Veteran trader Peter Brandt has emphasized Bitcoin’s ascent, although it has not yet exceeded its 2021 heights against gold, despite a notable rise in March 2024 to $73,750. This spike, fueled by the anticipation of Bitcoin halving events and the launch of Bitcoin ETFs, showcased Bitcoin’s robustness but still falls short of its past peaks on an inflation-adjusted basis. In 2021, Bitcoin’s rally soared to all-time highs, reaching over $64,000 in April and nearly $69,000 in November, marking significant outperformance against gold.

The BTC/gold chart, highlighted by Brandt, underscores Bitcoin’s growing traction in the financial landscape, outpacing the traditional safe-haven asset in recent months. This trend reflects a burgeoning investor confidence in Bitcoin as a long-term store of value, hinting at a shift in investment paradigms from traditional assets to digital ones.

Brandt stresses the importance of breaking past these 2021 records to confirm a sustained bull market. Despite the strides made, new highs are crucial for validating Bitcoin’s enduring bullish trend in the face of evolving market dynamics and financial innovations.

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U.S. Representative Tom Emmer (R-Minn.) expressed optimism for major crypto legislation, highlighting a narrow opportunity at the end of the congressional session. Emmer emphasized bipartisan support in Congress for crypto measures, but noted the U.S. Senate still has significant work to do. He indicated that the Financial Innovation and Technology for the 21st Century Act (FIT21) could be more likely to pass during the “lame-duck” session, a period known for fast-tracked legislative action.

Despite recent wins for the crypto industry, major legislation like FIT21 faces challenges in the Senate. Emmer, speaking at CoinDesk’s Consensus 2024 in Austin, Texas, stated that the Senate’s potential modifications to the bill would necessitate another round of approval in the House. This reflects the legislative complexity but also the growing bipartisan support, with 71 Democrats backing FIT21 despite opposition from President Biden and former Speaker Nancy Pelosi.

Emmer highlighted the diminishing influence of anti-crypto voices like Sen. Elizabeth Warren (D-Mass.) and SEC Chair Gary Gensler, suggesting their waning impact on the administration. He underscored the substantial “goodwill under the surface” for crypto issues, pointing to significant Democratic support for overturning SEC policies and advancing crypto-friendly legislation.

CoinDesk 

The crypto platform Gemini, managed by Cameron and Tyler Winklevoss, is about to breathe new life into the crypto-sphere with its decision to return $2.18 billion to customers of the defunct Earn program. The payout is adequate now, so nearly 97 percent of the digital assets due will be in customer accounts. The 18-month payout is a milestone taking place due to Genesis Bankruptcy reaching a settlement, which promises assets’ full recovery for customers.

The recovery has been triggered due to an announcement of Genesis making a $2 billion payment to resolve the issues created by its Chapter 11 filing. The Gemini Earn program, founded in 2026, was designed to return to its customers a high interest in crypto by making loans to institutional borrowers. The project hit an impasse in November 2029 when Genesis suspended its loan operations.

The repayment for customers accounts for a 232% recovery rate for Earn customers, which is a testimony to the strength and potential growth of the digital asset market. The original assets will be given back to the customers, plus any appreciation, thus reiterating Gemini’s support for its customers’ investments.

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