DeepSeek’s Impact on the Crypto Market
By Layah Heilpern
Here’s why DeepSeek is crashing crypto…
Here’s why DeepSeek is crashing crypto… pic.twitter.com/UwAt24Fylk
— Layah Heilpern (@LayahHeilpern) January 27, 2025
Original source: https://x.com/LayahHeilpern/status/1883909531027272004
Kiyosaki Drops Bitcoin Bombshell: Predicts $350K by 2025, Slams BlackRock as ‘Marxist’ Manipulators
In a fiery post on X, Kiyosaki criticized Larry Fink, CEO of BlackRock, labeling him a “Marxist” and “Shareholder Capitalist” accused of suppressing Bitcoin’s price to allow big players to buy in under $100K.
Bulls away?
Original source: https://t.me/rtnews/77293
Why Bitcoin Will NOT Replace The Dollar
By Martin Armstrong
People continue to ask if Bitcoin will replace the dollar. They believe that the recent surge in Bitcoin indicates that it will topple the USD as the world’s reserve currency, but that is merely propaganda. You must understand that Bitcoin is simply a trading vehicle, not a currency. I cannot stress that point enough. My opinion has been unpopular, and clients have walked away due to my stance on crypto. That’s fine, as I am not in this for the money. I can only adequately inform my clients of the unbiased truth and hope that those willing to listen will heed the computer’s warnings.
To begin with, there is much speculation about the founder(s) — Satoshi Nakamoto – who created Bitcoin (BTC) on June 3, 2009. The mystery person or group (or government agency) has been MIA since 2011. Yet 1 million Bitcoins remain in their original account, untouched. His wallet is estimated to be worth over $81 billion at the time of this writing, and if this is indeed an individual, he or she is one of the top 15 richest people in the world. They have never moved a fraction of a BTC from their account. So, one wallet contains 5% of all mined bitcoin. Will this person or entity perpetually hold?
They expect us to believe some mysterious Japanese man created the blockchain technology and simply evaded all world governments. They claim Bitcoin is an anti-government vehicle, but it is a bureaucrat’s dream because it allows them to track where funds are coming from and going. In 1996, the US government released a white paper entitled, “How to make a mint: the cryptography of anonymous electronic cash.” Released by the National Security Agency Office of Information Security Research and Technology, this document explains how a government agency could create something like Bitcoin or another cryptocurrency. They had been attempting to create one for years and then magically Bitcoin came on the scene.
I encourage anyone interested in crypto to read my article regarding this study. Blockchain was created with surveillance at the top of mind.
Bitcoin’s price is akin to the problem that existed when the bubble burst in 1966 with mutual funds because they were listed back then. The value can change at a volatility rate of 10x that of the dollar, making it a highly dangerous instrument as a store of wealth. It is solely a trading vehicle until they weigh it and the value is changed.
In 1966, investors bid the mutual funds up beyond net asset value, so during the crash, people lost everything when they thought it was a secure investment. The net underlying assets may have dropped 20%, but they paid 20% over the net asset value and then sold at 50% of the net asset value. Many mutual funds crashed 70-90%, whereas the Dow drop was 26.5%. Ever since mutual funds have no longer been allowed to be listed. You go in and out at net asset value. Bitcoin must change its structure, or it will never become a valid currency with a stable store of value, which is supposed to be the whole point. It is just an asset class of high volatility.
I have not been bullish on digital currency, as it’s a trading vehicle no different than any other commodity or stock. Sure, a profit could be made, and many have had great success. We do include Bitcoin in our models, and those subscribed to Socrates will see that our arrays are picking up on Bitcoin next year.
Bitcoin is a trading vehicle that is no different from wheat or cattle. It is NOT a store of wealth, as it fluctuates like everything else. It rises and falls no different than any other trading instrument. It is not a “store” of value maintaining some constant value to park your money. We need to get realistic here. The concept of Bitcoin replacing the dollar fails to comprehend what makes something the world’s reserve currency. I will write a piece explaining that aspect since it is crucial to understand.
