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BlackRock $10 Million Bitcoin Purchase Will Happen Today, Expert Says SEC Is Backed Into A Corner

The world’s largest asset manager, BlackRock, is set to make a significant Bitcoin purchase on January 5. This comes as Bloomberg analyst James Seyffart hinted that the Securities and Exchange Commission (SEC) has no choice but to approve the pending Spot Bitcoin ETFs finally. 

BlackRock To Purchase $10 Million Worth Of Bitcoin

As part of efforts to seed its Spot Bitcoin ETF, BlackRock will purchase $10 million worth of BTC on January 5. The asset manager had earlier scheduled this Bitcoin purchase for January 3. However, it was eventually postponed to this later date, possibly in a bid to ensure they gain all regulatory approvals and be fully compliant. 

BlackRock had revealed how the sum of $10 million had come about in the latest amendment to its S-1 filing. The world’s largest asset manager had noted that the said sum was proceeds from the sale of its “Seed Creation Baskets.” The firm initially seeded its ETF back in October, with the fund’s Seed Capital Investor purchasing $100,000 in shares. 

Bloomberg analyst James Seyffart had previously warned that Blackrock’s plans to seed their ETF with this amount doesn’t mean they are launching just yet. However, he remarked that there was a possibility that the asset manager was doing so in anticipation of an imminent launch.

Meanwhile, it is also worth mentioning that BlackRock’s initial seed fund could eventually be outranked. Fellow issuer Bitwise revealed in their latest amendment to their Spot Bitcoin ETF that they could potentially seed their fund with up to $200 million if they eventually get approval from the SEC. 

The SEC Is Backed Into A Corner

Bloomberg analyst James Seyffart recently shared his thoughts on whether or not an approval order was going to come from the SEC soon enough. According to Cointelegraph, Seyffart stated that there was no way the Commission could get issuers to withdraw their application as they are already backed into a corner. 

The analyst made this comment following his assertion that the regulator has run out of reasons to deny these Spot Bitcoin ETFs. He alluded to the Grayscale case, where the court ruled that the SEC’s reasons for denying the asset manager’s application were insufficient. With this in mind, Seyffart said that the SEC is likely to approve these funds soon enough. 

These approvals could come as soon as next week, going by the analyst’s projection. Seyffart stated that he expects an official approval order to come between January 8 and 10. This is despite the recent rumors that the SEC could approve these funds before this week runs out. 

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Blockchain

XRP Whale Makes Massive Transfer Amidst Price Volatility

In light of recent developments in the crypto market, XRP has once again garnered the attention of investors and the community as the crypto asset has witnessed yet another massive whale activity.

XRP Whales Moves Over 50 Million Token To CEXs

A recent report revealed that an XRP whale recently moved over 50 million tokens to cryptocurrency exchanges. On-chain data shows that the whale has been making this kind of transaction over the past few weeks.

Interestingly, these whale transactions have created a whirlwind of speculation among worldwide crypto market enthusiasts after they surfaced during the token’s price decline.  According to data from the on-chain tracker Whale Alert, the whale transferred 50.7 million tokens to centralized exchanges (CEX).

Whale Alert has revealed that the aforementioned funds were transferred to CEXs in two separate transactions. The whale transactions occurred amidst the token’s downward movement raising speculation on its effect on XRP’s price.

The on-chain tracker reported that the first transaction saw a whopping 26 million XRP tokens valued at approximately $15.22 million. Data shows that the unknown address identified as r4wf7enWPx…5XgwHh4Rzn moved the tokens to the Mexican-based crypto exchange Bitso.

Meanwhile, the second transaction moved 24.7 million XRP tokens valued at about $14.68 as of the time the transfer was made. The same wallet address mentioned above had transferred the funds to another crypto exchange Bitstamp.

It is noteworthy that the aforestated wallet address has been orchestrating this kind of transaction to the CEXs for a while now. Last week, Whale Alert detected the wallet address transferring over 48 million XRP tokens to Bitstamp and Bitso.

In less than two weeks, the wallet address has moved over 138 million tokens to the cryptocurrency platforms. With the current price of the digital asset, this is valued at over $79 million.

