April 3, 2024 3:02 PM | 1 min read |

Over the past 24 hours, Optimism's (CRYPTO: OP) price has fallen 3.44% to $3.08. This continues its negative trend over the past week where it has experienced a 17.0% loss, moving from $3.67 to its current price.

The chart below compares the price movement and volatility for Optimism over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

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The trading volume for the coin has fallen 34.0% over the past week which is opposite, directionally, with the overall circulating supply of the coin, which has increased 0.36%. This brings the circulating supply to 1.01 billion, which makes up an estimated 23.43% of its max supply of 4.29 billion. According to our data, the current market cap ranking for OP is #43 at $3.09 billion.

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2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Cryptocurrency Optimism Decreases More Than 3% Within 24 hours - Benzinga

Many growth investors gravitated back toward the cryptocurrency market this year as hopes for lower interest rates, the approvals of the first Bitcoin spot price exchange-traded funds (ETFs), and big institutional purchases suggested the "crypto winter" was over. However, it's still tough to gauge the true value of most cryptocurrencies, since their price is driven more by supply and demand than by an actual underlying business.

Earlier this month, I suggested that investors buy three promising tech stocks -- Nvidia, Super Micro Computer, and ASML -- instead of going all-in on cryptocurrencies. Today, I'll add three other speculative plays to that list of potential cryptocurrency alternatives: Symbotic (NASDAQ: SYM), QuantumScape (NYSE: QS), and IonQ (NYSE: IONQ).

Symbotic is a provider of warehouse automation robots and software. It claims a $50 million investment in just one of its modules (which includes its robots and software) can generate $250 million in lifetime savings over 25 years.

Symbotic went public by merging with a special purpose acquisition company (SPAC) in June 2022. Its revenue surged 136% in fiscal 2022 (which ended in September 2022) and 98% in fiscal 2023. However, most of that growth came from a deal with Walmart, which tapped Symbotic to automate all of its regional distribution centers across the U.S. through fiscal 2034. Walmart still owns 11% of Symbotic and accounted for 88% of its revenue in fiscal 2023.

That customer concentration is worrisome, but it's secured deals with other big retail customers like Target, Albertsons, and C&S Wholesale. It also launched a new warehouse-as-a-service platform called GreenBox with its other big backer, SoftBank, last July.

Analysts expect Symbotic's revenue to rise 48% in fiscal 2024 and 42% in fiscal 2025. It's still bleeding red ink, but it's expected to turn profitable on a generally accepted accounting principles (GAAP) basis by fiscal 2025. Its stock isn't cheap at 16 times this year's sales, but it might be a great pure play on the warehouse automation market.

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QuantumScape develops solid-state batteries, which are more stable, charge faster, and last longer than traditional lithium-ion batteries. Those batteries are a great fit for the electric vehicle (EV) market, and the company's biggest backer is Volkswagen. Like Symbotic, QuantumScape went public by merging with a SPAC in November 2020. But unlike Symbotic, QuantumScape doesn't generate any meaningful revenue yet.

QuantumScape hasn't commercialized any of its batteries since its public debut, but its latest batteries could give EVs a range of 400-500 miles with a charge time of less than 15 minutes. It's also developing batteries that can reach 600 miles with a charge time of under 30 minutes. For reference, most top-tier lithium-ion batteries for EVs have a range of roughly 300 miles and a charge time of 30 minutes. Volkswagen also recently conducted an endurance test that found that QuantumScape's batteries could power an EV for over 310,000 miles "without any noticeable loss of range." Most lithium-ion batteries lose approximately 10% of their range after the first 200,000 miles.

QuantumScape's technology sounds disruptive, but it's tough to value its stock without any revenue. However, if it successfully commercializes its first batteries before its like-minded competitors, its stock could skyrocket over the next few years.

Investors looking for another speculative play should take a look at IonQ, a quantum computing company that merged with a SPAC in October 2021. IonQ provides quantum computing power as a cloud-based service, and it's trying to shrink qubit processing unit (QPU) systems from several feet to a few inches wide with its "trapped ion" technology.

It expects that miniaturization to make it easier to build large quantum computing systems that process binary "bits" of zeros and ones simultaneously. That big leap could support the growth of the cloud, machine learning, and artificial intelligence (AI) markets.

IonQ gauges its quantum computing power in algorithmic qubits (AQ). It achieved AQ 29 in 2023, AQ 35 earlier this year, and it aims to reach AQ 64 by 2025 with a longer-term target of 1,024 by 2028. It only generated $22 million in revenue in 2023, but it continues to lock in new government and commercial customers. Analysts expect its revenue to rise 77% in 2024 and 110% in 2025 -- so it could still have plenty of upside potential.

IonQ isn't profitable yet, and its stock looks pricey at nearly 50 times this year's sales. But if it can achieve its ambitious miniaturization goals and scale up its business, its sales could soar as the nascent quantum computing market expands.

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The Motley Fool Stock Advisor analyst team just identified what they believe are the10 best stocks for investors to buy now and Symbotic wasnt one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

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Leo Sun has positions in ASML. The Motley Fool has positions in and recommends ASML, Bitcoin, Nvidia, Target, Volkswagen Ag, and Walmart. The Motley Fool has a disclosure policy.

