Bitcoin panic selling costs new investors $100M in 6 weeks — Research
Bitcoin speculators suffered losses of over $100 million in just six weeks thanks to panic selling, new research calculated.Data from onchain analytics platform CryptoQuant revealed the extent of recent capitulation by short-term holders (STHs).Bitcoin speculators run to the exit “in the red”Bitcoin (BTC) entities hodling coins between one and three months bore the brunt of a brutal bull market drawdown, and many did not stay the course.CryptoQuant suggested that this section of the overall STH investor cohort, defined as those buying up to six months ago, is around $100 million out of pocket.“This represents a significant reduction in the value of Bitcoin held by this cohort, who are now underwater as many bought at higher prices and are exiting with losses,” contributor Onchained wrote in one of its “Quicktake” blog posts on March 13.Onchained referenced the market cap and realized cap of the relevant entities, corresponding to the current value of the BTC they own versus the price at which they last moved onchain.“The market capitalization (MC) of their holdings is now lower than the realized capitalization (RC), signaling that these holders are locking in realized losses,” the post said. “This behavior is contributing to increased selling pressure and could lead to further downward price action in the short term.”Bitcoin 1-3 month investor market cap, realized cap (screenshot). Source: CryptoQuantAn accompanying chart shows a dramatic negative weekly change in the realized cap on a scale not seen in many months.The cohort’s net unrealized profit/loss (NUPL) score is currently at -0.19, likewise suggesting more coins are being held “underwater” than at any time over the past year.Bitcoin 1-3 month investor NUPL. Source: CryptoQuantBTC price drawdown belies “broader bearish phase”February marks just the latest trial for recent Bitcoin buyers, with BTC/USD losing up to 30% versus its latest all-time highs seen in mid-January.Related: Bitcoin price drops 2% as falling inflation boosts US trade war fearsAs Cointelegraph reported, sudden corrections have tended to cost speculative investors heavily, with loss-making sales commonplace as fear and panic set in.Large-volume entities, meanwhile, are increasingly ignoring short-term BTC price fluctuations to add exposure at levels around $80,000.In its latest weekly report seen by Cointelegraph on March 12, CryptoQuant warned that the current correction may be more tenacious than it appears on the surface.“Historically, bull market corrections tend to be short-lived and followed by strong recoveries, but current on-chain indicators point to a potential structural shift that could preclude a broader bearish phase,” it summarized.Bitcoin price drawdowns by year. Source: CryptoQuantThis 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.
XRP price poised for 46% gains after Ripple secures first Dubai license
XRP’s price is eyeing a breakout from a classic chart pattern in the near future after Ripple acquired its first-ever license in the Middle East. XRP price chart hints at possible 46% gainsXRP (XRP) has been consolidating inside a descending triangle pattern since topping out at its seven-year high of $3.40 on Jan. 16. After finding support from the triangle’s horizontal line at $2.00, the XRP/USD pair has left behind a sequence of higher lows over the last four days to its upper trendline, as shown in the chart below.XRP/USD daily chart. Source: Cointelegraph/TradingViewXRP‘s price is now testing the triangle‘s upper trendline at $2.30, raising hopes of a daily candlestick close above this level.If this happens, XRP could rally toward the $3.00 psychological level, a critical supplier congestion zone that has recently rejected the price twice.A move past this level would push the price toward the next major resistance at $3.27 and later to the multi-year high at $3.40, amounting to a rise between 30% and 46%.Meanwhile, crypto analyst CrediBull Crypto says XRP’s drop to sub-$2.00 levels provided a perfect entry for buyers, targeting profits around $3.40.Manifest destiny. $XRP https://t.co/Pa2pKSbYHq pic.twitter.com/FyeWfMrw5z— CrediBULL Crypto (@CredibleCrypto) March 14, 2025Ripple secures Dubai licenseOn March 13, Ripple announced that it had secured approval from the Dubai Financial Services Authority, allowing it to offer regulated crypto payment services in the UAE.Ripple has secured regulatory approval from the Dubai Financial Services Authority (DFSA), making us the first blockchain payments provider licensed in the DIFC. https://t.co/6oHWtnjODrThis milestone unlocks fully regulated cross-border crypto payments in the UAE, bringing…— Ripple (@Ripple) March 13, 2025This approval, Ripple’s first in the Middle East, will allow the payments company to tap into the UAE’s $40 billion remittance and $400 billion international trade markets.Related: Price analysis 3/12: BTC, ETH, XRP, BNB, SOL, ADA, DOGE, PI, LEO, HBARFollowing the announcement, XRP’s price gained 6% from a low of $2.21 to a high of $2.34 on March 11, reflecting market optimism.