The Crypto Asset Poised For A Significant Upswing

On Wednesday, the entire crypto market experienced a notable disruption which saw XRP falling close to its October lows of $0.50. Despite the significant price drop, cryptocurrency analyst Egrag Crypto has expressed bullish sentiments about the crypto asset.

Egrag has recently shared bold predictions for the asset on the X (formerly Twitter) platform. The crypto analyst pointed out that the token’s price is currently getting ready for an upswing.

He noted an August scenario where XRP reached the lower boundary of its channel during the 1 billion liquidation across crypto. “Now, after five months, it is going back to that zone with another aggressive 1 billion liquidation,” he stated.

He highlighted that the asset’s bulls have been steadfast in “defending this channel,” not allowing anything to stop them from “buying into the dip.” He asserted that the bulls have maintained the price above the “Val Hell Line,” preventing a “daily candle” close below it.

So far, Egrag has pointed out “a slight retest” around the $0.55 appears to be “pretty standard” market behavior.

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Blockchain

Analyst Predicts 76% Lido DAO Rally If This Ascending Triangle Break Happens

An analyst has explained that Lido DAO (LDO) could rally toward a new all-time high of $6 if a sustained breakout above this pattern occurs.

Lido DAO Has Been Forming An Ascending Triangle Recently

In a new post on X, analyst Ali discussed an Ascending Triangle that has been taking shape in Lido DAO’s weekly price chart. An “Ascending Triangle” is a pattern in technical analysis that, as its name suggests, has a triangular shape.

This pattern has two main lines: an upper level that’s horizontal (that is, parallel to the time-axis) and a lower level with some finite slope. The former connects highs in the price, while the latter is created by joining higher lows.

Like any other such pattern, the upper level is likely to resist the price, while the lower level can be a potential support point. As the lower line here slows upwards, this consolidation channel gets narrower as the price moves forward.

A break out of either of these levels can be significant, as it can suggest a continuation of the price trend in that direction. Naturally, a break above the triangle can be positive for the price, while an exit below indicates the breakdown of the bullish pattern.

There is also a similar, but opposite, pattern to the Ascending Triangle called the “Descending Triangle.” In the case of this pattern, the horizontal line is below, while the sloped line is above, and the triangle narrows towards the downside.

Now, here is the chart shared by Ali that reveals the Ascending Triangle potentially forming for Lido DAO in its 7-day price:

As displayed in the above graph, the LDO weekly price has appeared to have been moving inside an Ascending Triangle pattern for a while now. Recently, the price has surged and is now retesting the horizontal line of the pattern.

“Keep a close eye on the $3.30 level!” says the analyst. “A sustained weekly close above this mark could trigger a bullish breakout, potentially propelling LDO toward a new all-time high of $6.”

Such breakouts above the triangle can be comparable in size to the triangle’s height, which is why Ali has selected this possible target for the cryptocurrency. From the current asset price, such a rally to a new all-time high of $6 would mean an increase of more than 76%.

It remains to be seen how the Lido DAO price develops in the coming days and if the coin can finally escape out of this Ascending Triangle, potentially setting itself up for a major rally.

LDO Price

At the time of writing, LDO is trading around $3.4, up 18% in the last week.

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Blockchain

Falling Down: XRP Sheds 10% As Short-Term Recovery Prospects Remain Dim

Over the past day, cryptocurrency prices have plummeted, with XRP being among the worst hit—it has lost 10% of its value while the market as a whole is reeling from extreme volatility.

The price of XRP has dropped significantly and abruptly, causing a seismic shift that is similar of the one that occurred in August of last year.

The price chart below shows a significant decline, signifying the liquidation of derivatives valued at millions of dollars in a very short amount of time.

This unanticipated decline has had a significant impact, upsetting many traders and disrupting a wide range of trading portfolios.

The severity of this price decline have brought an unexpected degree of volatility to the market, which has caused traders and risk managers to reevaluate their trading tactics.

The current upward trend of XRP has come to a halt. With Ripple releasing one billion XRP from its escrow accounts this week, the bearish attitude surrounding XRP seems to be growing.

To give the market a regulated level of liquidity, this regular process, which occurs on the first of every month, entails three distinct transactions.

Notwithstanding XRP’s present consolidation near the $0.6 mark, its prior January performance may have encouraged investors.

With the exception of 2022, XRP has typically demonstrated a positive trend in this month during the past four years. XRP has increased by 30% on average in January.