Editor’s Note:
I’ve got a lot of time for Martin. He has some unique insights which are both correct and helpful. I also appreciate Jim Rickards regarding Gold. Gold has gone up, as Rickards has predicted. But regarding Bitcoin, leaving other cryptos like Ethereum aside, both Martin Armstrong and Rickards and Company have been dead wrong in their coolness or opposition. No major asset class compares remotely with Bitcoin over the last 10 years or 5 years or 1 year. It’s in a completely separate universe. If some investors cannot admit that they were wrong not to have at least a portion of their portfolio in Bitcoin then I’m not sure what to tell them. The charts are the charts. They tell the full appreciation story. It doesn’t matter whether BTC replaces the USD or not, or whether it is Trading vehicle versus a currency, or whether the SEC is friendly towards it or not. These questions are not unimportant but, given BTC’s performance, they are clearly secondary. Anyone who is serious should get over their antipathy towards Bitcoin and watch it carefully – just do the math. If you had bought $100K usd of Bitcoin 10 years ago or even five years ago – what would it be worth now? You can price it in usd, gold, euros or copper. It doesn’t matter. It’s overwhelmingly been the highest performing asset by a very very wide margin.
Original source: https://www.armstrongeconomics.com/world-news/cryptocurrency/why-bitcoin-will-not-replace-the-dollar/
Dubai Approves Bitcoin And Crypto Salary Payments
By RT News
Dubai Approves Bitcoin And Crypto Salary Payments.
Original source: https://t.me/rtnews/68510
Robinhood Pauses 24-Hour Trading as the Market Goes Haywire
By Brian Danga
Robinhood reportedly responds to the ongoing global market downturn with a halt of its 24-hour trading service.
Brokerage firm Robinhood has reportedly paused the 24-hour trading functionality on its platform as heightened volatility continues to plague global markets.
The development coincided with an intense global stock selloff, exacerbated by several factors driving investor skittishness. This includes the Bank of Japan’s recent interest rate hike, rising geopolitical tension in the Middle East, and the July weakness in the U.S. economy, triggering a shift toward risk aversion.
Investors Reassess Positions Amid Market Volatility
While Robinhood has yet to comment on the development, it didn’t fly under the radar of social media platforms, which have been abuzz with speculations. On X (formerly Twitter), a screenshot purportedly taken from Robinhood appeared to confirm the suspension.
One user claimed that Robinhood had taken steps to curb wild trading activity due to a volatile market. Recent market developments serve as evidence.
Early Monday, Japan’s stock market suspended futures trade as the market plunged 8%. The Topix and Nikkei 225 Stock Average slid 12%, pushing their indices into bear market territory amid a surge in the yen. Nasdaq features dropped 3% in response to the development.
Takehiko Masuzawa, head of equity trading at Phillip Securities Japan, attributed the development to risk-off selling centered on cutting losses from long positions.
“Selling is bringing in more selling, people are dumping shares. The stage of selling mainly futures has long passed. Now futures players such as CTAs have not just closed their long positions but are also piling up new short positions,” Masuzwa told Bloomberg.
The Crypto Market Responds
Cryptocurrencies are perhaps among the biggest casualties of the ongoing global market turmoil. On Monday, over 17% of the cryptocurrency market cap was wiped out, causing it to fall from $2.16 trillion to $1.76 trillion within a few hours.
Bitcoin witnessed a dramatic fall of over 13% to trade below the $50,000 level for the first time since February. It reached a low of $49,351 before paring some of the losses to exchange hands at $52,640 at the time of writing.
Ether was also caught up in the middle of the market crash, plummeting at a steep rate, last seen in 2021. The crypto asset lost almost 20% of its value to trade at $2,322 at the last check. CoinMarketCap data shows that smaller cryptos like BNB, SOL, and XRP all have steep losses of over 10%.
Original source: https://dailycoin.com/robinhood-pauses-24-hour-trading-as-the-market-goes-haywire/
Two Cryptocurrency Companies Collapse Owing $160 Million
By AAP
Two Australian cryptocurrency companies have collapsed into liquidation owing hundreds of investors more than $160 million (US$104 million).
The Australian Security and Investments Commission (ASIC) has launched civil proceedings against NGS companies—NGS Crypto Pty Ltd, NGS Digital Pty Ltd and NGS Group Ltd—and the directors of these schemes—Brett Mendham, Ryan Brown, and Mark Ten Caten.
NGS companies are blockchain cryptocurrency mining companies.
The companies allegedly targeted Australian investors to establish self-regulated superannuation funds, convert the money to cryptocurrency and invest it in blockchain mining packages with fixed-rate returns.
The financial watchdog believes about 450 investors funded $62 million (US$40 million) through the companies.
It is also alleged that NGS companies provided these financial services without an Australian licence.
The Federal Court ordered on April 10 liquidators Anthony Connelly, Kathy Sozou, and Jamie Harris of McGrathNicol would be responsible for the digital currency assets of NGS companies and its directors.
ASIC launched the request for this order over concerns the digital assets invested in blockchain mining products were at risk of being dissipated.
Mr. Mendham has also been blocked from leaving Australia.