3 Growth Stocks With More Potential Than Any Cryptocurrency was originally published by The Motley Fool

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3 Growth Stocks With More Potential Than Any Cryptocurrency - Yahoo Finance

April 3, 2024 3:00 PM | 1 min read |

Pepe's (CRYPTO: PEPE) price has decreased 5.41% over the past 24 hours to $0.0000069, continuing its downward trend over the past week of -9.0%, moving from $0.0000076 to its current price.

The chart below compares the price movement and volatility for Pepe over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

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Pepe's trading volume has climbed 1.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has increased 0.61%. This brings the circulating supply to 420.69 trillion, which makes up an estimated 100.0% of its max supply of 420.69 trillion. According to our data, the current market cap ranking for PEPE is #47 at $2.89 billion.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.

2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Cryptocurrency Pepe Down More Than 5% Within 24 hours - Benzinga

The Bitcoin halving, a four-year event, reduces the reward for miners, impacting crypto trading, profitability, market dynamics, and price volatility. It can create positive sentiment, attract institutional investors, and benefit various participants in the cryptocurrency ecosystem.

The Bitcoin halving is a significant event that can influence the cryptocurrency market in various ways, impacting supply and demand dynamics, miner profitability, market speculation, and long-term price trends. Traders and investors closely monitor the halving event and its potential impact on the market to make informed decisions and navigate the evolving landscape of the cryptocurrency market.

What is the Bitcoin Halving

The Bitcoin halving is a pre-programmed event that occurs approximately every four years and involves cutting the reward miners receive in half. This event controls the supply of new Bitcoins entering the market and is a crucial feature of Bitcoin's monetary policy.

The Bitcoin halving is an event programmed into the Bitcoin protocol where the rewards for mining new blocks are reduced by approximately half every four years. This event is built into the Bitcoin code to control the issuance of new Bitcoins and maintain the cryptocurrency's scarcity over time.

Initially, when Bitcoin was created in 2009, miners were rewarded with 50 Bitcoins for every block they mined. In 2012, the first halving occurred, reducing the block reward to 25 Bitcoins. Subsequent halvings occurred in 2016 and 2020, reducing the reward to 12.5 Bitcoins and then 6.25 Bitcoins, respectively.

The next Bitcoin halving is 2024, when the block reward will be further halved to 3.125 Bitcoins. The halving events will continue to occur approximately every four years until the maximum supply of 21 million Bitcoins is reached. At that point, no more new Bitcoins will be produced by mining.

The Bitcoin halving is an essential feature of the cryptocurrency's monetary policy, designed to gradually reduce the rate at which new Bitcoins are created and introduced into circulation. This mechanism aims to curb inflation, create scarcity, and increase the perceived value of Bitcoin over time. The halving events may also impact miner profitability, market dynamics, and price volatility in the cryptocurrency market.

What Impact Does the Bitcoin Halving Have on Cryptocurrencies

The Bitcoin halving is expected to impact crypto trading in several ways.

By reducing the rate at which new Bitcoins are mined, the halving decreases the supply of new coins entering the market. If demand for Bitcoin remains constant or increases, the reduced supply can create scarcity and potentially drive up the price of Bitcoin.

The Bitcoin halving does not directly reduce the number of Bitcoins available for sale immediately; instead, it halves the rate at which new Bitcoins are produced through mining. The total supply of Bitcoin is capped at 21 million coins, and the halving events occur approximately every four years until that limit is reached.

While the halving reduces the rate of new Bitcoin issuance and may temporarily reduce selling pressure from miners receiving lower rewards, it does not affect the number of existing Bitcoins available for sale in circulation. Bitcoin holders, exchanges, and other market participants continue to hold and trade existing Bitcoins.

Reducing the rate of new Bitcoin creation due to halving can have longer-term effects on the supply of available Bitcoins, potentially leading to scarcity and increasing demand for the cryptocurrency. This scarcity, growing adoption, and use cases for Bitcoin may contribute to price appreciation over time.

Miner profitability

The halving reduces miners' reward for validating transactions and adding new blocks to the blockchain. Miners may experience reduced profitability significantly if the price of Bitcoin does not increase enough to offset the decrease in reward. This situation could lead to some miners exiting the network, potentially impacting the security and processing speed of the Bitcoin network.

The Bitcoin halving has the potential to impact the profitability of miners, which could potentially lead to a reduction in the number of miners operating on the network.

The halving cuts miners' reward for successfully mining a new block in half. This situation means miners earn fewer Bitcoins for their mining efforts, which can significantly impact their profitability, especially for miners operating on thin profit margins.

As the block reward decreases, miners may need to allocate more resources, such as computing power and electricity, to maintain their operations and compete for the reduced rewards. This increased competition can pressure smaller mining operations, leading them to shut down or consolidate with larger mining pools.

The Bitcoin network adjusts the mining difficulty every 2016 block to ensure that blocks are mined consistently. If many miners exit the network after the halving, the mining difficulty may decrease, making it easier for the remaining miners to validate transactions. This adjustment can help to stabilize the network and incentivize miners to continue operating.