XRP Price Analysis

The chart analysis reveals an interesting trend in the XRP market, which is characterized by a consolidation phase inside a contracting price range.

The traders’ interpretation of this consolidation pattern as an accumulation period led to elevated anticipation of a possible bullish rise. This story was upset, nevertheless, by the rapid crash in XRP that followed.

The chart’s long downward wick suggests a sharp sell-off that caused prices to drop sharply and quickly.

A market where sellers have applied considerable pressure, overwhelming buyers and initiating a series of liquidations when stop-loss orders are executed in large quantities, is usually indicated by such price behavior.

The ramifications of this sudden decline are significant. The reversal of the previously noted accumulation phase casts doubt on the previously validated bullish setups and adds a degree of uncertainty.

This event suggests that there has been a shift in market sentiment, with a notable decline in confidence over XRP’s potential for immediate growth.

It will now be up to traders and investors to come to terms with this new reality, and it can take some time for the market to stabilize and sentiment to return.

Short-Term Recovery Prospects Uncertain

The cloud overhanging XRP’s recovery prospects in the near term points to a cautious and possibly pessimistic mood.

Because of the invalidated bullish settings, investors need to reevaluate their expectations and may become more cautious as they wait for more definite signs and proof of rekindled trust in the asset.

All things considered, the analysis suggests that the unanticipated price dynamics seen in XRP have resulted in a period of adjustment and uncertainty.

What About Market Dominance?

Meanwhile, since November, XRP’s market dominance has decreased; at 2.07%, it is currently trading below that level.

The long/short ratio, which is at 0.9771, indicates that there has been a discernible battle between bullish and bearish traders recently, particularly around the $0.6 level.

Currently, over 50% of holdings anticipate a bearish move, while 49% anticipate a price increase for XRP.

Featured image from Pixabay

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Blockchain

These Events Will Create A Bitcoin Crash In March: Arthur Hayes

Arthur Hayes, the founder of BitMEX, in his latest essay, presents a foreboding prediction for the Bitcoin market in March, anticipating a severe correction of 30-40%. His detailed analysis, rooted in a deep understanding of market dynamics, outlines the complexities and driving factors behind this expected crash, respectively healthy but deep correction.

Hayes begins his discourse with a cautionary reminder of the nascent state of the crypto bull market, warning enthusiasts not to be overly carried away. “The crypto bull market is in its early stages, and we must not get carried away with our enthusiasm,” he says, highlighting the uncertain journey towards the inevitable collapse of the fiat financial system.

Why The Bitcoin Price Could Fall 40% In March

His prediction revolves around three key financial events and indicators converging in March. Hayes first points to the anticipated decline in the Reverse Repo Program (RRP) Balance to a critical level of $200 billion, a scenario he believes will trigger market anxiety about future sources of dollar liquidity. He describes this threshold as a moment of reckoning, “When this number gets close to zero… the market will wonder what is next,” underscoring the gravity of this anticipated development.

The second pivotal factor is the fate of the Bank Term Funding Program (BTFP), which is due to expire on March 12th. Hayes portrays this as a significant test for the financial system, speculating on the decision-making process of the US Treasury in the face of potential liquidity crises among banks. He articulates the market’s anticipatory stance, suggesting that “the market will start getting inquisitive many weeks before about whether or not the banks will continue receiving this lifeline.”

The final piece in Hayes’ forecast is the Federal Reserve’s meeting on March 20th, where a rate cut is expected. This decision, in Hayes’ view, is crucial for setting market expectations and influencing the dynamics surrounding dollar liquidity provision by the Fed and the US Treasury Department.

Hayes then delves deeper into his tactical trading strategy in response to these events, detailing his plans to short the crypto market using Bitcoin puts. He articulates his approach, saying, “I will look to buy a sizable put option position on Bitcoin around this time,” signaling his preparedness to leverage the anticipated market shift.

An important aspect of Hayes’ analysis is the potential impact of the US-listed spot Bitcoin Exchange Traded Funds (ETFs). He argues that the anticipation of substantial fiat capital inflows into these spot ETFs could initially propel Bitcoin’s price to soaring highs. However, he warns that this upsurge could be followed by a dramatic correction, exacerbated by a liquidity squeeze.

