SEC - Page 153

Bitcoin has reached a significant milestone, achieving its highest level of market cap dominance in three years.

This surge has occurred amidst a downturn for altcoins, which have experienced notable price declines.

According to data from Cointelegraph Markets Pro and TradingView, as of April 12, Bitcoin’s share of the total cryptocurrency market capitalization spiked to 56.3%.

This increase marks a shift in market dynamics, emphasizing Bitcoin’s growing influence compared to other cryptocurrencies.

The price of Bitcoin itself faced challenges as the weekend approached, with a drop below $65,300 due to a series of liquidations.

However, altcoins were hit harder, with many of the top twenty cryptocurrencies by market cap experiencing declines exceeding 15%.

This decline in altcoin values has resulted in a significant shift in market share towards Bitcoin.

The cryptocurrency landscape now appears more “Bitcoin-heavy” than it has been since April 2021, underscoring a reversal in the broader market’s composition.

Social media commentator and trader Bagsy noted the significance of this trend on the platform X, stating, “I don’t typically look at Bitcoin dominance, but the chart is impressive considering the amount of new altcoins birthed into the market every day.”

The sentiment was echoed by Daan Crypto Trades, another trader who pointed out the comparative resilience of Bitcoin during this period.

“Yes, the actual hit on $BTC was very minimal and the total downside also wasn’t very relevant,” he commented on X.

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He further highlighted the severe impact on altcoins, noting, “The real damage was done in the Altcoin sector which wiped out billions of Open Interest and made for wicks up to 50%.”

Historically, Bitcoin bull markets are characterized by an initial dominance breakout, followed by a catch-up phase for altcoins after a period of Bitcoin price stabilization.

This pattern has not yet been observed in 2024 for altcoins, which have performed well but haven’t sustained a rally.

Looking ahead, trader Mikybull Crypto predicts a shift in the current dynamics. In a post on X, he suggested, “Altcoins market cap is perfectly following the previous Alts season step.

This is the last shake-off before it rips explosively upward coupled with Bitcoin dominance downward trend.”

These observations are supported by a chart shared by Mikybull Crypto, which draws parallels between the current market situation and the late 2020 period when Bitcoin last broke out of its macro trading range below $20,000.

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Victims of an investment fraud scheme orchestrated by Tianjin Lantian Gerui Electronic Technology in China are attempting to reclaim $4.3 billion in Bitcoin.

This amount, originally purchased with funds misappropriated from the victims, has been seized by the U.K. government.

Represented by a group, the victims have reached out to the Chinese Ministry of Foreign Affairs, urging it to collaborate with the U.K. to facilitate the return of their assets.

From 2014 to 2017, the fraudulent scheme amassed over $6.2 billion.

In response, the victims’ group has also engaged with China’s Ministry of Public Security and gathered nearly 2,500 signatures in support of their plea.

They intend to submit these to both the ministries involved.

The crux of their request was articulated in a letter to the Chinese government, stating, “We do not want, and will never accept, a situation where Bitcoins are confiscated by the UK and not returned to us.”

The letter appeals for the Chinese authorities to assist by proving the victims’ rightful ownership of the Bitcoin to the U.K.

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The matter came to light following a botched attempt by Jian Wen, a former hospitality worker, to launder part of the stolen funds through the purchase of a $30-million mansion using Bitcoin.

The transaction drew suspicion as Wen failed to account for the origin of the funds, triggering a U.K. investigation.

This investigation led to a 2021 raid on a property rented by Wen and her boss, Zhimin Qian—who is believed to be the mastermind behind the scheme—where authorities discovered 61,000 BTC.

At the time of the seizure, the cryptocurrency was valued at $1.7 billion, but its value has since escalated to approximately $4.3 billion, reflecting the volatile nature of Bitcoin prices.

Initially, Wen claimed the Bitcoin had been mined but later described it as a “love present” from Qian, who has since fled the U.K.

Following these events, Wen faced legal proceedings and was found guilty of three counts of money laundering by Southwark Crown Court on March 20, spanning activities from October 2017 to January 2022. She contested all charges but was nonetheless convicted.

The outcome for the seized Bitcoin and the victims’ efforts to reclaim their funds remains uncertain as the U.K. government has yet to disclose how it will handle the situation.

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In 2024, Bitcoin exchange-traded funds (ETFs) have drawn considerable attention, primarily fueled by the retail sector, while major banks and traditional financial institutions remain on the sidelines.

