Argentine lawmakers back Milei probe in Libra crypto scandal
Lawmakers in Argentina’s Chamber of Deputies backed an investigation into President Javier Milei’s alleged involvement in the Libra (LIBRA) cryptocurrency scandal.According to an April 8 report by local news outlet Buenos Aires Times, deputies in the lower house voted 128 to 93 in favor, with seven abstentions. The same proposal previously failed to move forward in the Senate.The news follows Milei promoting the LIBRA memecoin on social media. With the Argentine president leveraging his credibility as a government official and his 3.8 million followers, the token quickly reached $5, briefly touching a market cap of $4 billion.Milei has since faced accusations of wrongdoing, with critics claiming that LIBRA was a rug-pull scam and that he lured investors in. Lawyer Jonatan Baldiviezo, alongside Marcos Zelaya, engineer María Eva Koutsovitis and economist Claudio Lozano, a former head of Argentina’s central bank, filed a lawsuit against Milei, accusing him of fraud.Related: KIP Protocol reveals involvement in Javier Milei-endorsed Libra rug pullA presidential-scale disasterAccording to Baldiviezo, Milei’s promotion was instrumental in an “illicit association” with the promoters of the cryptocurrency. The non-governmental organization Observatorio del Derecho a la Ciudad shared the concerns and filed a case that accused the president of promoting a scheme that reportedly resulted in over 40,000 investors losing more than $4 billion. February onchain data showed that the hardest hit investors of the LIBRA memecoin pump and dump scheme lost a combined $251 million. Blockchain data shows that of the 15,430 wallets that sold at a profit or loss of more than $1,000, over 86% of those sold at a loss, resulting in a total of $251 million lost.Despite numerous sources showing his social media posts, in mid-February, Milei denied claims that he promoted LIBRA. He said at the time:“I did not promote that. What I did, I spread the word.”Related: Javier Milei risks impeachment after endorsing $107M Libra rug pullA reported family businessOne of the creators behind the controversial Libra crypto token reportedly sent a text message bragging about being able to pay Argentine President Javier Milei’s sister in exchange for the president sharing the memecoin’s details on social media. According to February reports, Hayden Davis — a person connected to the project — sent a message to a crypto investment firm executive saying that he could pay Karina Milei for “control” over the Argentine president:“We can also have Milei tweet and meet in person and do promo. […] I send $$ to his sister and he does whatever I say and does what I want.”Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge
Bitcoin ETFs lose $326M amid ‘evolving’ dynamic with TradFi markets
The evolving relationship between Bitcoin and traditional financial markets is under renewed pressure as global investors flee risk assets amid intensifying US trade tensions.US-listed spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded their fourth consecutive day of outflows on April 8, with more than $326 million in net redemptions across products, according to data from Farside Investors.BlackRock’s iShares Bitcoin Trust ETF (IBIT) saw the largest sell-off of over $252 million, its biggest daily outflow since Feb. 26.Bitcoin ETF flows, US dollars, millions. Source: Farside InvestorsThe selling pressure follows US President Donald Trump’s April 2 announcement of sweeping reciprocal import tariffs, which triggered a historic $5 trillion wipeout in the S&P 500 over two days.Related: Bitcoin may rival gold as inflation hedge over next decade — Adam BackThe delayed crypto market turbulence after the tariff-related sell-off in traditional markets highlights Bitcoin’s “evolving relationship with traditional markets,” according to Lennix Lai, global chief commercial officer at OKX exchange.Lai told Cointelegraph:“While falling 26% since January’s inauguration, Bitcoin’s relative resilience in the first two days following the tariff announcement — dropping 6% compared to Nasdaq’s 11% decline — suggests a nuanced dynamic emerging between crypto and conventional assets.”Bitcoin initially remained firmly above the $82,000 support level but plummeted below $75,000 on Sunday, April 6.BTC/USD, 1-year chart. Source: Cointelegraph Markets ProSome industry leaders attributed Sunday’s sell-off to Bitcoin’s 24/7 liquidity mechanics, which made BTC the only large liquid asset available for de-risking over the weekend.Related: Bitcoin price can hit $250K in 2025 if Fed shifts to QE: Arthur HayesBitcoin remains tied to global liquidity conditionsWhile there is an “encouraging sign” of a weakening correlation between Bitcoin and equities, Bitcoin’s price trajectory remains tied to global liquidity conditions, Lai said, adding:“Though I see early signs of divergence, I believe Bitcoin remains fundamentally tied to global liquidity conditions, warranting caution amid potential market stresses — whilst gold remains as a hedge against geopolitical instability.”“What’s most significant here isn’t just price action but Bitcoin’s growing conceptual influence — people increasingly view it as a valid strategic reserve asset for diversification in chaotic traditional markets,” Lai added.Other analysts also see the growing money supply as Bitcoin’s main catalyst.“Bitcoin trades solely based on the market expectation for the future supply of fiat,” according to Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom.Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29