The impact of the halving on the number of miners can also be influenced by external factors such as the price of Bitcoin, market sentiment, and regulatory developments. A sharp drop in the price of Bitcoin following the halving, for example, could exacerbate the challenges faced by miners and lead to a decline in mining activity.

The Bitcoin halving is a highly anticipated event in the cryptocurrency community and often generates speculation and volatility in the market. Traders and investors may adjust their positions in anticipation of potential price movements before and after the halving, leading to increased market activity and price fluctuations.

Long Term Impact

The halving is expected to have a longer-term impact on the price and adoption of Bitcoin. Historically, previous halving events have been followed by periods of price appreciation and increased interest in Bitcoin as an investment and store of value. The reduced supply of new coins, coupled with growing demand and adoption, could contribute to long-term price growth for Bitcoin.

The Bitcoin halving is a significant event that can influence the cryptocurrency market in various ways, impacting supply and demand dynamics, miner profitability, market speculation, and long-term price trends. Traders and investors closely monitor the halving event and its potential impact on the market to make informed decisions and navigate the evolving landscape of the cryptocurrency market.

How Will the Bitcoin Halving Impact the Broader Cryptocurrency Market

An increase in the price of Bitcoin can have significant implications for the broader cryptocurrency market, influencing market sentiment, altcoin performance, market capitalization, trading volume, institutional interest, and regulatory dynamics. Investors and market participants closely monitor Bitcoin's price movements as a critical indicator of trends and developments in the cryptocurrency ecosystem.

Bitcoin is often seen as a bellwether for the broader cryptocurrency market. When the price of Bitcoin rises, it can create positive sentiment and optimism among investors and traders, leading to increased interest and investment in other cryptocurrencies.

Altcoins, or alternative cryptocurrencies to Bitcoin, may also experience price increases when Bitcoin's price rises. Investors may diversify their portfolios by allocating funds to various cryptocurrencies, leading to higher demand and price appreciation for altcoins.

The price of Bitcoin significantly impacts the total market capitalization of the cryptocurrency market. A rise in Bitcoin's price can lead to an overall increase in market capitalization, reflecting growing investor interest and confidence in the broader cryptocurrency ecosystem.

Higher prices for Bitcoin often result in increased trading volume across cryptocurrency exchanges. Traders may actively trade, buy, and sell cryptocurrencies to capitalize on price movements and profit from market trends.

Rising prices for Bitcoin can attract institutional investors and traditional financial institutions to the cryptocurrency market. Institutional participation can increase the broader cryptocurrency market's liquidity, investment capital, and legitimacy.

As Bitcoin's price rises, regulatory scrutiny and attention on the cryptocurrency market may also increase. Regulators and policymakers may closely monitor developments in the market to ensure compliance with existing laws and regulations.

The Bottom Line

The question is, who will benefit from crypto halving? The Bitcoin halving has the potential to benefit various participants in the cryptocurrency ecosystem, including Bitcoin holders, long-term investors, efficient miners, cryptocurrency exchanges, institutional investors, developers, and entrepreneurs. However, the impact of the halving can also vary depending on market conditions, regulatory developments, and individual investment strategies.

As the halving reduces the rate at which new Bitcoins are created, it can create scarcity and potentially drive up the price of Bitcoin over time. Existing Bitcoin holders may benefit from increased value appreciation and potential investment returns.

Investors with a long-term perspective on Bitcoin may view the halving as a positive event that reinforces the cryptocurrency's scarcity and store of value properties. The reduced supply of new bitcoins can contribute to price appreciation over the long term, benefiting investors who hold onto their Bitcoin for extended periods.

While the halving reduces the block rewards miners receive, those with efficient mining operations and low operating costs may remain profitable. Miners operating profitably post-halving may benefit from reduced competition and potentially higher Bitcoin prices, leading to increased mining rewards.

Exchanges that offer trading services for Bitcoin may benefit from increased trading activity and interest in Bitcoin surrounding the halving event. Higher trading volumes and volatility can attract more users to exchanges, increasing transaction fees and revenue.

The Bitcoin halving may attract investors and more significant financial firms seeking exposure to the cryptocurrency market. Institutional interest in Bitcoin can increase liquidity, market stability, and legitimacy in the eyes of traditional investors.

The Bitcoin halving can spur innovation and development in the cryptocurrency space as market dynamics evolve. Developers and entrepreneurs may seize opportunities to create new products, services, and solutions that cater to the changing landscape post-halving.

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How Should the Bticoin Halving Impact the Cryptocurrency Market - Blockchain.News

NEW YORK (AP) Crypto entrepreneur Sam Bankman-Fried was sentenced Thursday to 25 years in prison for a massive fraud on hundreds of thousands of customers that unraveled with the collapse of FTX, once one of the worlds most popular platforms for exchanging digital currency.

Though he described Bankman-Fried as extremely smart, U.S. District Judge Lewis A. Kaplan delivered a blistering analysis of Bankman-Fried and his crimes before announcing a sentence that was half of what prosecutors sought and less than a quarter of the 105 years recommended by the courts probation officers.