“Imagine if the anticipation of hundreds of billions of fiat flowing into these ETFs at a future date propels Bitcoin above $60,000,” he says, illustrating the potential for a steep decline. Hayes explains that a market already heightened by ETF speculation would be particularly vulnerable to a sharp correction, potentially worsening the downturn to 30-40% in the event of a liquidity crunch.

How Hayes Will Trade This Scenario

Hayes then shifts to discuss his tactical trading decisions in response to these indicators. He shares his plan to initially short the crypto market using Bitcoin puts, followed by a return to selling US Treasury bills and acquiring more Bitcoin and cryptocurrencies. In explaining his approach, Hayes states, “I will look to buy a sizable put option position on Bitcoin around this time,” indicating his readiness to capitalize on the predicted market downturn.

Furthermore, Hayes details his strategy for Bitcoin puts, explaining the rationale behind choosing puts expiring on June 28th and his approach to selecting the strike price. He emphasizes the importance of timing and market dynamics, noting, “I expect Bitcoin to experience a healthy […] correction from whatever level it has attained by early March.”

In his conclusion, Hayes contemplates various scenarios that could play out differently from his predictions. He considers the implications of a slower decline in the RRP, a potential extension of the BTFP by Yellen, or alternative outcomes of the Fed’s March meeting. He notes that each of these scenarios could lead to different market behaviors, necessitating adjustments in his trading approach.

At press time, BTC traded at $43,940.

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Blockchain

Celestia Adds 35% More To Its Value As TIA Guns For $20

One of the cryptocurrencies with the strongest performance over the last several months is TIA, the governance token of Celestia. A few points above its previous record high of $15.20, it surged to a new high of $16.15 today.

To the delight of traders and investors, the altcoin’s value has increased by over 35% during today’s rise, according to statistics from Coingecko. This strong performance puts TIA on track to hitting its $20 target. Since October of last year, when TIA was at its lowest, it has increased by more than 500% overall.

Following the mainnet’s activation and the airdrop of tokens to 580,000 users on October 31, 2023, TIA has experienced remarkable growth. The modular blockchain cryptocurrency has increased in value since its launch by over 460%, from its $2.10 start price to over $16 at present.

TIA’s Market Dynamics

To begin with, Celestia is a relatively new platform offering modular options for data availability. It seeks to scale a blockchain network as its user base increases by doing that. On its website, Celestia lists some of the companies that now use it, including Near Protocol, Arbitrum Orbit, Cartesi, and Cosmology.

Because of its substantial market capitalization, TIA has demonstrated great liquidity, which has improved trading conditions for investors. For over two weeks, the token’s price has likewise been fluctuating between $14 and $15.

One of two things will happen while TIA trades in this range: either a bounce that results in an exponential rally or a pullback that results in a sharp correction.

The main obstacle facing investors in Celestia is the significant dilution they might anticipate in the upcoming years. Coingecko data shows there are currently over 145 million units in circulation out of a potential supply of over 1 billion units.

According to data from MintScan, the altcoin had a poor start to on-chain activity, enabling just 510,000 transactions in the first two days.

But when traders’ interest increased, the price of TIA rose as well, and eventually, on-chain activity increased as well. Since its launch on October 31, 2023, the network has enabled over 6.6 million transactions, according to MintScan data.

Relative Strength Index (RSI) for TIA is currently at the halfway point, indicating that a bounce might occur. Additionally, the Awesome Oscillator (AO) declines in direction of the zero mean level.

2024 Uptick Despite Declines

Meanwhile, Santiment data shows that in just two weeks, Celestia’s activity increased by 85%. Based on data, these metrics have begun to increase in 2024, despite the recent decline in social traffic and development activity.

When more than 175 million tokens come online in October, the next Celestia token unlock will take place, according to TokenUnlocks. Since token unlocks add to the total quantity of tokens in circulation, they are viewed as extremely negative.

While Celestia’s impressive price hike and TIA’s ambitious target paint a rosy picture, it’s crucial to remember that the crypto market is notoriously volatile. Investors should remain cautious and conduct thorough research before diving headfirst into this dynamic space.

Nevertheless, Celestia’s underlying technology and the growing traction of its interoperability solutions undoubtedly warrant close attention. The next few months could be pivotal for modular blockchains, and Celestia is undoubtedly at the forefront of this movement.