BitMEX CEO explains how perpetual swaps test altcoin value
As the cryptocurrency market matures, advanced trading instruments like perpetual swap contracts are increasingly influencing the value of altcoins, according to BitMEX CEO Stephan Lutz.Perpetual swap contracts are a type of crypto trading contract that lets traders bet on the price of a coin without actually owning it. The derivatives product functions similarly to a futures contract. However, it never expires, which means that traders can hold the position as long as they want.Lutz told Cointelegraph that perpetual swap contacts are important to track because newly launched perpetual swaps allow traders to short the underlying altcoin for the first time. Lutz said this is where “true price discovery” begins:“Perpetual swaps play a key role in price discovery for newly launched altcoins and are a strong sign of market sentiment as they’re often the first derivatives product to be launched.”Lutz said perpetual swaps allow for long and short positions, which helps traders hedge or speculate. “Tracking these positions can reveal directional bias,” he added. This means that tracking perpetual swap movements can also give traders a closer look at how the market determines an altcoin’s value. Related: Cboe set to launch new FTSE Bitcoin futures product in AprilHow exchange listings affect perpetual swap contractsLutz said perpetual swaps often lead to spot price movements. Because of the high liquidity and leverage involved, a surge or a drop can pull spot prices along with it. This means that observing the intricacies of perpetual swap data can also benefit spot market traders.Similar to spot crypto markets, perpetual swap contracts are also impacted by exchange listings. However, centralized finance (CeFi) trading platforms vary on how listings impact perpetual swap contracts. In a report studying how exchange listings affect perpetual swap contracts, BitMEX explained how different exchanges vary in terms of their first-day listings of perpetual swaps. From the start of 2025 to March 18, BitMEX’s data showed that 70% of contracts listed on the crypto exchange OKX reached a new all-time high on their first day of being listed. On the other hand, Bybit and BitMEX showed similar values at around 41%. Meanwhile, Binance showed a perfect split of 50%, which means that some contracts reached their all-time highs on the first day while others didn’t. “For traders in particular, having a careful selection process of which exchange to leverage when trading perps can have a big impact on ROI and to avoid the commonly seen pump and dump scheme,” Lutz said. Perpetual swaps data on crypto exchanges. Source: BitMEXMagazine: New ‘MemeStrategy’ Bitcoin firm by 9GAG, jailed CEO’s $3.5M bonus: Asia Express
Builders beware! — The UK's 2026 crypto regime is coming
Opinion by: Katherine Kirkpatrick Bos, general counsel at StarkWareAs Washington takes a softer stance on crypto, regulators are counting down to even stricter regulations in the UK. The United Kingdom’s Financial Conduct Authority (FCA) is working on plans for a new “gateway” authorization regime by 2026, targeting a broader spectrum of crypto activities. It is easy to disregard this if you aren’t in the UK, but as frameworks are formed, regulators may look to other jurisdictions for lessons and inspiration. Crypto is global, and one of the challenges and opportunities is the need to pay careful attention to many jurisdictions at once.Bigger net than Anti-Money LaunderingFor some time, the FCA’s crypto focus was primarily on Anti-Money Laundering (AML) checks. Even that was no walk in the park — only around 14% of firms seeking mandatory registration have made the cut since 2020.The AML register was essentially a narrow lens; it was not a licensing or supervisory regime. Now, the FCA wants to go further. According to Matthew Long, the director of payments and digital assets at the FCA, by 2026, the regulator plans to regulate a broader range of crypto activities — possibly including stablecoin issuance, payment services, lending, exchanges, and more.Does that sound like a significant leap beyond AML? It is. Although AML or broader anti-fraud measures, as appropriate, are important things to consider for any centralized crypto company, a more sophisticated regulatory regime may offer opportunities or pitfalls depending on the sophistication of the company. And here’s the real kicker: The shape of these rules remains in flux, meaning that what’s “in scope” can still shift. What does this mean for builders? Anyone building layer 2 (L2) or other structures that could theoretically touch financial flows — like bridging or crosschain swaps — could find themselves in the crosshairs.Borderless implications”That’s the UK; I’m in the US (or Singapore, or Cayman, somewhere else).” Just as the FCA looks at international models to inform its path forward, these frameworks have a knack for going global. Consider how quickly ideas around data protection spread after the European Union’s