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Crypto Market This Week: US Moves Forward With Pro-Crypto Moves, Major Coins Remain Volatile

The cryptocurrency market concludes another week with unprecedented developments that have sparked investor excitement. A strategic Bitcoin reserve was announced in the US, while a cryptocurrency reserve and summit were held. Simultaneously, despite the bullish developments, BTC and major league altcoins continued to encounter volatility in the market.

Below are some of the most talked-about market updates reported by CoinGape over the past week.

This week’s cryptocurrency market sees a Bitcoin stockpile and a cryptocurrency stockpile in the US.

US President Donald Trump announced a strategic Bitcoin reserve for the United States this week. This reserve is expected to comprise approximately 200,000 Bitcoins, which are currently held by the government through the cessation of funds involved in criminal and illicit activities.

Interestingly, Scott Bessent and Howard Lutnick have been appointed as officials who will focus on potential resources to help the reserve acquire more BTC in the future. Trump revealed that these BTC coins will also not be sold early, offering more value to the reserve.

Furthermore, the country expects to see a “crypto reserve” consisting of assets such as Ethereum (ETH), Solana (SOL), Cardano (ADA), and XRP in the future, according to Trump’s announcement. The main difference between the two sagas is that while the government is pushing to acquire more BTC, there will be no active efforts to increase the cryptocurrency stockpile. Taken together, these were the major developments in favor of cryptocurrencies in the US this week.

Crypto Summit: What’s New?

Simultaneously, the crypto market witnessed a cryptocurrency summit at the White House this week, hosted by President Donald Trump and crypto czar David Sacks.

Notably, Trump has shown strong efforts to end “Operation Chokepoint 2.0,” which has been putting regulatory pressure on banks, leading them to close accounts of crypto companies. Furthermore, the 47th US president has continued to reflect strong support for cryptocurrencies, suggesting that the government’s stance is likely to be more favorable to digital assets in the future.

Overall, the announcement of the Bitcoin reserve, the crypto summit, and the launch of an upcoming cryptocurrency arsenal have generated notable optimism in the market.

Bitcoin and altcoins remain volatile

However, despite the broader developments this week, BTC and major altcoins are facing turbulence in the crypto market.

The price of BTC closed the week close to $86,000 after going through a rollercoaster ride over the past seven days. The price of ETH lost almost 2% to close the week close to $2,200. XRP price also faced turbulence and traded at $2.32 at the close of the week, up just 3% in 7 days. Lastly, SOL price lost 3.5% on a weekly basis and remained at $138, in line with the overall market trend.

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Tether Increases Bitcoin and Gold Holdings to $4.8 Billion and $5 Billion

Tether (USDT) circulation has increased to $120 billion, marking a 30% increase by 2024.

Tether’s Bitcoin and gold holdings have increased to $4.8 billion and $5 billion, respectively.

Tether’s net worth has doubled to $14.2 billion as it faces ongoing legal challenges.

Tether has announced a substantial increase in its Bitcoin and gold reserves, as detailed in its latest Consolidated Financial Figures and Reserves Report for Q3 2024.

Tether’s Bitcoin holdings have reached an impressive $4.8 billion, while its gold reserves are now $5 billion, reflecting the company’s strategy to bolster its asset base amid growing global demand for its stablecoin, USDT.

USDT Circulation Increases 30%

This quarter was particularly notable for Tether, as USDT circulation soared to a record $120 billion, representing a 30% increase in 2024.

This increase totals $27.8 billion so far this year and brings Tether’s market cap close to that of its competitor, Circle’s USDC, which currently stands at $35 billion, according to data from CoinGecko.

Tether’s growth is indicative of the growing reliance on stablecoins within the cryptocurrency ecosystem, driven by increased market adoption and confidence.

Tether Expands Holdings of US Treasuries

In addition, Tether has significantly expanded its holdings of US Treasuries, which now amount to $84.5 billion, making up the largest segment of its reserves. This strategic move has contributed to Tether’s strong financial health, with net assets doubling to $14.2 billion from $7 billion at the end of 2023.

In addition, through its subsidiary, Tether Investments Limited, the company manages an additional $7.7 billion in assets across sectors such as sustainable energy, Bitcoin mining, and data infrastructure. However, these assets are not included in the reserves backing Tether tokens.

Despite its growth, Tether is currently embroiled in three civil litigation cases related to its holdings and operations. Notably, these cases include a class action lawsuit related to the 2017-2018 Bitcoin price crash, a lawsuit stemming from the Celsius bankruptcy, and a dispute over USDT in a wallet not controlled by Tether.

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Bitcoin spot ETFs to receive green light in Hong Kong in April

According to a recent Reuters report, Hong Kong will become the first city in Asia to launch Bitcoin spot ETFs. Notably, initial approvals for these ETFs are expected to be announced next week, significantly exceeding industry expectations for these types of launches this year.

