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cointelegraph.com Mar 18, 2025 05:20

LIBRA memecoin orchestrators named as defendants in US class-action suit - The Libra token scandal is set to be reviewed by the Supreme Court of New York after a newly filed class-action lawsuit accused its creators of misleading investors and siphoning over $100 million from one-sided liquidity pools.Burwick Law filed the suit on behalf of its clients against Kelsier Ventures, KIP Protocol and Meteora on March 17 for launching the Libra (LIBRA) token in a “deceptive, manipulative and fundamentally unfair” manner. The token was then promoted by Argentine President Javier Milei on X as an economic initiative to stimulate private-sector funding in the country.The law firm slammed the two crypto infrastructure and launchpad firms behind LIBRA — KIP and Meteora — claiming that they used a “predatory” one-sided liquidity pool to artificially inflate the memecoin’s price, allowing insiders to profit while “everyday buyers bore the losses.”Within hours, the insiders “rapidly siphoned approximately $107 million from the liquidity pools,” causing a 94% crash in LIBRA’s market value, Burwick Law said in a March 17 filing shared on X.Source: Burwick LawPresident Milei was mentioned in the lawsuit but wasn’t named a defendant.Burwick accused the defendants of leveraging Milei’s influence to aggressively promote the token, deliberately creating a false sense of legitimacy and misleading investors about its economic potential.Approximately 85% of LIBRA’s tokens were withheld at launch and the “predatory infrastructure techniques” allegedly used by the defendants weren’t disclosed to investors, Burwick said.“These tactics, combined with omissions about the true liquidity structures, deprived investors of material information.”Burwick is seeking compensatory and punitive damages, the disgorgement of “unjustly obtained” profits and injunctive relief to prevent further fraudulent token offerings.Related: Law firm demands Pump.fun remove over 200 memecoins using its IPData from blockchain research firm Nansen found that of the 15,430 largest Libra wallets it examined, over 86% of those sold at a loss, combining for $251 million in losses.Only 2,101 profitable wallets were able to take home a combined $180 million in profit, Nansen noted in a Feb. 19 report.The venture capital firm behind the LIBRA token, Kelsier Ventures, and its CEO, Hayden Davis, were apparently two of the biggest winners from the token launch. They claim to have netted around $100 million.Davis, who is now facing a potential Interpol red notice following an Argentine lawyer’s request, said on Feb. 17 that he didn’t directly own the tokens and wouldn’t sell them.Meanwhile, Milei has distanced himself from the memecoin, arguing he didn’t “promote” the LIBRA token — as fraud lawsuits filed against him have alleged — and instead merely “spread the word” about it.Argentina’s opposition party called for Milei’s impeachment but has had limited success thus far.Magazine: Meet lawyer Max Burwick — ‘The ambulance chaser of crypto’