General Data Protection Regulation (GDPR) proliferated. Crypto is similarly borderless.Recent: UK trade bodies ask government to make crypto a ‘strategic priority’If the UK crafts a robust enough regime, other jurisdictions could borrow from it. If a business serve users outside its home turf, its user base is global, so ignoring the UK’s rules won’t be justifiable. Take stablecoins: If the FCA mandates strict reserve disclosures or near-real-time audits, stablecoin issuers may need to apply those standards across the board. Uniformity is easier than fragmentation, and that’s how local UK rules become the de facto global baseline.No more snooze button for buildersDeveloper teams may see these headlines and assume: “Custodians, fiat on-ramps — that’s not me; I just deploy contracts.” Tempting but short-sighted. Many apps now host lending pools, stablecoin liquidity, and staking services. Those are precisely the kinds of activities regulators might categorize as “payment services” or “lending.” If a protocol is a key piece of that puzzle, it may be in line for questions from regulators. FCA may not knock on your door tomorrow, but builders should be consider:Control and custody: If an infra manages users’ funds — even briefly — that could be considered “custodial,” then that risk should be factored into the overall product design.Payment-like functionality: Depending on the overall architecture and centralization, a license may be required, if a DApp mimics or facilitates payments, stable transfers, or lending.Geographic scope: You may not have a UK entity but consider your user base. Does your front end target UK customers? If yes, you can’t just opt out of the rules. We cannot forget the FCA’s stringent marketing rules for crypto, introduced in 2023.The compliance silver lining We always talk about regulation like it’s a four-letter word, but building with regulation – either current or future – in mind, can give you a head start. Teams that develop features like appropriate and rigorous geofencing, Know Your Customer (KYC) plug-ins, or risk analytics stand to gain if key markets insist on specific layers of user protection. If you’re creating an app, L2, bridging service, or other protocol, offering optional compliance toggles can be a competitive advantage. Consider telling institutional partners you’ve already built the necessary guardrails. Yes, it’s extra effort, and you must balance community optics, mission, UX, and other primary product considerations. Still, it also means you won’t need to scramble to retrofit everything when the final rulebook lands.Frantic code rewrites are no fun. If you know the rules might change, it is better to build a flexible architecture now.Convergence or patchwork?Here’s the big question: Will we see global convergence or a messy patchwork of contradictory rules?The FCA has hinted at coordination with other bodies (like the International Organization of Securities Commissions, or IOSCO) and is watching the law that instituted uniform EU rules for crypto, Markets in Crypto-Assets Regulation (MiCA) across the EU. That suggests some appetite for alignment. A “worst-case scenario” is a total balkanization that forces developers to run region-specific versions of their apps or builders to leverage confusing and inefficient jurisdictional arbitrage. The implications will be felt throughout crypto, especially for smaller teams that can’t afford to code half a dozen separate compliance modules. We can’t say yet which outcome is more likely. Still, we can be sure larger economies (including the EU) will continue to progressively shape the crypto legal environment they deem fit for their purposes. And yes, they’ll undoubtedly swap notes on what seems to work (and what doesn’t).Don’t wait for 2026Whether or not this new impending gateway regime directly affects devs, it’s a wake-up call that purely permissionless, unregulated innovation might give way to a more structured future where oversight rules. If 14% AML approval rates were onerous, imagine how difficult it would get when regulators expand into stablecoins, payment services, crypto lending, and beyond.The upside is that crypto has grown enough to command the attention of the highest levels of TradFi. That growth is being used to fuel mainstream adoption, which is excellent for builders serious about the space and their goals. If you want to be a part of that future, don’t ignore the FCA’s plans and the broader regulatory development globally.Watch the consultations, read the draft proposals, and open lines of communication with qualified counsel. By the time 2026 arrives you’ll be a step ahead of the curve and not blindsided. The message is clear: Build preemptively, not retrospectively. Be proactive, not reactive.Opinion by: Katherine Kirkpatrick Bos, general counsel at StarkWare. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
EU markets regulator says crypto may cause ‘broader stability issues’ as market grows
