Cryptocurrency Market News: Bitcoin Rises Again, New .The price of bitcoin increased by almost 10% in .The last week, bringing it closer to its all-time high of over $73,500, which it reached just over a month ago . After the algorithmic stablecoin Terra USD collapsed it was determined that Do Kwon and Terraform Labs had deceived investors.
Two upcoming stablecoins in the cryptocurrency sector include Van Eck and Ripple . Now that Genesis has turned their shares into bitcoin, outflows from GBTC may reduce, therefore analysts are continue to follow spot bitcoin ETF inflows.
An investigation into the theft of the defunct Silk Road darknet market has led to speculation that the United States government is selling bitcoin valued at $2 billion.Ahead of its fourth halving later this month, Bitcoin’s (BTC) price has shown no signs of stalling as it briefly traded beyond $72,000 on Monday, overcoming last week’s nervousness.
Last week, new stablecoin offerings from VanEck and Ripple Labs brought the topic into attention. And on the subject of civil fraud accusations, a New York jury found Terraform Labs and its founder, Do Kwon, guilty.
Bitcoin Rising Again, Closing The Gap With $73,000 High
Investors in bitcoin have been through quite a roller coaster. The cryptocurrency’s value dropped to about $60,000 in the last 30 days after hitting an all-time high of more than $73,000. At its current price, Bitcoin is back where it was at the start of last week, when it had to recover from a precipitous drop to trade below $65,000 before making up lost ground and finishing the week on a positive note.
Despite a significant outflow of $85.7 million on the first day of the month from the spot bitcoin exchange-traded funds (ETFs), mainly caused by more than $300 million outflow from Grayscale Bitcoin Trust (GBTC), flows turned around and ended the week with a net inflow of $484.5 million, according to Farside Investors.1
The next halving event is anticipated to take place in less than two weeks, which explains the recent increase in the price of bitcoin. Bitcoin News It is worth mentioning that some sources have suggested that the spot bitcoin ETFs’ supply and demand dynamics would eclipse any impact of the halving on the price of bitcoin.
Furthermore, in the first quarter of the year, Tether (UST), the issuer of the most popular stablecoin in the world, added 8,888 bitcoin (now worth roughly $640 million) to their holdings. The Block reports that the company’s bitcoin address now has almost $5 billion worth of bitcoin, making it the seventh largest on the network.
VanEck and Ripple Involved in New Stablecoin Offerings
New stablecoins might be available shortly if we’re talking about that . In preparation for the launch of its stablecoin offering, Agora digital dollar (AUSD), . The fintech business Agora raised $12 million. VanEck will manage the reserves underpinning this offering.3This 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). Agora benefits from the offering since it takes advantage of VanEck’s family connections and financial experience. Jan van Eck, CEO of VanEck, is the son of Nick van Eck, founder of Agora.
In addition to launching their XRP token (XRPUSD), Ripple Labs has announced its entry into . The stablecoin market with a digital currency backed by the US dollar. This move is intended to improve the integration of cryptocurrencies with traditional financial systems. With this project, we hope to enhance the XRP Ledger’s adoption rate and inject more liquidity, particularly for decentralized finance (DeFi) applications. The stablecoin that Ripple is launching on Ethereum will be backed by assets like short-term Treasury bills and U.S. dollar reserves.4
Do Kwon and Terraform Labs Found Liable for Fraud
Terraform Labs and its creator, Do Kwon, were found guilty of deceiving investors in a civil complaint brought by the U.S. Securities and Exchange Commission (SEC). Bitcoin News The jury deliberated for around two hours before reaching this verdict in New York.5
In May 2022, the Terra ecosystem experienced a shocking $40 billion collapse. The SEC claimed that the firm and Kwon had given false promises on the dependability of their algorithmic stablecoin, UST.
The SEC’s litigation highlighted that Terraform Labs and Kwon had given investors an unrealistically positive impression of . UST’s stability mechanism and the capabilities of the Terra blockchain. This was particularly true regarding the price stability, which was artificially supported on multiple occasions by an unidentified trading firm in the US.
This is the second major development in the last several weeks involving lawsuits involving bitcoin fraud. On March 28, Sam Bankman-Fried, a former CEO of and a beloved figure during .The last crypto market bubble, was given a 25-year prison sentence for fraud-related offenses
What to Expect in the Markets This Week
According to a report published on Monday by experts at Kaiko, . The demand for bitcoin exchange-traded funds (ETFs) is causing long-term volatility to increase. Although there is no assurance of performance this .Bitcoin News Time around, historical evidence indicates that bitcoin values will likely rise following the halving. But there is certainty about one thing. Despite the possibility of long-term gain opportunities, investors should buckle down and prepare for short-term volatility.
As a proxy for future market sentiment toward prices, implied volatility is a useful metric for investors. This metric, which had been trending downward earlier in . The week, according to information from Kai ko, soared higher over . The weekend for bitcoin options contracts with varying expiration dates. Within a two-day period, the implied volatility for “expiries in The next two weeks” surged from 59% to 71%, which is the greatest rise. Thus, it appears that the anticipation of ne
If Bloomberg analyst James Seyffart is correct and . The outflows from GBTC are expected to slow down as a result of selling related to . The closure of Genesis’ bankruptcy procedures, then crypto market watchers will . Be keeping a close eye on spot bitcoin ETF inflows this week . Bitcoin News 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.
The U.S. authorities transferred nearly $2 billion in bitcoin from. The theft of the now-defunct darknet marketplace Silk Road to Coin base (COIN), which. Could have an impact on the market this week as well. 8Who or whoever is managing these monies is anybody‘s guess, but selling. The coins might put downward pressure on prices. There will probably be some price action surrounding the impending halving as well,