During an interview at Paris Blockchain Week, VanEck CEO Jan van Eck shared insights with Cointelegraph about the dynamics shaping the Bitcoin ETF market in the United States.

Jan van Eck expressed his surprise at the rapid success and high volume of capital flowing into these ETFs, which have seen days with inflows in the billions of dollars.

“I was surprised, but I don’t think it’s traditional investors yet.

“I still think 90% of the flows are retail. You’ve had some Bitcoin whales and some other institutions move some assets in, but they were already exposed to Bitcoin,” he commented.

The CEO noted the absence of U.S. banks in the Bitcoin ETF space, as they have not yet permitted their financial advisers to recommend such investments to clients.

He anticipates potential shifts in the coming month with possible entries from big institutional investors, but he remains cautious, remarking on the nascency of the Bitcoin ETF market.

“There’s a lot of maturation to happen. A lot of technology will be developed on-chain, so there’s a long way to go,” van Eck stated.

Addressing the advantages of Bitcoin ETFs over direct purchases of Bitcoin, van Eck highlighted the benefits of convenience, safety, and affordability.

He pointed out the cost benefits of ETFs, noting, “Convenience, safety and affordability.

You had 2% spreads on many centralized exchange platforms like Coinbase.

“We have single-digit spreads for the ETFs and no fees or low fees.

“It’s easier just to do a buy ticket than anything else.”

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VanEck, the firm founded by Jan’s father, John van Eck, in 1955, has a history of pioneering new investment avenues, starting with the first gold fund in the U.S. during 1968.

Drawing from his father’s legacy and responding to market trends, Jan van Eck has adopted a cautious yet opportunistic approach to emerging assets like Bitcoin.

“In 2017, we said Bitcoin will not replace gold, but it will significantly complement it in people’s portfolios,” he asserted.

Van Eck also touched on broader economic issues, noting that Bitcoin is increasingly seen as a reliable store of value, potentially more so than gold in the current economic climate.

He also pointed to significant fiscal challenges facing the U.S., suggesting that these will influence market dynamics soon.

Despite the buzz around Bitcoin ETFs, van Eck remains measured in his assessment of their impact, indicating that the global and deep nature of the Bitcoin market limits the influence of U.S.-based ETFs alone.

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Tim Draper, a prominent venture capitalist, predicts a significant increase in Bitcoin’s value in 2024, driven by several key factors including spot exchange-traded funds (ETFs) and the upcoming Bitcoin halving event.

During the Paris Blockchain Week, Draper spoke to Cointelegraph about his optimistic forecast for the cryptocurrency, suggesting a potential rise to $250,000 by year-end.

“If I had to predict, maybe we could see $250,000 by the end of the year; I mean, it’s looking pretty good,” he remarked, reflecting on his earlier 2022 price prediction.

The introduction of spot Bitcoin ETFs in the United States has significantly rejuvenated interest and capital inflows into Bitcoin.

These ETFs have made it easier for investors interested in Bitcoin but reluctant to hold it in self-custody, providing a safer and more familiar investment route through traditional financial institutions like Fidelity or JPMorgan.

Draper emphasized the protective role of Bitcoin against fiat currency devaluation: “I think that it gives people an opportunity to buy some Bitcoin and hold on to it so that they can take care of themselves when there’s a run on the dollar or the euro.”

He also noted Bitcoin’s increasing attractiveness as it becomes more commonly used for purchases and its finite supply, which contrasts sharply with the inflationary nature of fiat currencies.

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“I don’t really need to hold on to any fiat currency that decreases in value over time because of political whims or government spending, or politicians that just decide they’re going to spend more money and inflate your money,” he stated, asserting Bitcoin’s security against inflation and economic instability.

Furthermore, Draper highlighted the anticipated impact of the fourth Bitcoin halving scheduled for April 20, which will reduce the supply while demand is expected to rise, naturally driving up the cryptocurrency’s price.

“If you’re an investor in the stock market, they say don’t bet against the Fed [U.S. Federal Reserve]. If you’re a Bitcoin buyer, don’t bet against the halving. It changes everything.

The supply shrinks, the demand increases and the price goes up. That’s natural economics — supply and demand,” he explained.

Draper’s views also include a broader financial strategy, suggesting that a small, single-digit percentage investment in Bitcoin could serve as a hedge against potential bank failures and the decline of sovereign currencies, enhancing financial stability for investors amidst global economic uncertainty.

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