Featured image from Pexels

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Blockchain

Dogecoin Price Prediction – DOGE Turns Attractive To Bears On Rallies

Dogecoin started a fresh decline from the $0.0950 resistance against the US Dollar. DOGE could extend its decline unless there is a close above $0.090.

DOGE struggled near $0.0950 and started a fresh decline against the US dollar.
The price is trading below the $0.090 level and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $0.0920 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price could start a recovery wave if it clears $0.090 and $0.0950.

Dogecoin Price Faces Key Hurdles

In the past few sessions, Dogecoin price struggled to gain pace above $0.0920. DOGE remained below the $0.095 resistance zone and started a fresh decline, like Bitcoin and Ethereum.

There was a sharp drop below the $0.0900 and $0.0865 support levels. It even tested the $0.0760 zone. A low was formed near $0.0760, and the price is now attempting a recovery wave. There was a move above the $0.080 resistance zone.

It cleared the 23.6% Fib retracement level of the downward move from the $0.0943 swing high to the $0.0760 low. DOGE is now trading below the $0.090 level and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.0920 on the 4-hour chart of the DOGE/USD pair.

On the upside, the price is facing resistance near the $0.0875 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.0943 swing high to the $0.0760 low. The next major resistance is near the $0.090 level.

Source: DOGEUSD on TradingView.com

A close above the $0.090 resistance might send the price toward the $0.092 resistance. The next major resistance is near $0.095. Any more gains might send the price toward the $0.105 level.

More Downsides in DOGE?

If DOGE’s price fails to gain pace above the $0.0875 level, it could start a fresh decline. Initial support on the downside is near the $0.080 level.

The next major support is near the $0.0760 level. If there is a downside break below the $0.0760 support, the price could decline further. In the stated case, the price might decline toward the $0.0710 level.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.

4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.080, $0.0760, and $0.0710.

Major Resistance Levels – $0.0875, $0.0920, and $0.0950.

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Blockchain

Ethereum Price Tops At 100 SMA, Why ETH Could Struggle In Near Term

Ethereum price failed to recover further above the $2,300 resistance. ETH is showing a few bearish signs and might revisit the $2,080 support.

Ethereum is struggling to clear the $2,280 and $2,300 resistance levels.
The price is trading below $2,300 and the 100-hourly Simple Moving Average.
There is a major bearish trend line forming with resistance near $2,280 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh decline if it stays below the $2,300 resistance zone.

Ethereum Price Faces Rejection

Ethereum price started a recovery wave above the $2,120 level, like Bitcoin. ETH was able to clear the $2,200 and $2,220 resistance levels. However, the bears were active near $2,300 and the 100-hourly Simple Moving Average.

The price failed to clear the 76.4% Fib retracement level of the downward move from the $2,430 swing high to the $1,860 low. It is now struggling to clear the $2,280 and $2,300 resistance levels. There is also a major bearish trend line forming with resistance near $2,280 on the hourly chart of ETH/USD.

Ethereum is now below $2,300 and the 100-hourly Simple Moving Average, but it is still above the 23.6% Fib retracement level of the upward move from the $1,860 swing low to the $2,289 high.

On the upside, the price is facing resistance near the $2,280 level and the trend line. The first major resistance is now near $2,300. A close above the $2,300 resistance could start a decent upward move. The next key resistance is near $2,400.

Source: ETHUSD on TradingView.com

If there is a clear move above $2,400, there could be a drift toward $2,500. The next resistance sits at $2,500, above which Ethereum might rally and test the $2,620 zone.

Fresh Decline in ETH?

If Ethereum fails to clear the $2,300 resistance, it could start a fresh decline. Initial support on the downside is near the $2,185 level.

The first key support could be the $2,075 zone or the 50% Fib retracement level of the upward move from the $1,860 swing low to the $2,289 high. A downside break and a close below $2,075 might start another steady decline. In the stated case, Ether could test the $2,000 support. Any more losses might send the price toward the $1,860 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,185

Major Resistance Level – $2,300

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Blockchain

Bitcoin Price Faces Rejection, Here’s Why Dips Could Be Attractive

Bitcoin price recovered further above $43,500 but struggled near $44,500. BTC is correcting gains and might test the $42,150 support zone.