“Ripple’s DFSA license in Dubai’s DIFC marks a game-changer, ” said commentator Vincent van Code in a March 13 post on X, adding that it positions the “company as a leader in regulated crypto payments across the UAE’s $40B cross-border market.”“This could unlock massive potential for XRP, driving adoption and growth as blockchain transforms global finance.”Ripple’s battle with SEC nears an endAnother potential catalyst for XRP price is the possible end of the SEC’s case against Ripple.Ripple’s prolonged legal battle with the US Securities and Exchange Commission (SEC) since 2020 over allegations of unregistered XRP sales may be nearing a resolution.A July 2023 judge’s ruling deeming XRP not a security for retail sales but fining Ripple $125 million for institutional violations, marked a turning point. Recent reports suggest both parties might drop their appeals, with Ripple negotiating better terms amid a perceived shift in SEC priorities under new leadership.“The SECGov vs. Ripple case is in the process of wrapping up and could be over soon,” said Fox Business’s Eleanor Terret, citing two unidentified sources.Terret explained the SEC may be reconsidering its aggressive crypto enforcement, potentially aligning with a more lenient regulatory stance.“The argument, I’m told, is that the new SEC leadership is wiping the enforcement slate clean for all previously targeted crypto firms because it believes regulatory clarity will resolve the underlying issue.”As Cointelegraph reported, several cases against crypto companies were dismissed in recent weeks, including Coinbase, Robinhood and Kraken, by the new SEC administration under acting Chair Mark Uyeda.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.
Calls for stricter rules on political memecoins after $4B Libra collapse
Industry voices warned that politically endorsed cryptocurrencies must adopt stronger investor protections and liquidity safeguards to prevent another major market collapse.Investor sentiment remains shaken after the Libra (LIBRA) token, which was endorsed by Argentine President Javier Milei, suffered a $4 billion market cap wipeout due to insider cash-outs.According to blockchain analytics firm DWF Labs, at least eight insider wallets withdrew $107 million in liquidity, triggering the massive collapse.Source: Kobeissi LetterTo avoid a similar meltdown, tokens with presidential endorsements will need more robust safety and economic mechanisms, such as liquidity locking or making the tokens in the liquidity pool non-sellable for a predetermined period, DWF Labs wrote in a report shared with Cointelegraph.The report stated that tokens from high-profile leaders would also need launch restrictions to limit participation from crypto-sniping bots and large holders or whales.“Limiting bot and whale activity is essential in limiting the impact of individuals acting on insider information to corner a large percentage of the token supply,” according to Andrei Grachev, managing partner at DWF Labs:“Projects must strive to deliver as fair a launch as possible so that all participants have an equal opportunity to secure an allocation and aren’t disadvantaged by a handful of well-funded or well-informed players claiming the lion’s share of the supply.”Source: DWF LabsThe Libra scandal resulted in 74,698 traders losing a cumulative $286 million worth of capital, according to DWF Labs’ report.The token’s quick meltdown further illustrated the need for liquidity locking, which “ensures that there is sufficient liquidity for users to buy and sell into without high slippage,” Grachev said, adding:“This is particularly valuable during the launch phase of a token when there is high volatility, ensuring there is sufficient liquidity to satisfy large trades without major price impact.”DWF Labs’ report comes a week after New York lawmakers introduced legislation aimed at protecting crypto investors from rug pulls and insider fraud, amid the latest wave of memecoin scams. Related: TRUMP, DOGE, BONK ETF approvals ‘more likely’ under new SEC leadershipMore transparency needed for token launchesThe Libra token’s meltdown illustrates the necessity for more transparent token launch mechanisms, explained DWF Labs’ Grachev, adding:“These include pre-launch wallet transparency and launchpads conducting and better due diligence on projects.”