FOMO: 90%

cointelegraph.com Mar 18, 2025 18:26

Ethereum price in ‘cursed’ downtrend which could continue well into 2025 — Analyst - Ethereum’s native token, Ether (ETH), has ventured into oversold territory multiple times against Bitcoin (BTC) in recent months, but the altcoin has yet to show any signs of finding a price bottom. The trading situation is actually quite similar to a previous scenario, and ETH’s market structure suggests that it could repeat itself in Q2 to Q3 of this year.Ether’s repeat breakdowns point to more downsideThe relative strength index (RSI) on ETH’s 3-day timeframe remains below 30, a level that typically signals a potential bounce. However, historical patterns show that previous dips into oversold conditions have failed to mark a definitive bottom. Each instance has been followed by another leg lower, reflecting persistent bearish momentum.ETH/BTC three-day price chart. Source: TradingViewSince mid-2024, the ETH/BTC pair has undergone repeat breakdowns, with losses of around 13%, 21%, 25%, and 19.5% occurring in rapid succession. Moreover, the 50-day and 200-day EMAs are trending lower, confirming the lack of bullish strength.X-based market analyst @CarpeNoctom highlighted ETH’s negative price performance, noting that the ETH/BTC pair has failed to confirm a bullish divergence—when the price makes lower lows but the RSI makes higher lows—on its weekly chart.ETH/BTC weekly price chart. Source: TradingView/CryptoNoctomETH ETF outflows and onchain data hint at further weaknessThe “cursed” ETH/BTC downtrend stands out when compared to the broader crypto market. This includes persistent outflows witnessed across the US-based spot ETH ETFs, as well as negative onchain data.The net flows into the spot Ether ETFs have dropped 9.8% in March to $2.54 billion. In comparison, the spot Bitcoin ETF net flows are down 2.35% in the same period to $35.74 billion.Source: Ted PillowsMeanwhile, Ethereum’s gas fees—measured by daily median gas consumption on mainnet—were sitting around 1.12 GWEI as of March, down by nearly 50 times what they were just a year ago.Ethereum median gas fees vs. ETH price (in dollar terms). Source: Nansen“Despite the second rally of ETH price into 2024 year end, activity on mainnet as measured by gas consumption never fully recovered,” data analytics platform Nansen wrote in its latest report, adding: “This is downstream of a few things but much of the activity has shifted to Solana and L2s over 2024.”Nansen argued that they remain cautiously bearish on ETH due to its unfavorable risk/reward ratio compared to BTC and lower-valued altcoins with niche market focus.A lack of demand for ETH relative to Bitcoin is further visible in its future volume data. Notably, Bitcoin futures volume has rebounded 32% from its Feb. 23 lows, reaching $57 billion on March 18. In comparison, ETH’s trading activity remains mostly flat, according to onchain data platform Glassnode. Bitcoin, Ethereum, and Solana futures volume. Source: GlassnodeThe ETH/BTC pair could drop another 15%ETH/BTC pair is forming a bear pennant pattern on the daily chart, characterized by a period of consolidation within converging trendlines forming after a steep decline.Related: Standard Chartered drops 2025 ETH price estimate by 60% to $4KA bear pennant technically resolves when the price drops below the lower trendline and falls by as much as the previous downtrend’s height. Applying the same rule on ETH/BTC brings its downside target for April to 0.01968 BTC, down 15% from the current levels.ETH/BTC daily price chart. Source: TradingViewFurthermore, the 50-day and 200-day EMAs remain in a sharp downward trajectory, with the ETH/BTC pair trading far below these key levels, signaling a persistent bear market structure.Despite the looming downside risk, a bullish invalidation could occur if ETH/BTC breaks above the pennant’s upper resistance and flips the 50-day EMA into support.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

FOMO: 85%

cointelegraph.com Mar 19, 2025 06:05

Bakkt stock tumbles nearly 30% after losing Bank of America and Webull - Crypto firm Bakkt’s share price has closed March 18 trading down over 27% after it disclosed that two of it biggest clients, the Bank of America and Webull, won’t renew commercial agreements. In a March 17 regulatory filing, Bakkt said it had received notice of Bank of America not renewing its commercial agreement when the deal expires on April 22. It also disclosed that the brokerage platform Webull had also decided not to renew its agreement when it ends on June 14. Bank of America represented 17% of Bakkt’s loyalty services revenue in the nine months ending Sept. 30, 2024, according to the filing. Webull represented 74% of the company’s crypto services revenue across the same period. Stocks in Bakkt (BKKT) tumbled on March 18 after the filing, and its share price closed the day down 27.28% at $9.33. BKKT saw a further decline of 2.25% to $9.12 after the bell, according to Google Finance. Bank of America and Webull won’t renew agreements with Bakkt, which saw its stock sell-off. Source: Google FinanceOverall, the stock is down over 96% from its all-time high of $1063, which it hit on Oct. 29, 2021. Bakkt has also postponed its previously announced earnings conference twice, with the latest rescheduling slating the call for March 19. Bakkt was founded in 2018 by the Intercontinental Exchange, which holds a 55% stake and also owns the New York Stock Exchange (NYSE).Related: Bakkt declares $780M full-year revenue in 2023 earnings reportAt least one law firm, the Law Offices of Howard G. Smith, announced a possible class action against Bakkt, alleging federal securities violations. The potential lawsuit claims that the terminated agreements with Bank of America and Webull, combined with the rescheduled earnings call, caused Bakkt’s stock price to fall, “thereby injuring investors.” Bakkt, Bank of America and Webull didn’t immediately respond to requests for comment. In November last year, Bakkt’s share price jumped over 162% to $29.71 and continued to climb 16.4% to $34.59 after a report claimed Donald Trump’s media company was in advanced talks to acquire the firm. Before that, Bakkt’s parent company considered selling it or breaking the firm into smaller entities in June, according to a Bloomberg report. It also received a notification from the NYSE in March that it wasn’t in compliance with the stock exchange’s listing rules after its stock spent 30 days closing below $1 on average.Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why