The watchdog is also seeking to stop NGS companies providing financial services in Australia without a licence.
ASIC chair Joe Longo warned Australians of the risks of investing their self-managed super funds into cryptocurrency investments.
“These proceedings should also send a message to the crypto industry that products will continue to be scrutinised by ASIC to ensure they comply with regulatory obligations in order to protect consumers,” Mr. Longo said in a statement.
Separately, fellow Australian cryptocurrency funds—DCA Capital, Digital Commodity Assets Pty Ltd and the Digital Commodity Assets Fund—have been thrust into liquidation with federal court proceedings also pursued against the companies’ director Ashod Balanian.
It comes after concerns from investors that the funds had not been properly managed, did not hold the appropriate licences and may have been operating in breach of managed investment scheme requirements.
KordaMentha’s liquidators Scott Langdon, Jennifer Nettleton and John Mouawad have been appointed to wind up the companies and the digital assets.
KordaMentha said examination of the the funds has so far revealed $100 million (US$65 million) owed to 100 investors.
The Federal Court on April 10 froze Mr. Balanian’s assets—to the amount of $55 million (US$36 million)—and he was ordered to hand in his passport.
Mr. Langdon said Mr. Balanian has not responded to KordaMentha’s request for information, requests for a meeting or in assisting in the liquidation proceedings.
Original source: https://www.theepochtimes.com/world/two-cryptocurrency-companies-collapse-owing-160-million-5627731
Australian Monochrome Spot Bitcoin ETF Expected to Launch Within 2 Months, Says CEO
By PRASHANT JHA
Although Australia already has a couple of ETPs exposed to Bitcoin, Monochrome’s spot BTC ETF will be the first to hold physical Bitcoin in its ETF, similar to the United States-based products.
Australian asset manager Monochrome plans to launch its flagship spot Bitcoin exchange-traded fund (ETF) on the global listing exchange Cboe Australia. Monochrome filed for the spot Bitcoin ETF in July 2023.
The Monochrome Bitcoin ETF, if approved, will become Australia’s first spot Bitcoin ETF to permit direct Bitcoin BTC 
$70,684 holding.
Australian regulators have already greenlighted two exchange-traded products (ETPs) that give exposure to spot crypto assets on Cboe Australia, but these ETPs do not directly hold Bitcoin; instead, they invest in investment products with exposure to spot Bitcoin ETF.
To list their spot Bitcoin ETF in Australia, asset managers must first get approval from the securities regulator and then apply for an exchange listing.
Monochrome has already received approval from the Australian Securities regulator ASIC and expects Cboe Australia to clear its application by June.
The asset manager was earlier slated to launch its spot Bitcoin ETF via Cboe rival ASX; however, Jeff Yew, Monochrome Asset Management CEO, told Cointelegraph that the selection of Cboe Australia as the listing venue for the Monochrome Bitcoin ETF aligns more “closely with our strategic vision, market reach and time frame.” Yew added:
“We anticipate a decision from Cboe Australia about the Monochrome Bitcoin ETF before the middle of 2024. The Monochrome Bitcoin ETF stands to be the first Bitcoin ETF in Australia authorized to hold Bitcoin directly.”
Yew explained that the key difference between existing ETPs and the Monochrome spot Bitcoin ETF is it provides investors with a straightforward, transparent pathway to exposure. It is identical to “how spot Bitcoin ETFs are structured in the United States.”
Spot Bitcoin ETFs have become a focus of major governments worldwide ever since the U.S. Securities and Exchange Commission approved 11 spot BTC ETFs on Jan. 11.
The successful launch of spot BTC ETFs in the U.S. has prompted other countries to consider the possibility of introducing similar products in their own markets.
Original source: https://cointelegraph.com/news/monochrome-spot-bitcoin-etf-launch-2-months
Bitcoin Surges, Briefly Touching $64,000 for the First Time Since November 2021
By Tanaya Macheel
Bitcoin continued its surge on Wednesday, shooting above $63,000 for the first time since November 2021.
The price of the flagship cryptocurrency was last higher by nearly 6% at $60,356.75, according to Coin Metrics. Earlier, it briefly touched $64,000 before turning lower. It’s just below its all-time high of $68,982.20.
When traders use leverage to short bitcoin and the cryptocurrency’s price rises, they buy bitcoin back from the market to close their positions, which pushes the price up and causes more positions to be liquidated. By contrast, traders betting on a price increase must sell their assets to cover their losses.
With the record in clear sight, the market has been even more motivated to see that level retested. Bitcoin has soared nearly 20% this week alone, after a week-long pause of this year’s rally. It’s now up more than 40% for 2024.