“There’s always a degree of risk when launching any token, something which can’t easily be fully mitigated,” he said.“Nevertheless, by carefully scrutinizing the projects they partner with and taking full advantage of the transparency that is one of blockchain’s core features, launchpads can empower users to make more informed decisions,” he added.Related: Memecoins: From social experiment to retail ‘value extraction’ toolsSome troubling developments have emerged since the meltdown of the memecoin endorsed by the Argentine president, including that Libra was an “open secret” in some memecoin circles, which were aware of the token’s launch up to two weeks ahead.Milei has requested the Anti-Corruption Office to investigate all government members, including the president, for potential misconduct, according to a Feb. 16 X statement issued by Argentina’s presidential office, Oficina del Presidente.Milei faces impeachment calls from his political opponents after endorsing the cryptocurrency that turned into a $100 million rug pull.Magazine: Caitlyn Jenner memecoin ‘mastermind’s’ celebrity price list leaked
Trump-backed World Liberty Financial nets $550M in token sales
World Liberty Financial, a decentralized finance (DeFi) project backed by the Trump family, has completed its second public token sale, raising $250 million from investors.WLFI launched on Sept. 16, 2024, with the goal of promoting DeFi and stablecoins pegged to the US dollar. The project is endorsed by President Donald Trump and his sons — Eric, Donald Jr. and Barron — who have positioned it as a step toward financial innovation and a shift away from traditional banking.The company has now raised about $550 million by selling 25% of the crypto asset’s total supply. Its first token sale, which opened on Oct. 15, 2024, netted the company about $300 million by selling 20 billion WLFI tokens for $0.015 each. On Jan. 20, the company announced another round of token sales “due to massive demand and overwhelming interest,” offering 5 billion tokens at $0.05 each — a 230% price increase from the first sale. The sale, completed on March 14, met its full target of $250 million.WLFI raised over $590 million since launchEven before the public token sales, the company had been attracting investment from crypto executives. On Nov. 25, 2024, Tron Founder Justin Sun announced a $30 million investment in WLFI. Etherscan data shows Sun received 2 billion WLFI tokens in return at $0.015 a piece. On Jan. 27, investment platform Web3Port announced a $10 million investment into the crypto project. The company said it plans additional purchases and is exploring a “long-term partnership” with the DeFi project. On Feb. 11, venture capital firm Oddiyana Ventures announced a strategic investment in World Liberty Financial. However, the company did not disclose how much it invested. Related: Democrat lawmaker urges Treasury to cease Trump’s Bitcoin reserve plansWLFI faces community concerns over legitimacy and business modelWhile the company has raised over half a billion dollars, some crypto community members voiced concerns about whether it offers innovation or is just another cash grab. In an X post, 6MV managing partner Mike Dudas said the project was a “pay-to-play” scheme, not a DeFi gateway that would introduce new users to crypto. Yearn.finance creator and Sonic Labs co-founder Andre Cronje also questioned the company’s high fees and reinvestment strategies. The executive said the company simply extracts value from crypto firms rather than providing utility. WLFI has not publicly addressed these criticisms.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Bitcoin logo shines over Austin, Texas, as Gemini sets new world record
Cryptocurrency exchange Gemini set a new Guinness world record by deploying 1,000 drones to form the Bitcoin logo in the sky, marking the largest-ever aerial display of a currency symbol.The event, held on March 13 in Austin, Texas, celebrated the US Strategic Bitcoin Reserve initiative.Source: GeminiGemini’s drone show featured depictions of a rocket launch and moon landing, among others. During the show, the Bitcoin (BTC) logo was followed by a text that read: “Go where dollars won’t.” The company said:“In celebration of the US Strategic Bitcoin Reserve, we’re hosting a Guinness World Record breaking drone show. The show explores the future of money and features the iconic Bitcoin “₿” as the largest currency symbol in the sky.”Following the drone show, Gemini received a certificate for “The largest ariel display of a currency symbol formed by