FOMO: 85%

cryptopolitan.com Mar 25, 2025 08:00

Whales shorted Bitcoin (BTC) at $88,000, signaling another downturn - Bitcoin (BTC) was shorted by whales at $88,000, potentially triggering a downturn to the $86,000 level.

BTC

FOMO: 85%

cointelegraph.com Mar 25, 2025 20:30

Bitcoin sellers lurk in $88K to $90K zone — Is this week’s BTC rally losing steam? - Many Bitcoin (BTC) traders became bullish this week as prices rallied deep into the $88,000 level, but failure to overcome this level in the short term could be a take-profit signal. Alphractal, a crypto analytics platform, noted that Bitcoin whales have entered short positions at the $88,000 level. In a recent X post, the platform highlighted that the “Whale Position Sentiment” metric exhibited a sharp reversal in the chart, indicating that major players with a bearish bias have stepped. The metric defines the relationship between the aggregated open interest and trades larger than $1 million across multiple exchanges.Bitcoin: Whale position sentiment. Source: XAs illustrated in the chart, the two circled regions are synonymous with Bitcoin price falling to the $88,000 level. Alphractal said, “When the Whale Position Sentiment starts to decline, even if the price temporarily rises, it is a strong signal that whales are entering short positions, which may lead to a price drop.”Alphractal CEO Joao Wedson also confirmed that whales had closed their long positions and that prices have historically moved according to their directional bias. Bitcoin: Bull score signals. Source: CryptoQuantSimilarly, 8 out of 10 onchain signals on CryptoQuant have turned bearish. As highlighted above, with the exception of the stablecoin liquidity and technical signal indicators, all the other metrics flash red, underlining the likelihood of a possible pullback in Bitcoin price. Last week, Ki Young Ju, CEO of CryptoQuant, noted that the markets were entering a bear market and that investors should expect “6-12 months of bearish or sideways price action.”Related: Will Bitcoin price hit $130K in 90 days? Yes, says one analystBitcoin outflows reach $424M in 7 daysWhile onchain metrics turned red, some investors exhibited confidence in Bitcoin. Data from IntoTheBlock highlighted net BTC outflows of $220 million from exchanges over the past 24 hours. The sum reached $424 million between March 18 to March 24. This trend implies that certain holders are accumulating. Bitcoin net outflows by IntoTheBlock. Source: XOn the lower time frame (LTF) chart, Bitcoin formed an intraday high at $88,752 on March 24, but since then, BTC has yet to establish a new intraday high. Bitcoin 4-hour chart. Source: Cointelegraph/TradingViewWith Bitcoin moving within the trendlines of an ascending channel pattern, it’s expected that the price will face resistance from the upper range of the pattern and 50-day, 100-day, exponential moving averages on the daily chart. With whales possibly shorting between $88,000 and $90,000, Bitcoin needs to close above $90,000 for a continued rally to $100,000. Related: Bitcoin sets sights on spoofy $90K resistance in new BTC price boostThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

FOMO: 85%

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