Antoni Trenchev, cofounder of crypto exchange Nexo, said to expect some resistance as bitcoin nears $69,000 but that breaking through $60,000 should whet the appetite of investors who have sat this year’s rally out – particularly retail investors. According to JPMorgan, their interest in crypto has rebounded this month after a pause in January.
“Bitcoin demand is colliding with increasingly tight supply,” said Zach Pandl, head of research at Grayscale Investments. “The new U.S. spot bitcoin ETFs have pulled in an average of $195 million per calendar day in February, whereas the Bitcoin network currently produces [about] 900 coins per day — or about $54 million worth of bitcoin, assuming a price of $60,000.”
“Given the approaching Bitcoin halving in April, issuance will fall by half … There is simply not enough bitcoin to accommodate all the new demand, and so natural supply/demand dynamics are driving prices higher.”
The halving, an event mandated in the Bitcoin code, reduces the bitcoin mining reward by half in order to limit the supply. The next halving is expected to take place in April.
Bitcoin’s big surge initially gave a lift to bitcoin-related equities, which gave back some gains after the cryptocurrency pulled back. Bitcoin proxy Microstrategy jumped 10.5% and the miner Marathon Digital rose 2.4%. Block, which operates a bitcoin trading service and holds the cryptocurrency on its balance sheet, gained nearly 1%.
Crypto exchange Coinbase gave back some of its earlier gains after its users reported zero balance errors in their accounts and issues buying and selling. It closed higher by 0.8%.
Original source: https://www.cnbc.com/2024/02/28/bitcoin-jumps-above-60000-for-the-first-time-since-november-2021.html
Australian Sam Lee Charged With Conspiracy to Commit Fraud in US for Role in $1.89bn ‘Ponzi Scheme’
By Sarah Martin
HyperVerse crypto schemes, subject of a Guardian Australia investigation, alleged to have defrauded investors of almost A$3bn
The Australian blockchain entrepreneur Sam Lee has been charged with conspiracy to commit fraud in the US for his alleged role in operating the HyperVerse crypto investment schemes, described in court documents as a “pyramid and Ponzi scheme” alleged to have defrauded investors of US$1.89bn (A$2.86bn).
The US attorney for the district of Maryland, Erek L Barron said the Department of Justice would “hold perpetrators accountable for these and other fraud schemes”, with Lee facing up to five years in jail if convicted.
“The level of alleged fraud here is staggering,” Barron said.
The criminal complaint lodged in the district court of Maryland charges Lee with conspiracy to commit securities and wire fraud, while a separate civil complaint brought by the US Securities Exchange Commission charges Lee with fraud and with the unregistered sale of securities in breach of the US Securities Act.
The charges against Lee, once dubbed the “crown prince of bitcoin” in Australia, come alongside the charge and arrest of another US promoter of the HyperVerse and HyperFund crypto schemes, Brenda Chunga, who has pleaded guilty to conspiracy to commit securities and wire fraud for her role.
The criminal complaint alleges that Lee and his co-conspirators operated the Hyper schemes to “unjustly enrich themselves” by inducing investors into the scheme.
“It was further part of the conspiracy that Lee and his co conspirators knowingly devised and intended to devise a scheme and artifice to defraud and to obtain money and property by means of false and fraudulent pretences, representations and promises,” the complaint alleges.
It orders that if found guilty, Lee is to “disgorge all ill-gotten gains” received directly or indirectly as a result of the schemes.
The court documents refer to crypto schemes run by the HyperTech group collectively as HyperFund but the funds operated under various names, including HyperCapital, HyperFund, HyperVerse and HyperNation.
Lee was chairman of the HyperTech group, which was co-founded with his business partner, Ryan Xu. Xu is not named in the court documents.
The charges come after a Guardian Australia investigation revealed details of the scheme’s operation, including widespread investor losses, the use of a fake chief executive officer for the launch of the HyperVerse scheme and HyperVerse’s links to the collapsed Australian crypto company Blockchain Global, of which Lee was a director.
The SEC complaint, which is lodged against both Lee and Chunga, alleges that its case “involves a global, crypto asset-related, multi-level marketing pyramid and Ponzi scheme that raised over $1.7 billion from victims worldwide, including millions from U.S. investors”.
The criminal complaint estimates that the losses were higher, alleging that HyperFund was a “global securities fraud and wire fraud scheme that obtained approximately US$1.89 billion from victim-investors world-wide”.
The SEC’s division of enforcement director, Gurbir S Grewal, alleges that Lee and Chunga attracted investors with the allure of profits from crypto asset mining – “but the only thing that HyperFund mined was its investors’ pockets”.
