Bitcoin surges to $70,000 as volatility hits peak 🚀🌍

Bitcoin Bounces Back to $70,000 Amid 2024 High Volatility: CNBC Crypto World

Bitcoin is surging, reclaiming $70,000 within striking distance. FTX has found a buyer for part of its stake in AI startup anthropic, while Chris Kyper of fidelity digital assets shares his 2024 outlook for Bitcoin ETFs. Welcome to CNBC’s Crypto World, where the market is roaring back over the weekend and starting the week in the green. Bitcoin climbed over 6%, trading just under $70,000 by noon Eastern, with ether rising 5.2% and solana jumping a staggering 99.4%. However, volatility remains high at 224, even as the cryptocurrency rebounds from its recent dip back to $63,000.

US Civil Fraud Trial Against Terraform Labs Co-Founder Begins

The US civil fraud trial against Terraform Labs co-founder Do Kwan has kicked off in New York. The SEC will present its case alleging that Doan and Terraform Labs defrauded investors by marketing crypto securities in the form of Luna. The subsequent collapse of Luna led to significant losses for investors, amounting to $40 billion. Although Doan is currently in Montenegro, awaiting extradition to either the US or South Korea, the trial continues in his absence. The country’s Supreme Court has ordered his return to South Korea, but a challenge from a lower court has temporarily stalled the process.

US Civil fraud trial against Terraform Lab’s co-founder Do Kwan commences
SEC accuses Doan and Terraform Labs of defrauding investors with Luna
Losses estimated at $40 billion from Luna collapse
Doan remains in Montenegro, awaiting extradition

Nigeria Files Tax Evasion Charges Against Binance Executive

In Nigeria, a top Binance executive has escaped custody as the government files tax evasion charges against the crypto exchange. Nigeria’s Federal Inland Revenue Service has lodged four new charges, including non-payment of value-added tax (VAT) and failure to submit tax returns. While two senior executives were initially detained, one has reportedly escaped. Binance is cooperating with Nigerian authorities to resolve the situation swiftly. These developments mark a significant legal challenge for the exchange in the African nation.

Nigerian government files tax evasion charges against Binance executive
Charges include non-payment of VAT and failure to submit tax returns
Two senior executives taken into custody, one escapes
Binance collaborates with Nigerian authorities for resolution

FTX Finds Buyer for Stake in AI Startup Anthropix

FTX has successfully offloaded its stake in AI startup anthropic, acquired three years ago for $500 million. The stake is now valued at over a billion dollars, with two dozen buyers purchasing most of the shares for around $880 million. Buyers include the United Arab Emirates and Jane Street, a former employer of FTX’s founder, Sam Bankman-Fried. This divestiture plays a crucial role in FTX’s efforts to exit bankruptcy proceedings, ensuring the firm can fulfill its financial obligations to customers and stakeholders.

FTX sells stake in AI startup anthropic for over $880 million
Acquired the stake for $500 million three years ago
Buyers include United Arab Emirates and Jane Street
Deal facilitates FTX’s exit from bankruptcy

Christopher Kyper of Fidelity Discusses 2024 Bitcoin Outlook

Christopher Kyper, the director of research for Fidelity Digital Assets, shares insights on Bitcoin’s volatility and his 2024 forecast for spot Bitcoin ETFs. Highlighting the recent surge in prices, Kyper discusses the impact of new exchange-traded products on demand. He notes a significant influx of capital into Bitcoin ETFs, contrary to expectations of a gradual uptake. Kyper predicts continued market growth and adoption, driven by increased interest from both retail and institutional investors.

Fidelity’s Christopher Kyper discusses Bitcoin volatility and ETFs
New exchange-traded products boost demand for crypto
Surprising influx of capital into Bitcoin ETFs drives prices up
Kyper anticipates sustained market growth and adoption

Corporate Adoption of Bitcoin as a Store of Value

Kyper also addresses the trend of corporations holding Bitcoin on their balance sheets, citing examples such as Tesla and MicroStrategy. He notes the potential benefits for corporations seeking uncorrelated assets as store of value in the face of inflation. Highlighting the diversification and hedging opportunities that Bitcoin offers, Kyper views corporate adoption as a strategic move to protect purchasing power and enhance long-term returns. The growing interest from institutions in allocating larger portions of their portfolios to Bitcoin reflects a shift towards alternative assets.

Corporate adoption of Bitcoin as a strategic move
Bitcoin seen as an uncorrelated store of value
Diversification and hedging benefits for corporations
Growing trend of institutions allocating larger portions to Bitcoin

Hot Take: Embracing Bitcoin’s Growth and Potential

Bitcoin’s resurgence to $70,000 marks a significant milestone in the cryptocurrency market. With ongoing volatility and regulatory challenges, the industry faces both risks and opportunities. As institutions and corporations warm up to Bitcoin as a store of value and investment asset, the landscape continues to evolve. Embracing the growth and potential of Bitcoin requires a nuanced understanding of its dynamics and implications. Stay tuned for more updates and insights on CNBC’s Crypto World.