There is absolutely no doubt that Mr. Bankman-Frieds name right now is pretty much mud around the world, Kaplan said of the 32-year-old California man who seemed atop the cryptocurrency universe before his businesses collapsed in November 2022, leaving customers, investors and lenders short over $11 billion, which the judge ordered him to forfeit.

He was convicted in November of fraud and conspiracy a dramatic fall from a crest of success that included a Super Bowl advertisement, testimony before Congress and celebrity endorsements from stars like quarterback Tom Brady, basketball point guard Stephen Curry and comedian Larry David.

Kaplan imposed the sentence in the same Manhattan courtroom where, four months previously, Bankman-Fried testified that he had intended to revolutionize the emerging cryptocurrency market with his innovative and altruistic ideas, not steal.

The judge said Bankman-Fried repeatedly committed perjury on the witness stand in testimony that was often evasive, hair-splitting, dodging questions.

Kaplan said the sentence reflected the risk that Bankman-Fried will be in position to do something very bad in the future. And its not a trivial risk at all. He added that the sentence was fashioned for the purpose of disabling him to the extent that can appropriately be done for a significant period of time.

Kaplan said he would advise the Federal Bureau of Prisons to send Bankman-Fried to a medium-security prison near San Francisco because his notoriety, his association with vast wealth, his autism and his social awkwardness are likely to make him especially vulnerable at a high-security facility.

Assistant U.S. Attorney Nicolas Roos had recommended a prison sentence of 40 to 50 years, saying it was the only way to ensure the defendant doesnt do it again.

Prosecutors said tens of thousands of people and companies worldwide lost billions of dollars since 2017 after Bankman-Fried looted FTX customer accounts that he promised were safe to make millions of dollars of illegal political donations, bribe Chinese officials, make risky investments, buy luxury real estate in the Caribbean and live lavishly.

Kaplan agreed with prosecutors Thursday that Bankman-Fried should not be credited because some investors and customers might recover some money. He noted that customers lost about $8 billion, investors lost $1.7 billion and lenders were shorted by $1.3 billion.

When he spoke, Bankman-Fried stood and apologized in a rambling statement: A lot of people feel really let down. And they were very let down. And Im sorry about that. Im sorry about what happened at every stage.

He added, My useful life is probably over. Its been over for a while now, from before my arrest.

Wearing his khaki-colored prison uniform and chained at the ankles, Bankman-Fried seemed to briefly get emotional as he spoke for about 20 minutes, expressing regret about a lot of mistakes but casting some blame onto others. His trademark messy and bushy hair had returned from the trimmer look he displayed at trial.

He praised some of his former executives and workmates, saying: They threw themselves into it and then I threw all of that away. It haunts me every day.

Kaplan later criticized Bankman-Frieds remarks, saying he expressed never a word of remorse for the commission of terrible crimes.

As his misty-eyed client looked on, defense attorney Marc Mukasey said the portrayal of the Massachusetts Institute of Technology graduate as an arrogant greedy swindler who thought he would get away with fleecing the hard-earned money of hard-working people was wrong.

Sam was not a ruthless financial serial killer who set out every morning to hurt people, Mukasey said in court after urging in court papers that any prison sentence be in the single digits. Sam Bankman-Fried doesnt make decisions with malice in his heart. He makes decisions with math in his head.

The judge later criticized Bankman-Frieds calculations, saying he was indeed a math nerd, who looked at decisions in terms of math, expected value.

He cited trial testimony in which Bankman-Frieds former girlfriend and fellow executive Caroline Ellison said Bankman-Fried once told her that his willingness to embrace risk was such that hed be happy to flip a coin if it came up tails and the world was destroyed as long as if it came up heads, the world would be twice as good.

The judge said Bankman-Fried utilized that risk-taking nature at his companies, betting on expected value and weighing the risk of getting caught with the probability of large gains.

That was the game, Kaplan said. Its his nature.

Bankman-Frieds attorneys, friends and family had urged leniency, saying he was unlikely to re-offend. They also said FTXs investors have largely recovered their funds a claim disputed by bankruptcy lawyers, FTX and its creditors.

Mr. Bankman-Fried continues to live a life of delusion, wrote John Ray, the CEO of FTX who has been cleaning up the bankrupt company. The business he left on November 11, 2022 was neither solvent nor safe.

One FTX customer, Sunil Kavuri, spoke at sentencing, saying hed traveled from London on behalf of over 200 victims who had sent impact statements to the judge.

He said hed spoken to other victims just like myself who had their dreams destroyed and had lived the FTX nightmare every day for almost two years, every day, every night, a lot of crying, sleepless nights.

Bankman-Frieds parents, both Stanford Law School professors, did not speak as they left the courthouse Thursday, but later issued a statement: We are heartbroken and will continue to fight for our son.

Bankman-Fried, of Palo Alto, California, was once worth billions of dollars on paper as the co-founder and CEO of FTX, which was the second-largest cryptocurrency exchange in the world at one time.

