Hey there, PoI readers! 😍

Mochi here, ready to serve up a fresh batch of tantalizing tech and web3 news. From the Winklevoss twins' Bitcoin soccer club investment and Hong Kong's potential Bitcoin ETF approvals to Chinese fraud victims seeking U.K.'s help and a massive crypto market liquidation, we've got a lot to digest. So, grab your favorite beverage and let's dive into the exciting world of digital assets! ⚽🎉

INTEL BRIEF

🟧 Hong Kong's potential approval of the first spot Bitcoin ETFs next week, just before the Bitcoin halving, could significantly boost BTC's price.

🟧 The Winklevoss twins have invested $4.5 million worth of Bitcoin in Real Bedford Football Club, joining as co-owners to support the club's ambitions of reaching the English Premier League.

🟧 Victims of a $6.2-billion investment fraud scheme in China are seeking the U.K. government's assistance in recovering $4.3 billion worth of Bitcoin seized by U.K. authorities in 2021.

🟧 Bitcoin price dropped 5% in less than an hour, triggering over $400 million in liquidations across the crypto market, with Ether following suit as U.S. stock markets dipped amid inflation concerns.

Hong Kong's Bitcoin ETF Approvals Could Ignite Halving Rally

Get ready for the approval of the first spot Bitcoin ETFs in Hong Kong and the upcoming Bitcoin halving. The Securities Regulatory Commission of Hong Kong (SFC) is expected to give the green light to four spot Bitcoin ETFs by April 15, mere days before the halving event slashes Bitcoin's supply issuance rate.

This confluence of events has crypto enthusiasts buzzing about the potential impact on Bitcoin's price. Lark Davis, a prominent crypto entrepreneur and investor, tweeted: "China is about to start bidding the same week the Bitcoin halving is happening!" The approval of these ETFs could open the floodgates for both retail and institutional investors in Hong Kong to gain exposure to Bitcoin, driving up demand.

Herbert Sim, COO of crypto exchange Websea, believes the ETF approvals will be a major catalyst, stating: "The big banks of China will all have to start buying Bitcoin themselves too." Sim also noted that this institutional demand will compound the impact of the supply cut from the halving, leading to soaring prices.

Interestingly, data suggests that mega whales holding over 10,000 BTC are already accumulating in anticipation of the ETF approvals and halving. As Bitcoin Munger pointed out on Twitter, "The only cohort that is net-accumulating Bitcoin is the largest whales (>10k)."

The correlation between Bitcoin's price action and net Bitcoin ETF inflows has been striking, as illustrated by a chart shared by Thomas Fahrer, co-founder of Apollo. With Hong Kong poised to approve both Bitcoin and Ethereum spot ETFs, the stage seems set for an explosive post-halving rally. Will this be the catalyst that propels Bitcoin to new all-time highs? Only time will tell, but the excitement in the crypto community is palpable.

The potential approval of spot Bitcoin ETFs in Hong Kong next week, combined with the upcoming Bitcoin halving, has the crypto world buzzing about a possible major price rally. 

Mega whales are already accumulating BTC in anticipation, and the increased demand from ETFs could compound the impact of the supply cut from the halving.

Winklevoss Twins Score with Bitcoin Investment in Real Bedford FC

This news will get both the sports and crypto worlds excited, as the Winklevoss twins have become co-owners of Real Bedford Football Club (RBFC) after injecting a whopping $4.5 million worth of Bitcoin into the club. The investment, made through their firm Winklevoss Capital, is a major vote of confidence in Bitcoin podcaster Peter McCormack's vision to take RBFC all the way to the English Premier League.

The funds will be used to establish a Bitcoin treasury for the club, which McCormack believes will protect RBFC "against long-term fiat debasement." Additionally, the investment will support the development of a new training center and ongoing support for girls' and youth football in the Bedford community.

McCormack, who acquired RBFC in 2021, has big dreams for the club. Despite its humble hometown of Bedford, with a population of just under 200,000, McCormack sees RBFC competing alongside giants like Manchester United and Chelsea in the future. The club already embraces Bitcoin, accepting it for game day tickets, merchandise, sponsorships, and even beverages.

The Winklevoss twins share McCormack's ambitious vision. "We're not just investing in a football club, we're investing in a dream to bring Premier League football to Bedford," said Cameron Winklevoss. His brother Tyler added, "We share in Peter's deep conviction in Bitcoin and its ability to supercharge RBFC's quest to make it into the Premier League."

This investment comes on the heels of the Winklevoss twins' $4.9 million donation to the Fairshake super political action committee, which supports crypto-friendly candidates in the upcoming U.S. elections. It's clear that the Winklevoss brothers are putting their money where their mouth is when it comes to promoting Bitcoin and cryptocurrency adoption.

