amosdy (amosdy)

The SPAC will receive $3 billion in Bitcoin from Tether, Softbank (OTC:SFTBY), and Bitfinex. The venture also plans to raise $350 million in bonds and $200 million in equity to buy more Bitcoin, the FT report said.

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Standard Chartered sees bitcoin as a potential hedge against traditional finance instability.

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Additionally, the end of the prolonged legal tussle between the SEC and Ripple, which uses XRP for cross border transactions, likely aided the sentiment. XRP, with the market cap of $142.21 billion, is the world's fourth largest cryptocurrency.

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ETH/BTC Trader James Fickel Sees Profit After Months of Stagnation

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According to Bloomberg, the current geopolitical landscape is making Bitcoin and gold attractive investment options. Chartres suggests that the market is undergoing an extraordinary regime change.

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Joe Lubin, the CEO of Ethereum incubator ConsenSys, and Cameron Winklevoss, the co-founder of exchange Gemini, both said earlier in the week that the SEC informed their respective companies that it would shutter its investigations into those firms.

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It cannot simply send the funds to a major exchange like Binance or Coinbase, because such firms implement Know-Your-Customer (KYC) checks and work in conjunction with law enforcement agencies to freeze illegally-obtained funds as soon as they’re deposited on their platforms.

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