FTX let investors buy dozens of virtual currencies, from Bitcoin to more obscure ones like Shiba Inu Coin. Flush with billions of dollars of investors cash, Bankman-Fried took out a Super Bowl advertisement to promote his business and bought the naming rights to an arena in Miami.

But the collapse of cryptocurrency prices in 2022 took its toll on FTX, ultimately leading to its downfall. FTXs hedge fund affiliate, Alameda Research, had bought billions of dollars of various crypto investments that lost considerable amounts of value in 2022. Bankman-Fried tried to plug the holes in Alamedas balance sheet with FTX customer funds.

Three people from Bankman-Frieds inner circle pleaded guilty to related crimes and testified at his trial.

Besides Ellison, two onetime friends of Bankman-Fried Gary Wang and Nishad Singh testified they felt they were directed by Bankman-Fried to commit fraud.

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Fallen crypto mogul Sam Bankman-Fried sentenced to 25 years in prison - The Associated Press

Disgraced cryptocurrency wunderkind Sam Bankman-Fried was sentenced to 25 years in jail on Thursday following his conviction in one of the biggest financial fraud cases in history.

Issued on: 28/03/2024 - 17:17Modified: 28/03/2024 - 17:47

3 min

US prosecutors were seeking a prison term of 40-50 years after a New York jury found Bankman-Fried, known by his initials SBF, guilty in November following a five-week trial that probed the one-time high roller's spectacular fall.

During the hearing Bankman-Fried told the courtroom that he was "sorry about what happened at every stage. And there are things I should've done and things I shouldn't have."

They "built something beautiful," Bankman-Fried said. "And I threw it all away."

The final sentence was meted out by US District Judge Lewis Kaplan who used the hearing to carefully walk through the financial crimes committed by Bankman-Fried.

There was "never a word of remorse for the commission of a terrible crime," the judge said, adding that there was a risk Bankman-Fried would commit crimes again.

With the sentencing now done, Bankman-Fried's lawyers said they would appeal his conviction.

Calling Bankman-Fried's seven-count conviction reflective of the defendant's "unmatched greed and hubris," the government's sentencing request argued for significant jail time in light of fraud it estimates at more than $10 billion.

Bankman-Fried's attorneys depicted their client as a diligent young man motivated by philanthropy who got in over his head, calling the government's proposed sentence "barbaric."

Their portrayal is similar to the one SBF's defense presented at trial which was quickly rejected by jurors after just five hours of deliberation.

Bankman-Fried's defense team had asked for six years in prison, a sentence that would return him "promptly to a productive role in society," said the attorneys led by Marc Mukasey.

A graduate of the Massachusetts Institute of Technology and a billionaire before the age of 30, Bankman-Fried conquered the crypto world at breakneck speed, turning FTX, a small start-up he cofounded in 2019, into the world's second largest exchange platform.

But in November 2022, the FTX empire imploded, unable to cope with massive withdrawal requests from customers panicked to learn that some of the funds stored at the company had been committed to risky operations at Bankman-Fried's personal hedge fund, Alameda Research.

During the trial, some of Bankman-Fried's closest associates said that he was key to all the decisions that saw $8 billion vanish from FTX.

This group included Caroline Ellison, the former Alameda CEO and Bankman-Fried's on-and-off-again girlfriend, who testified that Alameda had stolen "around $14 billion" from FTX clients and that Bankman-Fried "directed me to commit those crimes."

Filings from the prosecution and defense offered starkly different takes on Bankman-Fried, the son of two well-regarded law professors at tony Stanford University.

"The lack of contrition is galling," said US Attorney Damian Williams, who took issue with the image of Bankman-Fried as "selfless" and "altruistic," as championed by the defense, noting he used funds for "luxury" real estate, donations to rub shoulders with political leaders, a Super Bowl television ad and "access to celebrities."

The defense's statement describes Bankman-Fried as "wracked" with remorse over the implosion of FTX.

Bankman-Fried's attorneys also pointed to statements from FTX's current leaders expressing confidence that FTX customers and creditors would get back their money, saying in the brief that "the harm to customers, lenders and investors is zero."

That argument drew a scathing response from FTX Trading Chief Executive John Ray, who said ongoing recoveries of ill-gotten gains do not make up for fraud.

"That things he stole... were successfully recovered through the efforts of a dedicated group" of professionals "does not mean the things were not stolen," Ray said in a letter to the court.

"What it means is that we got some of them back."

(AFP)

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Fallen cryptocurrency mogul Bankman-Fried sentenced to 25 years in jail - FRANCE 24 English

Cathie Wood is the head of Ark Investment Management, which operates 14 exchange-traded funds (ETFs) focused on technological innovations. They include everything from artificial intelligence (AI) to electric vehicles to cryptocurrency.

Ark is extremely bullish on the world's largest cryptocurrency, Bitcoin (CRYPTO: BTC). The firm's official research implies the coin could deliver a gain of 2,000% by 2030, but Wood herself just came out with a new price target that points to a potential upside of more than 5,300%.

Bitcoin is trading near an all-time high right now and investors are as enthusiastic about its prospects as ever, but is Wood's forecast realistic?

