Skybridge Capital Founder Predicts Bitcoin Boom; HyperVerse Ponzi Scheme Unravels; Grayscale Bitcoin ETF Experiences Outflows

Written by BTSE

January 30, 2024

The cryptocurrency market has been basking in a wave of positive momentum. Leading the charge, Bitcoin has shown a remarkable recovery, inching close to the $44K mark and currently sitting at $43.6K. This uptick follows a series of bullish predictions by Anthony Scaramucci, founder of SkyBridge Capital – more on this later – bringing a renewed sense of optimism to the market. Ethereum wasn’t far behind, registering a 2.3% gain and stabilizing just above the $2.3K threshold. Meanwhile, Solana has outperformed its peers with a substantial 6% increase, breaking past the $100 barrier for the first time in nearly two weeks. This surge signifies a growing interest and confidence in Solana, at a time where Solana-based memecoins have been dominating interest in the memecoin market. 

 

Skybridge Founder Predicts Bitcoin Boom Post-Halving: In a bold forecast, Skybridge Capital’s Anthony Scaramucci has projected a massive surge in Bitcoin’s value following its next halving in April. He bases his prediction on historical trends, suggesting that Bitcoin could quadruple 18 months after the halving. If Bitcoin’s price is $50,000 at the time of halving, Scaramucci predicts a rise to $200,000, and even higher if the price is greater. His long-term vision sees Bitcoin rivaling half the market cap of gold, potentially reaching about $400,000 per coin. With Scaramucci’s significant investments in Bitcoin ETFs, including being the first external investor in BlackRock’s spot bitcoin ETF, his predictions appear to carry weight in the crypto community. Could the Bitcoin halving be the next market-moving news story to follow?

 

The HyperVerse Ponzi Scheme Unravelled: The U.S. Securities and Exchange Commission (SEC), along with a grand jury, have exposed HyperVerse as a nearly $2 billion Ponzi scheme. The platform, which had various aliases like HyperFund and HyperTech, is accused of defrauding investors globally with false promises of quick riches. The scheme, active since June 2020, had a fake CEO and funded withdrawals from new investor deposits. The SEC’s lawsuit reveals that Sam Lee, an Australian founder, and Brenda “Bitcoin Beutee” Chunga, a key promoter, were central figures in this scam. Chunga has agreed to settle the SEC accusations. This shocking revelation raises a critical question: Could the unraveling of a $2 billion dollar fraudulent crypto scheme affect investor behaviour across the market?

 

Grayscale’s Bitcoin ETF Sees Decreasing Outflows: According to a CoinShares report, the outflow from Grayscale’s Bitcoin ETF (GBTC) is slowing down, a potential indicator of stabilizing investor sentiment. GBTC, which recently converted from a closed-end structure to an ETF, experienced significant outflows totaling over $5 billion since January. However, recent trends show a reduction in the rate of these outflows. This decline is significant, especially when juxtaposed with the slowing inflows into other U.S. spot Bitcoin ETFs. While this might seem like a positive sign for Bitcoin, the overall sentiment in  the trading landscape remains mixed, suggesting cautious optimism among investors. With such fluctuating dynamics, how do you interpret these trends in the context of Bitcoin’s future market performance?

 


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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.

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