Will the combination of Bitcoin and the Winklevoss twins' backing be enough to propel RBFC to the top of English football? Only time will tell, but one thing's for sure: this partnership has the potential to be a game-changer both on and off the pitch.

The Winklevoss twins have invested $4.5 million in Bitcoin in Real Bedford Football Club, joining as co-owners to support the club's ambitions of reaching the Premier League.

The funds will establish a Bitcoin treasury, develop a new training center, and support girls' and youth football in Bedford.

Chinese Fraud Victims Seek U.K.'s Help in Recovering $4.3B in Seized Bitcoin

In a twist that could rival the plot of a Hollywood heist movie, victims of a massive investment fraud scheme in China are now petitioning their government to help them recover a staggering $4.3 billion worth of Bitcoin seized by U.K. authorities. The funds, which were part of a $6.2-billion scam conducted by Tianjin Lantian Gerui Electronic Technology between 2014 and 2017, were discovered when U.K. police raided a house rented by money launderers in 2021.

The group representing the victims has submitted a letter to China's Ministry of Foreign Affairs, urging them to negotiate with the U.K. government to recover the seized Bitcoin. With nearly 2,500 signatures collected, the victims are adamant in their plea, stating, "We do not want, and will never accept, a situation where Bitcoins are confiscated by the UK and not returned to us."

The seized Bitcoin, which amounted to 61,000 BTC at the time of the raid, was worth $1.7 billion then but has since appreciated to around $4.3 billion due to Bitcoin's price increase. The cryptocurrency was found in a property rented by Jian Wen, a former hospitality worker, and her boss, Zhimin Qian, the alleged mastermind behind the investment fraud scheme.

Wen's attempt to launder the funds by purchasing a $30-million mansion with Bitcoin raised suspicions when she could not explain the source of the funds. Initially claiming the Bitcoin had been mined, Wen later changed her story, calling it a "love present" from Qian, who had fled the United Kingdom. On March 20, Southwark Crown Court found Wen guilty of three counts of money laundering between October 2017 and January 2022, despite her denials.

The U.K. government has not yet revealed how it plans to handle the seized Bitcoin. The victims' group is calling for the Chinese government to cooperate with the U.K. and provide evidence proving their rightful ownership of the cryptocurrency. As the legal battle unfolds, the world watches to see if the defrauded investors will succeed in their quest to reclaim their lost funds.

Victims of a $6.2-billion investment fraud scheme in China are urging their government to help recover $4.3 billion in Bitcoin seized by U.K. authorities in 2021.

The group, representing nearly 2,500 victims, is seeking cooperation between the Chinese and U.K. governments to prove their rightful ownership of the seized cryptocurrency.

Bitcoin and Altcoins Plummet as $400M in Liquidations Rock Crypto Market

The crypto market took a sharp turn for the worse on April 12 as Bitcoin price suddenly dropped 5% in less than an hour, catching many traders off guard. The flash crash, which saw BTC fall from $68,341 to as low as $65,110 during late New York session trading hours, triggered a staggering $400 million in liquidations across the crypto market.

Ether, the second-largest cryptocurrency by market cap, wasn't spared from the carnage, plummeting 8% from an opening of $3,553 to trade at $3,226. Data from Coinglass reveals that the sudden downward move wiped out over $77.93 million in Bitcoin longs and more than $63.35 million in Ether longs, accounting for a significant portion of the total liquidations.

Binance and OKX traders bore the brunt of the losses, with combined liquidations on these exchanges reaching $171 million and $158 million, respectively. In the past 24 hours, total liquidations across the crypto market have surged to a jaw-dropping $860 million, affecting 270,993 traders.

The crypto market's sharp decline coincided with a dip in U.S. stock markets, which came on the heels of new data showing that inflation had accelerated for the third consecutive month. This hotter-than-expected CPI print further dampened hopes for Fed rate cuts this year, raising concerns that progress in taming elevated price levels may be stalling.

JPMorgan Chase CEO Jamie Dimon added to the gloomy sentiment, warning that "persistent" inflation, geopolitical tensions, and the Fed's Quantitative tightening efforts could weigh down an otherwise positive economic outlook. Dimon cautioned, "We have never truly experienced the full effect of quantitative tightening on this scale," suggesting that the market may face continued challenges in the near future.

As the crypto market grapples with the aftermath of this sudden downturn, traders and investors are left to reassess their positions and brace for potential further volatility in the days ahead.

A sudden 5% drop in Bitcoin price triggered over $400 million in liquidations across the crypto market, with Ether following suit. 

The sharp decline, which coincided with a dip in U.S. stock markets amid inflation concerns, has left traders and investors on edge as they brace for potential further volatility.

And there you have it, my brilliant PoI readers! I hope this edition left you feeling informed, entertained, and eager to see how these stories unfold. Remember to stay curious, stay informed, and keep spreading the crypto love. Until next time, this is Mochi, signing off with a virtual fist bump! 👊✨

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