Bitcoin is often discussed as a replacement for traditional money. It isn't governed by any person or institution, and the blockchain upon which it is built is an accurate and transparent system of record. But its price is incredibly volatile; Bitcoin lost 65% of its value in 2022 and it has since gained about 325% from its low point that year. As a result, it's too unpredictable to become a means of exchange for most consumers and businesses.

Many investors instead consider Bitcoin a store of value -- like a digital version of gold -- and it has outperformed every other major asset class during the past five years:

The investment thesis behind Bitcoin is relatively simple. Supply is limited to 21 million coins, which are paid to miners who use powerful computers to add new blocks to the blockchain. A halving is triggered with every 210,000 new blocks, which cuts the reward for mining Bitcoin in half. Estimates suggest the last Bitcoin will be mined sometime around the year 2140.

Since supply is capped, demand alone drives the price. There are nearly 50 million wallets which hold entire bitcoins or partial coins. That figure is near an all-time high. Plus, 2023 was one of the most active years for wallet creation, which is a good indicator of demand. Theoretically, Bitcoin's limited supply will ensure prices move higher for as long as people continue opening new wallets to buy the cryptocurrency.

Story continues

However, that alone might not be enough for Bitcoin to deliver the astronomical gains touted by Ark and Wood.

Ark highlights eight potential sources of demand for Bitcoin that could send its price soaring by 2030:

Corporate treasury: Ark believes companies will eventually hold between 0% (bear case) and 5% (bull case) of their cash reserves in Bitcoin.

Remittance asset: Bitcoin could represent between 5% and 25% of all non-commercial money transfers.

Nation state treasury: Government treasury departments around the world could hold between 0% and 5% of their assets in Bitcoin.

Emerging market currency: Bitcoin could be the primary currency in some developing nations. El Salvador already adopted it as legal tender.

Economic settlement network: Bitcoin could eliminate a number of fees imposed by banks and financial institutions, capturing between 1% and 10% of U.S. bank settlement volume.

Seizure-resistant asset: Between 1% and 5% of the global wealth held by high net worth individuals could be stored in Bitcoin to protect it from the government.

Institutional investment: Banks and financial institutions could place between 1% and 6.5% of their assets in Bitcoin because they believe it will further appreciate in value.

Digital gold: Between 20% and 50% of the money investors normally allocate to gold could eventually be placed in Bitcoin instead, thanks to its strong performance and portability.

Here's how high Ark believes Bitcoin can rise by 2030 based on the demand generated by those eight catalysts:

Bear case: $258,500, representing an upside of about 270% from today's price of roughly $69,000.

Base case: $682,800, representing an upside of 880%.

Bull case: $1,480,000, representing an upside of 2,400%.

Wood spoke at the Bitcoin Investor Day conference in New York last week, where she said Bitcoin could actually eclipse Ark's 2030 price target of $1.48 million and instead soar to $3.8 million. The 5,300% upside could be driven by further adoption of Bitcoin exchange-traded funds (ETFs), which won the approval of the U.S. Securities and Exchange Commission (SEC) in January.

So far, the 10 approved ETF operators -- including Ark -- manage more than $58 billion worth of assets in their Bitcoin funds, and that figure is growing. Wood says if institutional investors allocated a little more than 5% of their portfolios to Bitcoin, that alone would be enough to warrant a price of $3.8 million.

Wood thinks Bitcoin still has miles to go in terms of upside. She believes the cryptocurrency is key to an internet-based means of transacting that eliminates toll takers like banks and financial institutions, which collect a fee almost every time money moves.

Past performance doesn't predict future results, so there is no guarantee Bitcoin will continue to outperform other asset classes, let alone surge more than 50-fold.

The cryptocurrency would have a market capitalization of $74.7 trillion if it did reach a price of $3.8 million, making it nearly three times more valuable than the U.S. economy by gross domestic product, and 23 times more valuable than the largest company in the world (Microsoft).

To me, that seems unlikely. Treating Bitcoin as a store of value does make sense, and perhaps one day it could have a similar market cap to gold, which currently stands at $14.6 trillion. That would translate to a 10-fold return in Bitcoin from here, taking it to $743,500, which is slightly above Ark's base-case estimate.

Should you invest $1,000 in Bitcoin right now?

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The Motley Fool Stock Advisor analyst team just identified what they believe are the10 best stocks for investors to buy now and Bitcoin wasnt one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

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1 Unstoppable Cryptocurrency With 5,300% Upside by 2030, According to Cathie Wood was originally published by The Motley Fool

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1 Unstoppable Cryptocurrency With 5,300% Upside by 2030, According to Cathie Wood - Yahoo Finance

In the latest development in the $4 billion OneCoin cryptocurrency Ponzi scheme, the companys Head of Legal and Compliance, Irina Dilkinska, has been sentenced to four years of imprisonment in the United States. She was ordered to pay over $111 million in restitution.

The sentencing, which took place yesterday (Wednesday), followed Dilkinska's admission of guilt to wire fraud and money laundering charges filed by US federal prosecutors in November last year. Each charge carries a maximum penalty of 5 years of imprisonment, meaning Dilkinska was looking at a maximum of 10 years in prison.

