Crypto News: Bitcoin's $70,000 Surge Sparks Altcoin Frenzy

Crypto values soared, gaining momentum in the past 24 hours

TOP 5 Gainers Coins

Crypto News Key Highlights:

• The London Stock Exchange plans to debut Bitcoin and Ethereum (ETH) exchange-traded notes (ETNs) on May 28, 2024. Applications for these ETNs open on April 8, subject to FCA approval. The move mirrors the success of the US spot Bitcoin ETF. Coin Gabbar anticipates similar success, reflecting growing investor optimism in digital assets. The initiative underscores global enthusiasm for cryptocurrency and related markets.

• Nilam Resources Inc., a leading South American gold miner, is making waves with a $1.7 billion investment in Bitcoin, signaling growing mainstream acceptance. The company, under CEO Pranjali More, plans to acquire 24,800 Bitcoins through a special purpose entity, recognizing Bitcoin as the future of digital transactions. This move is expected to boost Bitcoin's value amid market fluctuations, highlighting its potential as a preferred investment choice.

• Curio, a real-world asset liquidity firm, faced a $16 million exploit due to a smart contract vulnerability. Ethereum assets were affected, but Polkadot and Curio Chain remained secure. Curio plans to compensate affected users, minting a new token, CGT 2.0, and offering a four-stage fund compensation program lasting one year.

• South Korean police apprehended two fraudsters who swindled $4.1 million from a senior citizen by promising lucrative crypto investments. The scammers guaranteed high returns but produced fake balance certificates. While detained, details on fund recovery remain undisclosed. Meanwhile, Terraform Labs co-founder Do Kwon was released from Montenegro prison amid legal proceedings.

• SEC urges court for final judgment against Ripple Labs, seeking nearly $2 billion penalties including disgorgement. Ripple executives criticize SEC for irrationality, claiming no fraud allegations but punishment intent. Ripple to respond by April 22, with SEC's reply due May 6. Lawyers anticipate consequences, emphasizing business practice changes.

• Bitcoin spot ETFs saw a $15.7 million inflow, ending a five-day outflow streak. Fidelity's FBTC led with $261 million influx. Despite stable assets under management, increased investor interest reflects growing confidence. London Stock Exchange's BTC and ETH ETN plans signify advancing mainstream adoption. Wealth desks note robust demand for BTC ETFs. QCP Capital foresees Bitcoin nearing $100,000, fueled by asset managers seeking diversification.

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Also read - Crypto News March 25: Bitcoin Soars, Breaks $70,000 Barrier