The revival proposed by Hong Kong

According to the report, the decision to introduce spot Bitcoin ETFs comes as Hong Kong seeks to revive its status as a preeminent financial center, in which pandemic-related restrictions have been somewhat eased, China’s economic slowdown and tensions between China and the United States.

By adopting cryptocurrency investment vehicles, Hong Kong aims to attract new global investments and take cryptocurrency adoption to new heights.

Adrian Wang, CEO of Metalpha, a Hong Kong-based crypto asset manager, emphasized the importance of introducing Bitcoin ETFs in Hong Kong, noting the potential for greater global investment and broader adoption of cryptocurrencies.

This move follows the success of the United States, which launched the first US-listed spot Bitcoin ETFs in January and attracted approximately $12 billion in net inflows, as Bitcoinist previously reported.

While the Hong Kong Securities and Futures Commission (SFC) and the three Chinese firms declined to comment, the Hong Kong units of China Asset Management and Harvest Fund Management recently obtained approval from the SFC to manage portfolios with investments greater than 10% in virtual markets. asset.

These parent companies are major mutual fund companies in China, each managing more than 1 billion yuan ($138 billion) in assets.

Bitcoin Futures Success Fuels Interest in Spot Bitcoin ETFs

Cryptocurrency trading is prohibited in mainland China. However, Chinese offshore financial institutions have shown great interest in participating in the development of crypto assets in Hong Kong.

The city had already approved ETFs for cryptocurrency futures in late 2022, with the CSOP Bitcoin Futures ETF being the largest. It has accumulated around $120 million in assets under management, up sevenfold since September 2023.

In addition to the aforementioned asset managers, Hong Kong-based Value Partners has expressed its exploration of launching a spot Bitcoin ETF, although it has not revealed whether an official application has been filed.

Additionally, at least four asset managers from mainland China and Hong Kong, including China Asset Management, Harvest Fund Management and Bosera Asset Management, have filed applications to launch Bitcoin spot ETFs.

As the regulatory landscape evolves, the introduction of spot Bitcoin ETFs in Hong Kong is expected to pave the way for greater investment opportunities and contribute to the growth and maturation of the global cryptocurrency market.

At the time of writing, the market-leading cryptocurrency has witnessed significant price volatility. It approached its all-time high on Monday and hit a high of $72,600. However, it encountered upper level resistance, falling towards the $67,600 range. This represents a 3.5% reduction in the last 24 hours alone.

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Bitcoin gives mixed signals: here are the key events to watch this week

Bitcoin (BTC) is back below $70,000 after momentarily surpassing that psychological price range on April 7. This price action suggests that the bears are still in control, which could remain the case throughout this week. As the tug-of-war continues, here are some key events to keep an eye on.

Is the pre-halving pullback over?

Crypto analyst Rekt Capital previously highlighted the phases of the Bitcoin halving, including the pre-halving pullback. He noted that the price of Bitcoin usually drops between 28 and 14 days before the Halving event. With around 12 days left until the halving event, the pre-halving pullback is believed to be over.

However, considering that the cycle has already proven to be unique, especially with BTC hitting a new all-time high (ATH) ahead of the Halving, investors will no doubt be wary of the leading cryptocurrency making one last price correction this fall week. . In one of his recent posts on X (formerly Twitter), Rekt Capital also admitted that it is still unclear whether the bottom has been reached or not.

Whale activity this week will also give an idea of the current sentiment in the market as the Halving event approaches. Significant purchases of the leading cryptocurrency suggest that Bitcoin investors believe the worst is over and are already positioning themselves for a potential parabolic rise in prices once the halving occurs.

If the whales indicate bullish sentiment, it also means that the market has likely moved into the next halving phase, which, according to Rekt Capital, is the “reaccumulation” phase. On the other hand, a wave of BTC selling this week will strengthen the bearish narrative currently affecting BTC and suggest that the pre-halving recovery bottom has not yet arrived.

Bitcoin Spot ETF and the Derivatives Market

The net flows recorded by Bitcoin Spot ETFs this week will also be instrumental in determining the current market sentiment. They have experienced mixed inflows over the past two weeks, something that gave a more pessimistic than optimistic outlook considering the amount of net inflows they were recording so far.

However, things could improve again this week, as BlackRock expanded the list of authorized participants for its iShares Bitcoin Trust (IBIT) last week. These participants include notable names such as Goldman Sachs, Citadel and Citigroup. Therefore, a significant amount of new money could flow into the IBIT ETF this week.

Meanwhile, the crypto community will be keeping an eye on the derivatives market as, depending on market volatility, many positions could be eliminated this week. Crypto analyst Ali Martinez recently revealed that nearly $72 million could be liquidated if Bitcoin recovers to $70,875. If that happens, it could be the first step in helping the bulls regain control of the market.

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