Bitcoin recovered above the $43,500 resistance and remained in a positive zone.
The price is trading below $44,000 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance near $44,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could decline toward the $42,150 and $42,000 support levels.

Bitcoin Price Holds Support

Bitcoin price started a recovery wave above the $43,200 resistance zone. BTC even broke the $43,500 resistance zone to move further into a positive zone.

There was a decent upward move, but the bears were active near the $44,500 resistance zone. It faced rejection near the 76.4% Fib retracement level of the downward move from the $45,913 swing high to the $39,500 low. A high was formed near $44,784 and the price is now correcting gains.

There was a move below the $44,000 level. The price traded below the 23.6% Fib retracement level of the upward move from the $39,501 swing low to the $44,784 high. Bitcoin is now trading below $44,000 and the 100 hourly Simple moving average.

On the upside, immediate resistance is near the $44,000 level. The first major resistance is $44,400. There is also a key bearish trend line forming with resistance near $44,400 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

A close above the $44,400 level could send the price further higher. The next major resistance sits at $45,500. Any more gains above the $45,500 level could open the doors for a move toward the $46,000 level.

Fresh Decline In BTC?

If Bitcoin fails to rise above the $44,400 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,800 level.

The next major support is near $42,150 or the 50% Fib retracement level of the upward move from the $39,501 swing low to the $44,784 high. If there is a move below $41,150, the price could gain bearish momentum. In the stated case, the price could drop toward the $40,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $42,800, followed by $42,150.

Major Resistance Levels – $43,800, $44,000, and $44,400.

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Blockchain

Crypto Fraud Unveiled: $1.3B Loss As Chuck Norris-Endorsed CEO Turns Out To Be Illusion

In a recent investigation by The Guardian, alarming details have emerged regarding a crypto project, HyperVerse, that allegedly lost $1.3 billion of investors’ funds. 

The report reveals that the chief executive officer promoted by the project, supposedly backed by celebrity endorsements including Chuck Norris, appears to be absent.

Investigation Exposes HyperVerse Crypto Scam

HyperVerse, promoted by Australian entrepreneur Sam Lee and his business partner Ryan Xu, founders of the now-collapsed Australian Bitcoin (BTC) company Blockchain Global, has been scrutinized for its deceptive practices. The project attracted thousands of investors, who ultimately lost millions of dollars.

The investigation raises concerns about the legitimacy of HyperVerse’s CEO, as the qualifications and credentials attributed to the supposed chief executive, Steven Reece Lewis, have no basis. 

Promotional material released for HyperVerse claimed that Lewis graduated from the University of Leeds and held a master’s degree from the University of Cambridge. However, neither institution has any record of his existence.

Furthermore, there are no records of Lewis on the UK companies register, Companies House, or the US Securities and Exchange Commission (SEC). Interestingly, Adobe, a publicly listed company, also has no record of any acquisition involving a company owned by “Steven Reece Lewis.”

The report indicates that HyperVerse managed to secure celebrity endorsements, including video messages of support from Steve Wozniak, co-founder of Apple, and actor Chuck Norris. 

However, it is unclear how these messages were obtained, as all four celebrities mentioned in the report are available for hire through Cameo, where individuals can pay to have high-profile individuals read scripted messages.

Australian Authorities Under Fire

The investigation also highlights regulatory concerns, as HyperVerse operated without significant scrutiny in Australia despite being flagged by regulators overseas as a possible scam or suspected pyramid scheme. 

The Australian Securities and Investments Commission (ASIC) has been referred to the case but has not yet taken action.

Investors in HyperVerse were lured with promises of substantial returns and the opportunity to explore a new digital metaverse similar to Facebook. However, the scheme ultimately resulted in significant losses for investors, estimated at $1.3 billion in 2022, according to blockchain analysts Chainalysis.

The Guardian’s findings shed light on the deceptive practices employed by HyperVerse and raise questions about the responsibilities of regulators in overseeing such projects. 

As the aftermath of this cryptocurrency scandal unfolds, investors and authorities alike are left grappling with the consequences of a scheme that capitalized on false claims and celebrity endorsements to defraud unsuspecting individuals.

Featured image from Shutterstock, chart from TradingView.com 

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