“This case illustrates yet again how noncompliance in the crypto space facilitates schemes where promoters capitalize on the promise of easy money, without providing the detailed investor protection disclosures required by the registration provisions of the federal securities laws.”
The SEC complaint outlines Lee’s alleged role in operating the HyperFund schemes, claiming that he was “centrally involved with HyperFund throughout its lifecycle”.
“On information and belief, Lee was not only a co-founder of HyperFund, but he maintained control over HyperFund throughout its existence,” the SEC alleges.
It alleges that from approximately June 2020 to approximately November 2022, Lee and Chunga sold memberships in HyperFund and “made materially false and misleading statements about the investments and knowingly or recklessly engaged in a scheme to defraud investors – bilking the investors out of over $1.7 billion – by enticing them with the false promise of guaranteed, high returns from investments in securities.
“Defendants knew, or were reckless in not knowing, that their statements about HyperFund’s returns and profits were materially false and misleading. Defendants further knew, or were reckless in not knowing, that they were operating a scheme to defraud investors in HyperFund’s securities.”
The SEC further alleges that Lee played an “integral role in the distribution of the HyperFund memberships”, with his business background and links to Australian companies used to attract investors to the scheme.
“Lee’s appearance and speech during the launch of HyperVerse was an offer of securities. Lee’s reputation and public-facing crypto asset persona deceived investors into believing that HyperFund was not a scam because it was backed by a known crypto asset entrepreneur.
Lee on stage in an image posted to Facebook by Blockchain Global
“Those details were used to add legitimacy and credibility to the scheme, and to convince investors that their money was not only safe, but that the money they expected to make was coming from purportedly legitimate sources.”
The court documents allege that HyperFund operated as a Ponzi scheme, with funds from later investors used to pay off early investors.
“HyperFund had no real source of revenue other than funds received from investors, and Defendants had no basis for the promised returns,” the documents claim.
“Lee, as one of the Founders of HyperFund, knew, or was reckless in not knowing, that HyperFund did not generate revenue sufficient to be able to reasonably expect to meet its payment obligations to investors, other than income generated from the sales of new HyperFund memberships, and therefore was a Ponzi scheme.”
The HyperFund rewards system, which was used to bring in new investors, was “nothing but a pyramid scheme recruiting tool”, the court documents allege.
Investors into HyperFund and its subsequent iterations bought “membership” packages with the promise of daily rewards of 0.5% and a 300% return over 600 days. The SEC complaint alleges that investors were told that these “exorbitant passive returns” were derived from HyperFund’s crypto asset mining operations, “however these representations were false”.
Lee, who launched HyperFund in mid 2020 and appeared in the 2021 launch presentation of HyperVerse, is alleged to have allowed this false representation to continue “despite knowing that the HyperFund promoters’ representations about large scale-crypto asset mining were false”.
The court documents also refer to HyperFund’s claims not to be offering an investment product through its sale of membership, applying the so-called Howey test which finds that an investment contract exists where there is the investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others.
The case file shows that Lee, who has lived in Dubai since 2021, is yet to appoint a defence attorney. Guardian Australia has contacted Lee for comment. He has previously denied HyperVerse was a scam, and has claimed he was only involved in the funds management and technology side of the business.
The charges against Lee and Chunga are the result of a joint investigation conducted by the Department of Homeland Security’s New York-based El Dorado taskforce and the Internal Revenue Service’s criminal investigation unit.
The El Dorado taskforce is the oldest anti money-laundering taskforce in the US, with more than 200 members targeting sophisticated financial crimes, including those in the cyber and cryptocurrency space.
Despite Lee being an Australian citizen and Australian companies being central to the promotion of the Hyper group of investor schemes, they have escaped the scrutiny of Australia’s corporate watchdog, the Australian Securities and Investments Commission.
Since Guardian Australia’s investigation into the HyperVerse schemes, Asic has said it will assess the liquidator’s report into Blockchain Global, which collapsed in 2021 owing creditors A$58m.
Original source: https://apple.news/ACVxH3IzLQMq_cwr0kOcIRQ
Preparations for Truthcoin to List on Another Exchange in the Coming Months are Being Finalised With Extensive Marketing Campaigns Planned
By TruthGroup
Preparations for Truthcoin to list on another exchange in the coming months are being finalised with extensive marketing campaigns planned.
Truthgroup also launches new products including secure cloud services
Truthcoin.social
TruthGroup.social
Original source: https://t.me/bitcoin2XBTC2/5858
