Google DETHRONED by Bitcoin?! Bitcoin Becomes 5th Largest Asset! | Bitcoin News by CoinCorner

Transcript

Bitcoin officially takes a spot as the fifth-largest asset in the world by market cap, blasting past Google. The SEC has ushered in a new pro-crypto chairman, signalling a shift away from the hostile approach under Gary Gensler's leadership. There's a new Bitcoin treasury company launching, which is looking to compete for shareholder value with the world's largest corporate holder. Strategy.

Welcome back to Bitcoin News, brought to you by CoinCorner. I'm your host, Alex Glasse. Now, let's get straight into this week's top stories.

Well, what a week for price action! From the lows we saw last week, Bitcoin's price has climbed by around 13% over the Easter weekend to a high of $94,000. The asset appears to have broken out of its downward trend it's been in after reaching all-time highs earlier this year. $94,000 appears to be a key resistance level at this point, and we'll have to wait and see if the price gets rejected back to the $80,000s or if it can break above to levels above $100,000.

Now, thanks to these recent gains, Bitcoin has officially become the fifth-largest asset on the planet by market cap. Throughout Trump's tariff turmoil, Bitcoin's resilience has enabled it to climb the ranks faster than usual, as the stock market has continued to sell off. With its market cap of $1.8 trillion, it now sits proudly above Google, with just three more Magnificent 7 companies still above it, including Nvidia, Microsoft, and Apple. This latest achievement backs up the idea that Bitcoin truly is decoupling from its long-standing correlation with US tech stocks. Through April, we've seen Bitcoin's price rally by 15%, despite the NASDAQ 100's returns of 4.5% in the same time period. It appears during these uncertain times, investors are moving capital to neutral assets like Bitcoin and gold, which cannot be tariffed.

Also this week, amid this strong price action, Bitcoin ETFs have recorded the largest inflows since January, with $936 million flowing into the products in just one day. This enormous amount of capital was followed up the next day with another $916 million also flowing in. This buying frenzy, as well as Bitcoin's price appreciation, has pushed the total net assets of these ETFs past the $100 billion mark for the first time in weeks, closing at $13 billion. The largest inflows came from ARK's 21 Shares with $267 million. Not far behind was Fidelity's FBTC, posting $253 million, and in third place, BlackRock's iBit reached $193 million.

Sticking with corporate adoption, the world's largest corporate Bitcoin holder, Strategy, has achieved a monumental share price increase of 2,466% since entering their Bitcoin Treasury era on the 10th of August, 2020. Thanks to Bitcoin's strong returns over that time, consistently outperforming gold and the S&P 500, Strategy has dwarfed everything else, including all Magnificent 7 companies. Nvidia just takes second place, edging out Bitcoin with 818% over that same time period, but Strategy's unbelievable share price increase demonstrates the sheer power of their innovative Bitcoin capital plan, masterminded by Michael Saylor.

Now, it's fair to say that Saylor's innovation has not gone unnoticed, as this week, a new publicly trading Bitcoin treasury company has been announced: 21 Capital, which will be led by Strike founder Jack Mallers, with the support of Tether, SoftBank, and Caner Fitzgerald. It is looking to take on Strategy to become a superior vehicle for investors seeking capital-efficient Bitcoin exposure. The company will launch with the treasury of 42,000 Bitcoin, which will be converted into equity at $10 per share. This enormous holding will instantly rank the company as the third-largest corporate holder, behind Strategy and Mara, but their intentions are to purchase more Bitcoin in the future to increase Bitcoin per share for investors. Mallers said, "Our mission is simple: to become the most successful company in Bitcoin, the most valuable financial opportunity of our time. We're not here to beat the market, we're here to build a new one."

Now, amid all of these positive developments surrounding the asset, it appears some parts of the world are still resistant to embrace Bitcoin, as Kuwait has banned Bitcoin mining over energy concerns and legal violations. According to Kuwait's ministry, Bitcoin mining violates Kuwait's penal code, communication and IT regulations, industrial laws, and municipal rules. As well as this, they believe it leads to excessive consumption of electrical energy, which increases the load on the public grid and may lead to power outages, posing a threat to public safety. This decision reinforces a wider ban issued in 2023 by Kuwait's Capital Markets Authority, which also prohibited other crypto-related activities.

Now, for our final story: Paul Atkins has officially been sworn in to replace Gary Gensler as chair of the US Securities and Exchange Commission (SEC). Atkins has previously served as an SEC commissioner, ran a Washington consulting firm, and has also taken on advisory roles with crypto firms. Due to this, there is a lot of hope that Atkins will build upon fellow commissioners Mark Aeda and Hester Pierce's path towards greater acceptance of digital assets. In just three months since Gensler's exit, they have already formed a crypto task force, begun shedding a long list of industry enforcement actions, gathered industry representatives at a series of crypto roundtables, and declared that various corners of crypto fall outside the securities jurisdiction. It's hard to know exactly how significant Atkins' appointment will be, but hopefully, it's a positive step in the right direction in establishing fair treatment towards Bitcoin from regulators.

Now, I'm afraid that is all we have for you today. So, if you got value from the video, please drop a like down below and make sure you subscribe so that you never miss an update of Bitcoin News.