Fun

Crypto market stumbles amid arrest of Samourai Wallet founders

News Feed - 2024-04-25 12:04:04

Ciaran Lyons5 hours agoCrypto market stumbles amid arrest of Samourai Wallet foundersThe crypto market saw extra turbulence after Samourai Wallet’s CEO and chief technology officer faced legal action from the U.S. DOJ.9143 Total views25 Total sharesMarkets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC), Ether (ETH) and major altcoins briefly tumbled amid news of Samourai Wallet founders’ arrest by the United States Department of Justice (DOJ) on the backdrop of ongoing Middle East tensions and post-halving volatility. 


On April 24, Cointelegraph reported that cryptocurrency wallet Samourai Wallet CEO Keonne Rodriguez and chief technology officer William Hill will each face one count of conspiracy to commit money laundering and one count of conspiracy to operate an unlicensed money transmitting business.


Within an hour of the DOJ announcement, Bitcoin’s price dropped 3.6%. Its price dipped below key support levels to $63,710 before recovering slightly to $64,546, per CoinMarketCap data.Bitcoin’s price dropped by 3.6% following the DOJ announcement. Source: CoinMarketCap


Meanwhile, Ether dropped 2.51% within the same time frame but failed to bounce back, declining further to $3,158.


The largest altcoins also took a hit; meanwhile, PEPE (PEPE) saw a brief 6.4% drop, Shiba I (SHIB) experienced a 2.7% decline, and Dogecoin (DOGE) briefly dipped 3.2% following the announcement.


The sharp price drops in the top two cryptocurrencies by market capitalization triggered widespread liquidation of long positions.Market price drops across the board forced heavy long position liquidations. Source: CoinGlass


In the last 12 hours, Bitcoin saw $33.08 million worth of long positions liquidated; Ether had $29.88 million, and approximately $23 million in long positions were liquidated across the rest of the crypto market, per CoinGlass data.


The crypto market decline also comes in the backdrop of geopolitical tension further escalating in the Middle East.


On April 24, the Israeli military struck approximately 40 locations linked to Hezbollah in Southern Lebanon, according to local reports.


The crypto community was already largely anticipating some short-term volatility following the Bitcoin halving event, which happened just days earlier on April 20.


Pseudonymous crypto trader Rekt Capital told their 456,400 X followers on April 24 that they predict the next bull market peak not to occur until late 2025, approximately 546 days after the halving.


Related:Bitcoin analysts agree that BTC has ‘a lot further to run’


The fluctuations came despite overall positive investor sentiment in the crypto market.


According to the Fear & Greed Index, which measures crypto market sentiment, the “greed” score rose to 72 this week, a 15-point increase from last week.


The crypto community criticized the recent arrests, fearing it could be another attempt by the U.S. government to crack down harshly on crypto.


“These developers face up to 25 yrs in prison for writing code. The US is sending a message. No transaction will be private,” crypto analyst Ryan Adams stated in an April 24 post.


Meanwhile, Fred Krueger claimed on the same day in an X post that the arrest was “not a good look for Bitcoin in general.”


Crypto commentator Luke Mikic told his 26,800 X followers that this “attack by the US Government on Samourai wallet is bigger than most people think.”


Magazine:Get Bitcoin or die tryin’: Why hip hop stars love crypto


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.# Bitcoin# Law# Ethereum# Adoption# United States# Samourai# Department of JusticeAdd reaction

News Feed

US regulator fines crypto fund $150K for illicit Bitcoin loan
Alex O’Donnell3 hours agoUS regulator fines crypto fund $150K for illicit Bitcoin loanIt’s part of the fallout from the industry-wide liquidity crunch triggered by FTX in 2022.  630 Total views33 Total sharesListen
DueDEX is Paving the Way, Launching Fee-Free LINK/USDT Futures Trading
DueDEX is Paving the Way, Launching Fee-Free LINK/USDT Futures Trading1th October 2020, Belize City, Belize:With new exchanges cropping up, trading becoming ever-more popular, and t
Bitcoin $59K price may swing 'drastically’ amid election year parallels
Ciaran Lyons3 hours agoBitcoin $59K price may swing "drastically’ amid election year parallelsIf Bitcoin follows the same pattern as previous election years, August will be "nothing crazy," but a breakout may
Turner Wright2 hours agoJump Crypto filed docs confidentially in SEC v. Terraform Labs caseThe trading firm and its CEO, Kanav Kariya, allegedly manipulated the price of TerraUSD to gain roughly $1.3 billion in profits.4
Genesis Mining Is Converting Excess Bitcoin Datacenter Heat Into Greenhouse Power in Sweden
Genesis Mining Is Converting Excess Bitcoin Datacenter Heat Into Greenhouse Power in Sweden One of the largest bitcoin mining operations in the world, Genesis Mi
Bitcoin, Ethereum Technical Analysis: Bitcoin Hits $25,000, Following Moving Average ‘Death’ Cross
Bitcoin, Ethereum Technical Analysis: Bitcoin Hits $25,000, Following Moving Average "Death" Cross Bitcoin was hovering close to $25,000 on Feb. 20, as cryptocurrency markets trade
Crypto Stamp Crashes Swiss Post’s Online Store With Launch Day Demand
Crypto Stamp Crashes Swiss Post’s Online Store With Launch Day Demand Unexpectedly high demand for Switzerland’s first crypto stamp has created headaches for the national
Kate Winslet to Star in Cryptocurrency Movie About Onecoin Ponzi Scheme
Kate Winslet to Star in Cryptocurrency Movie About Onecoin Ponzi SchemeA movie is being made about Onecoin’s cryptocurrency Ponzi scheme starring Oscar winner Kate Winslet. Th
Bankrupt Crypto Lender Celsius Seeks to Reopen Withdrawals for Specific Customers
Bankrupt Crypto Lender Celsius Seeks to Reopen Withdrawals for Specific Customers Celsius Network Ltd., the crypto lender that filed for Chapter 11 bankruptcy protection on July 13
A Team of Experienced Crypto Enthusiasts Launch RIDGE Charity Token
A Team of Experienced Crypto Enthusiasts Launch RIDGE Charity Token press release PRESS RELEASE. Podgorica, Montenegro – A group of crypto enthusiasts has announced the relea
Marco Castrovilli4 hours agoWorldcoin controversy explained in latest Cointelegraph ReportIn the latest Cointelegraph Report, we analyzed the privacy and ethical concerns around Worldcoin, currently among the most contro
Report Says Western Union Could Lose $400M if El Salvador’s Chivo Bitcoin Wallet Gains Traction, Tim Berners-Lee Weighs In
Report Says Western Union Could Lose $400M if El Salvador"s Chivo Bitcoin Wallet Gains Traction, Tim Berners-Lee Weighs In The Republic of El Salvador has made many headlines this