The 42-year-old Bulgarian citizens plea to avoid jail and return to her home country was denied by the US Judge, and she has been sentenced to one month of supervised release.

During the sentencing, United States District Judge Edgardo Ramos pointed out that Dilkinska is a woman of great intelligence and a woman who ought to have known better of the consequences of her involvement in the fraudulent cryptocurrency scheme.

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I honestly do not understand what prevented her from leaving the scheme before the point when it was brought down, the Judge added.

Although Dilkinska was responsible for ensuring that OneCoin complied with the law, she laundered $110 million for the multi-billion dollar crypto scam through an entity in the Cayman Islands.

OneCoin is purported to be the largest cryptocurrency scam ever pulled, as victims around the globe invested over $4 billion. Based in Bulgaria, it operated as a multi-level marketing scheme, defrauding victims even in the remotest Pacific islands. According to available records, OneCoin generated more than 4 billion in sales revenue between the fourth quarter of 2014 and the fourth quarter of 2016, earning over 2.7 billion in profits.

Ruja Igantova, aka 'Cryptoqueen', was the mastermind behind the massive fraudulent scheme. However, she disappeared from public view in October 2017 after reaching Greece on a commercial flight from Bulgaria. Her name is now on the FBI's top ten "Most Wanted" person list, with a reward of $100,000 for any information leading to her arrest. In addition, she is on the list of Europe's most wanted fugitives.

Earlier this year, Mark Scott, a lawyer who laundered $400 million for OneCoin, was sentenced to ten years in prison. The US prosecutors took action against a few other top individuals associated with the fraudulent scheme, including Karl Greenwood, the Co-Founder, who was sentenced to 20 years in prison.

In the latest development in the $4 billion OneCoin cryptocurrency Ponzi scheme, the companys Head of Legal and Compliance, Irina Dilkinska, has been sentenced to four years of imprisonment in the United States. She was ordered to pay over $111 million in restitution.

The sentencing, which took place yesterday (Wednesday), followed Dilkinska's admission of guilt to wire fraud and money laundering charges filed by US federal prosecutors in November last year. Each charge carries a maximum penalty of 5 years of imprisonment, meaning Dilkinska was looking at a maximum of 10 years in prison.

The 42-year-old Bulgarian citizens plea to avoid jail and return to her home country was denied by the US Judge, and she has been sentenced to one month of supervised release.

During the sentencing, United States District Judge Edgardo Ramos pointed out that Dilkinska is a woman of great intelligence and a woman who ought to have known better of the consequences of her involvement in the fraudulent cryptocurrency scheme.

Keep Reading

I honestly do not understand what prevented her from leaving the scheme before the point when it was brought down, the Judge added.

Although Dilkinska was responsible for ensuring that OneCoin complied with the law, she laundered $110 million for the multi-billion dollar crypto scam through an entity in the Cayman Islands.

OneCoin is purported to be the largest cryptocurrency scam ever pulled, as victims around the globe invested over $4 billion. Based in Bulgaria, it operated as a multi-level marketing scheme, defrauding victims even in the remotest Pacific islands. According to available records, OneCoin generated more than 4 billion in sales revenue between the fourth quarter of 2014 and the fourth quarter of 2016, earning over 2.7 billion in profits.

Ruja Igantova, aka 'Cryptoqueen', was the mastermind behind the massive fraudulent scheme. However, she disappeared from public view in October 2017 after reaching Greece on a commercial flight from Bulgaria. Her name is now on the FBI's top ten "Most Wanted" person list, with a reward of $100,000 for any information leading to her arrest. In addition, she is on the list of Europe's most wanted fugitives.

Earlier this year, Mark Scott, a lawyer who laundered $400 million for OneCoin, was sentenced to ten years in prison. The US prosecutors took action against a few other top individuals associated with the fraudulent scheme, including Karl Greenwood, the Co-Founder, who was sentenced to 20 years in prison.

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OneCoin's Legal and Compliance Head Gets 4 Years in Prison - Finance Magnates

April 2024 looms as a crucial juncture for the cryptocurrency market, set to witness a convergence of significant occurrences that could potentially alter the dynamics of digital assets.

From pivotal protocol advancements to legal confrontations involving industry heavyweights, the month is brimming with events that may dictate the trajectory of the market for the foreseeable future.

We have now entered the highly anticipated month of April 2024, with the Bitcoin halving event just around the corner, a mere 20 days away. As the countdown to the halving event continues, Bitcoin (BTC) has exhibited notable strength in its price recently.

At the time of writing, Bitcoin is trading at $66,000 levels, boasting a market capitalization of $1.31 trillion. The upcoming fourth Bitcoin halving stands out as the most eagerly awaited event of April, historically characterized by increased market volatility and speculative activity.

Respected analysts suggest that this halving could trigger a surge in altcoin prices, potentially indicating a shift in Bitcoins dominance. This speculation gains momentum as Bitcoin demonstrates remarkable volatility, surpassing even Ether in the lead-up to the halving event.

The Securities and Exchange Commission (SEC) remains steadfast in its pursuit of legal action against Coinbase. This further prolongs the cryptocurrency exchanges legal challenges. The Courts rejection of Coinbases motion to dismiss the lawsuit indicates an ongoing and protracted legal dispute.