multirotor/drones.”The Bitcoin logo origin storyIn over 16 years of Bitcoin’s existence, its logo has undergone several iterations driven by community feedback. The first Bitcoin logo, created by Satoshi Nakamoto, was a gold coin with a “BC” text embedded in the center, as shown below.The original Bitcoin logo. Source: bitcointalk.orgRelated: Crypto regulation shifts as Bitcoin eyes $105K amid liquidity boostHowever, Nakamoto introduced a new logo on Feb. 24, 2010, which replaced the “BC” text with “₿.”Satoshi Nakamoto incorporates design changes based on community feedback. Source: bitcointalk.orgThe logo was released as a copyright-free image and was widely accepted as the official symbol for Bitcoin. On Nov. 1, 2010, a new iteration of the Bitcoin logo was created by a Bitcoin community member bitboy (unrelated to YouTuber BitBoy Crypto), which received overwhelming support from the early Bitcoiners.bitboy’s design a.k.a. official Bitcoin logo. Source: bitcointalk.orgAs a result, bitboy’s logo was accepted as the official Bitcoin logo and continues to be used to date.The updated logo replaced the gold background with a bright orange color and featured Nakamoto’s “₿” logo tiled clockwise by 14%.Read Cointelegraph’s detailed BTC origin story to learn more about the evolution of the Bitcoin logo.Magazine: Vitalik on AI apocalypse, LA Times both-sides KKK, LLM grooming: AI Eye
Russia using Bitcoin, USDt for oil trades with China and India: Report
Russian companies have been using cryptocurrencies like Bitcoin and USDt to facilitate international trade with China and India, according to a Reuters report.Russian oil companies have been using crypto assets like Bitcoin (BTC) and Tether’s USDt (USDT) to accelerate international trades, Reuters reported on March 14, citing four sources with direct knowledge of the matter.One Russian oil trader reportedly conducts tens of millions of dollars worth of monthly transactions using digital assets, according to a source who spoke on condition of anonymity due to a non-disclosure agreement.While the Russian Finance Minister publicly declared that Russia is free to use assets like Bitcoin in foreign trade in late 2025, the use of crypto in oil transactions with China and India has not been previously reported.Russia’s oil trade in crypto: How does it work?According to Reuters, the process of Russia’s foreign oil trade in crypto involves middlemen who manage offshore accounts and facilitate transactions in the local currency of the buyer.One example includes a Chinese buyer of Russian oil that pays a trading company acting as a middleman in yuan into an offshore account.The middleman then converts payments into crypto assets and transfers it to another account, which then sends it to a third account in Russia and converts it to Russian rubles, sources said.Crypto will be used no matter of sanctionsAccording to one of Reuters sources, crypto will likely continue to be used in Russia’s foreign oil trading regardless of whether any sanctions are in place and even if the sanctions are lifted, and Russia is free to use the dollar again.“It is a convenient tool and helps run operations faster,” the report said, citing the source.The news comes amid the Bank of Russia officially proposing to legalize cryptocurrency investments for high-net-worth individuals, who have at least least $1.1 million in securities and deposits.This is a developing story, and further information will be added as it becomes available.Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express
US court gives Three Arrows nod to increase its FTX claim to $1.53B
A US bankruptcy court has authorized liquidators of defunct crypto hedge fund Three Arrows Capital (3AC) to increase their claim against collapsed crypto exchange FTX from $120 million to $1.53 billion.Chief Judge John Dorsey rejected FTX’s debtors’ argument that the amended proof of claim (POC) from 3AC liquidators was untimely and an unjust attempt to slow the bankruptcy proceedings.In a March 13 ruling in the US Bankruptcy Court for the District of Delaware, Dorsey opined that 3AC liquidators had provided sufficient notice of their claim and the possibility of amending it once they had analyzed all the available information. Any delay, he said, was caused by FTX’s failure to share relevant records promptly.Chief Judge John Dorsey has granted the motion by liquidators for defunct hedge fund Three Arrows Capital to increase their claim against FTX to $1.53 billion. Source:“The evidence suggests that the delay in filing the Amended Proof of Claim was, in large part, caused by the Debtors themselves,” Dorsey said.