managing these monies is Isthisody. ‘s guess, but selling the coins might put downward pressure on prices.
Also Read: Btcnewz.co.uk
