Crypto Succumbs to the World Order 🔴
Crypto Succumbs to the World Order 🔴
Mounting geo-political tensions with Iran-Isreal face-off impact all asset classes. Hong Kong Bitcoin ETF and the Chinese investor conundrum. Berachain L1 raises $100 million. BlackRock clocks $10.5T.
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Bitcoin Plummets to $66K, Altcoins Tumble 10-15% on Ugly Day for Risk Assets
The rising geo-political tensions has swept across all asset classes.
Markets don't like surprises.
Market don't like uncertainty.
These are uncertainties market don't take well.
Let alone be prepared for it.
Bitcoin Price Drops Significantly
Bitcoin fell below the $70,000 mark, reaching a low of around $66,000.
A decline of over 8% from its previous levels.
Altcoins Also See Double-Digit Losses
Altcoins saw a decline of 10-15%.
The biggest losers include Ethereum, Binance Coin, and Cardano, which all saw double-digit percentage drops.
Ugly Day for Risk Assets
Risk assets such as stocks are also experiencing selloffs, driven by concerns about inflation and rising interest rates.
The technology-heavy Nasdaq Composite index fell more than 3%, while the S&P 500 declined nearly 2%.
Don't forget the drama unfolding Iran-Isreal relations.
Experts Weigh In
Some experts attribute the crypto market downturn to profit-taking, where investors sell off their holdings in order to realise gains.
Others point to macroeconomic factors such as inflation and regulatory scrutiny as potential causes.
Despite the current bearish sentiment, some analysts remain optimistic about the long-term prospects of cryptocurrencies.
US, UK, and Germany Lead Crypto Holdings Among Global Governments
Arkham Intelligence introduces a dashboard displaying governments' largest crypto holdings.
United States Emerges As Top Bitcoin Whale
U.S. government holds 212,847 BTC ($15 billion+). Additional $200 million invested in various cryptocurrencies including Ethereum, USDC, and Tether.
UK and German Governments Follow Behind
UK government ranks second with 61,245 BTC ($4.5 billion).
German government holds 49,858 BTC (~$3.5 billion).
El Salvador Falls Short Compared To Other Countries
Only 5,717 BTC ($405 million) held by the Salvadoran government.
Block That Quote 🎙️
Crypto entrepreneur and investor Lark Davis.
“Hong Kong likely to approve BothBitcoin and Ethereum spot ETFs as soon as Monday! China is about to start bidding the same week the Bitcoin halving is happening!”
The potential approval of the first batch of spot Bitcoin exchange-traded funds (ETFs) in Hong Kong could be a big catalyst for Bitcoin’s halving rally.
Read: Hong Kong's Crypto Happy 😊
Hold your horses though
Several issuers of Bitcoin ETFs in Hong Kong told WuBlockchain that southbound funds from mainland China are definitely unable to buy cryptocurrency ETFs, and the Matrixport report is false.
An earlier Matrixport report indicated that Bitcoin spot ETFs listed in Hong Kong are expected to attract up to US$25 billion in capital inflows from mainland Chinese investors through the southbound trading.
Berachain Raises $100 million
The leading layer-1 blockchain developer raises $100M in Series B funding led by a16z Crypto, Pantera Capital, and Polychain Capital.
Berachain is a modular Layer 1 blockchain undergirded by a "proof of liquidity" consensus mechanism, which is a way to verify the liquidity available for certain assets on-chain.
On April 20, 2023, Berachain raised $42 million in a private token round led by Polychain Capital, along with participation from Hack VC, Shima Capital, Robot Ventures and others.
The new funds will boost product dev, global ops expansion, and community engagement.
Focused on addressing scalability issues, Berachain establishes regional hubs worldwide and engages closely with its community, contributing significantly to the advancement of decentralised tech.
In the Numbers 🔢
$10.5 trillion
BlackRock Smashes Records.
$76 Billion in Quarterly Net Inflows Drives Record AUM. Earnings per Share Rise From $7.9 Million to $9.81 Million
BlackRock is a major player in crypto. IBIT is the fastest growing ETF in history. It has accumulated above 270 BTC worth around $19 Billion since January.
The Surfer 🏄
Cameron and Tyler Winklevoss have joined as co-owners of Bitcoin podcaster Peter McCormack’s Real Bedford Football Club (RBFC) after investing $4.5 million worth of Bitcoin to support the club’s plans.
An Australian court ordered the transfer of $41 million in cryptocurrency to specialists after regulators accused a blockchain mining group of offering unlicensed financial services.
A former security engineer, Shakeeb Ahmed, swiped over $12 million in cryptocurrency from two digital currency exchanges. On Friday, a judge sentenced him to 3 years in prison followed by 3 years of close monitoring.
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