“The evidence also suggests that the Liquidators were diligent in attempting to obtain the information and that despite having the complete information in their possession, the Debtors repeatedly delayed giving it to them.”3AC liquidators initially filed a $120 million claim in FTX’s bankruptcy case in June 2023. They later expanded it in November 2024, alleging claims including breach of contract, unjust enrichment, and breach of fiduciary duty.The liquidators alleged FTX held $1.53 billion in the hedge fund assets that were liquidated to settle $1.33 billion in liabilities in 2022.They argued that the transactions were avoidable, caused harm to 3AC creditors and that FTX debtors had delayed providing the information that would have uncovered the liquidation.FTX debtors objected to the amended claim, saying that the original POC was insufficient to inform them about the nature and amount 3AC liquidators would be claiming and that it came too late and should be disallowed.Related: FTX filed for bankruptcy 2 years ago — What’s happening now?Before its collapse in June 2022, Three Arrows Capital was once one of the industry’s largest crypto hedge funds, with over $3 billion in assets.Its liquidators also pursued claims against collapsed crypto firm Terraform Labs through a $1.3 billion claim in Terra’s bankruptcy case.At the same time, FTX, which filed for bankruptcy in November 2022, has been undertaking its own recovery efforts to reclaim funds.In November last year, it filed a trio of lawsuits, one against SkyBridge Capital and its founder, Anthony Scaramucci, to recoup funds spent by former FTX CEO Sam “SBF” Bankman-Fried on sponsorship and investment deals. Another suit was filed against crypto exchange Binance and its former CEO, Changpeng Zhao, to recover $1.76 billion worth of cryptocurrency sent to the exchange as part of a July 2021 repurchase deal.Waves founder Aleksandr Ivanov is also in the crosshairs for $80 million worth of crypto sent to the Waves-based decentralized liquidity protocol by Alameda Research in 2022.Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why
Association seeks to overturn Arkansas law aimed at foreign crypto miners
The Arkansas Cryptomining Association is suing two Arkansas state officials, arguing that they enforced an unconstitutional and discriminatory state rule prohibiting foreign-born American citizens from engaging in crypto-mining activities, among other things.The complaint was made against Arkansas Attorney General Tim Griffin and the director of the Arkansas Oil and Gas Commission, Lawrence Bengal, on March 13 in the US District Court Eastern District of Arkansas. It follows a federal court ruling last November that temporarily barred Arkansas from preventing a naturalized US citizen of Chinese descent from operating a crypto mining business.The Arkansas state rules concerned are “Rule K” and “Act 174,” which prohibits foreign-party controlled businesses in the state.Director Connor L. Kempton of the Arkansas Cryptomining Association said the vagueness of Rule K and Act 174 gives the defendants arbitrary and discriminatory enforcement powers, enabling them to grant or deny permits at their own discretion.He said the application of Rule K and Act 174 is unconstitutional and can be discriminatory based on race, alienage and national origin, among other things.Excerpt from the ACA’s complaint filed against Bengal and Griffin. Source: Court document reviewed by CointelegraphKempton noted that these rules were enforced against crypto mining firm Jones Eagle LLC, which is run by Qimin “Jimmy” Chen, a naturalized US citizen of Chinese origin.Kempton specifically pointed to the Equal Protection Clause of the 14th Amendment of the US Constitution in arguing the illegality of Rule K and Act 174.Related: Russia bans crypto mining for 6 years in 10 regionsThe Equal Protection Clause similarly prohibits the US states from denying any person equal protection of the laws based on the person’s race, alienage or national origin. The crypto mining executive also argued that Rule K and Act 174 strip American citizens like Chen of due process rights under the 14th Amendment.Kempton also said the prohibitions and penalties imposed under Act 174 infringe on the federal government’s authority to investigate, review and take action on foreign investments.“Act 174 seeks to establish Arkansas’s own foreign policy, thereby intruding upon the federal government’s exclusive power to govern foreign affairs.”District Court Judge Kristine G. Baker said on Dec. 9 that the Arkansas state officials were barred from enforcing Act 174 against Jones Eagle until further notice.Magazine: Train AI agents to make better predictions… for token rewards