It underscores the regulatory ambiguities faced by major players in the crypto industry. Both parties are required to submit a case management plan by April 19. It further outlines the key issues in the case and the strategies for trial proceedings.

Also Read: Bitcoin vs Gold: Why Economist Peter Schiff Believes Gold Trumps BTC

All attention will be focused on April 10 when the Consumer Price Index (CPI) data for March is released. It will offer crucial insights into inflation patterns. Analysts will meticulously scrutinize this data, anticipating its implications for Federal Open Market Committee (FOMC) decisions.

This is regarding interest rates and monetary policy. Despite prevailing expectations, Forbes indicates that adjustments to interest rates are improbable in April. This is in preparation for their upcoming meeting on May 1.

While no alterations to interest rates are foreseen at the meeting, relatively mild inflation data could lay the groundwork for a potential interest rate cut in the summer, aligning with the anticipated outlook of most FOMC officials and fixed-income markets.

The sentencing of Changpeng Zhao (CZ), the founder and former CEO of Binance, has been delayed until April 30, as stated in a notice filed in Seattle federal court on Monday.

CZs legal struggles have garnered significant attention, particularly his efforts to obtain permission to travel to the UAE for medical reasons. Indeed, these have been consistently denied by the US Federal Court due to the lack of an extradition treaty.

April also witnesses the Bitcoin Cash (BCH) halving. This comes with the launch of EigenLayers mainnet, marking significant milestones within their respective ecosystems. These developments carry implications for investors and users, underscoring the continuous evolution and maturation of the cryptocurrency market.

As April unfolds, the cryptocurrency community awaits the outcomes of these pivotal events, mindful of their potential to reshape the trajectory of Bitcoin and the broader crypto market in the months ahead. With regulatory ambiguities, legal entanglements, and protocol upgrades dominating the discourse, April 2024 emerges as a defining moment in the ongoing narrative of cryptocurrencies.

Also Read: Shiba Inu Gets Nod from Early Bitcoin Investor: Is It Time to Buy?

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Cryptocurrency: April 2024 Is the Most Important Month for the Market - Watcher Guru

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What's the story

Bitcoin has lost 1.31% in the last 24 hours, trading at $65,501.77. It is down 5.95% from last week. Ethereum, the second most popular token, is down 0.90% from yesterday and now trades at $3,287.50. It is down 6.40% from last week. The market capitalization of Bitcoin and Ethereum stands at $1,288 billion and $394 billion, respectively.

BNB is trading at $577.99, which is 3.72% more than yesterday and 1.59% lower from previous week. XRP's price is $0.55 today, falling 3.42% in the last 24 hours. Compared to last week, it is 7.17% down. Cardano and Dogecoin are trading at $0.55 (down 3.73%) and $0.11 (down 6.20%), respectively.

Solana, Polka Dot, Shiba Inu, and Polygon are currently trading at $182.11 (down 3.2%), $8.34 (down 3.76%), $0.000022 (down 3.7%), and $0.88 (down 2.98%), respectively. Looking at the weekly chart, Solana has fallen 0.88% while Polka Dot is down 11.84%. Shiba Inu's value has declined by 13.49% in the last seven days whereas Polygon is down 12.56%.

Looking at the 24 hourly movement, the top five gainers are Ethena, Bitget Token, Bitcoin SV, Monero, and BNB. They are trading at $0.99 (up 18.45%), $1.36 (up 14.72%), $93.70 (up 5.97%), $128.30 (up 4.55%), and $578.16 (up 3.72%), respectively.

The biggest losers of the day are dogwifhat, Jupiter, Pepe, FLOKI, and Axelar. They are trading at $3.63 (down 10.34%), $1.52 (down 8.66%), $0.0000066 (down 8.39%), $0.00011 (down 7.36%), and $1.64 (down 6.82%), respectively.

DeFi or decentralized finance refers to global, peer-to-peer financial services on public blockchains. Avalanche, Chainlink, Internet Computer, Uniswap, and Dai are among the most popular DeFi tokens. They are trading at $46.28 (down 2.90%), $17.59 (down 2.76%), $18.01 (down 0.67%), $10.86 (down 0.18%), and $0.99 (down 0.01%), respectively.

Non-fungible tokens (NFTs) are cryptocurrencies that lack the attribute of fungibility, which means they cannot be exchanged for one another like other tokens. Some of the popular NFT tokens are Internet Computer, Stacks, Immutable, Render, and Theta Network. They are currently trading at $17.94 (down 1.04%), $3.13 (down 5.90%), $2.71 (down 1.24%), $9.31 (down 3.51%), and $2.49 (down 4.07%), respectively.

The current global crypto market cap is $2.48 trillion, a 0.56% increase over the last day. The total crypto market volume over the last 24 hours is $101.2 billion, which marks a 23.18% increase. Last month, the global crypto market valuation was $2.38 trillion, while the total capitalization stood at $1.64 trillion three months ago.

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Cryptocurrency prices today: Check rates of Bitcoin, Ethereum, XRP, Polygon - NewsBytes