The European Securities and Markets Authority (ESMA) has warned that crypto will increasingly threaten traditional financial markets’ stability as the industry grows and becomes more entwined with traditional finance players.“We cannot rule out that future sharp drops in crypto prices could have knock-on effects on our financial system,” ESMA’s executive director Natasha Cazenave said in an April 8 statement to the Economic and Monetary Affairs Committee.Cazenave noted, however, that crypto currently only accounts for 1% of global financial assets and is not yet significant enough to cause major “spillover effects” into traditional financial markets.She warned that interconnections between crypto and traditional markets are rapidly growing — particularly in the more crypto-friendly US — and called for closer monitoring.“Crypto-assets markets evolve quickly, in an often unpredictable manner, and we need to keep a close eye on these developments,” Cazenave said, adding:“Turmoil, even in small markets, can originate or catalyze broader stability issues in our financial system.”Cazenave’s concerns ranged from spot crypto exchange-traded funds and stablecoin use to hacks, scams and scandals — highlighting the recent $1.4 billion Bybit exploit and FTX’s collapse in November 2022.Today in the ECON Committee, the role of crypto assets in relation to financial market stability was discussed. The European Central Bank (ECB) and the European Securities and Markets Authority (ESMA) were present.I raised a critical question about the digital euro.… pic.twitter.com/KST7FRBhFF— Engin Eroglu (@EnginEroglu_FW) April 8, 2025The European Union has already implemented several measures to safeguard against crypto risks, most notably the Markets in Crypto-Assets (MiCA) regulation that was rolled out last year.While Cazenave said MiCA marked a “breakthrough” for crypto regulation, she added that there is “no such thing as a safe crypto-asset” and that more rules may need to be implemented to mitigate future risks.Related: EU could fine Elon Musk’s X $1B over illicit content, disinformationHer comments come as both crypto and the stock markets have experienced double-digit falls over the last few weeks as the Trump administration continues to follow through on its tariff plans.Europe lags US in crypto adoptionWhile crypto adoption has accelerated in the US, Cazenave noted that over 95% of European banks remain on the sidelines, with no involvement in crypto-related activities.However, retail participation is on the rise, with an estimated 10% to 20% of European investors having crypto exposure, which is in line with growing global interest, Cazenave said.Most reports measuring US crypto adoption suggest that the range of adoption is between 15% and 28% of the population.Magazine: Financial nihilism in crypto is over — It’s time to dream big again
Ethereum has outperformed Bitcoin just 15% of the time since its launch
Ethereum has only outperformed Bitcoin for 15% of all trading days since its launch almost a decade ago, according to analysts.Since Ether (ETH) began trading in mid-2015, it has underperformed against Bitcoin (BTC) 85% of the time, analyst James Check said in an April 8 X post.Data shared by Check shows that Ether significantly outperformed Bitcoin in its early years from mid-2015 to around mid-2017, and it had two short periods in late 2019 and early 2020 when the ETH to BTC ratio was in Ether’s favor.However, Bitcoin has outperformed Ether for the past five years.ETH/BTC profitable days. Source: James CheckThe ETH/BTC ratio, which shows the price of Ether in terms of Bitcoin, fell to a five-year low of 0.018 on April 9, according to TradingView. The last time the ratio fell below its current level was December 2019, when ETH crashed to $125 while Bitcoin was trading at around $7,000. Ether has wiped out seven years of gains, plummeting a further 10% over the past 24 hours to under $1,450, below its 2018 market cycle peak.ETH fell to $1,400 in early trading on April 9, according to CoinGecko. Comparatively, Bitcoin lost 6% on the day in a fall to $75,000, which is still 275% higher than its peak during the bull market seven years ago.Ethereum backers air concern of “stagnation”Ethereum advocates have aired concerns about the network’s growth as the token struggled to gain traction earlier this year when Bitcoin hit a new price peak.“I love Ethereum. However, it’s time to face reality: Ethereum has had [around] the same number of active addresses for the past 4 years.” Web3 researcher Stacy Muur posted to X on April 8. Related: Ethereum price falls to 2-year low, but pro traders still have hopeHowever, other researchers noted that most of the new addresses are on Ethereum layer-2 scaling networks, which have surged in terms of value locked onchain over the past couple of years, according to L2beat. While most long-term ETH investors are now holding at a loss, technical indicators such as fractal patterns seen in 2018 and 2022 suggest that the asset is approaching oversold levels and a bottom could be near the $1,000 level, according to Cointelegraph analysis. Magazine: 3 reasons Ethereum could turn a corner: Kain Warwick, X Hall of Flame
Ethereum whale sells ETH after 900 days, missing $27M possible peak profit
An Ether whale who had held 10,000 Ether for the last 900 days has sold their entire stash and missed out on a peak profit of $27.6 million when the cryptocurrency was worth over $4,000. The whale initially bought a total of 10,000 Ether (ETH) across two transactions in October and November 2022 for $13 million at the time for an average price of $1,295 per token, blockchain analytics service Lookonchain said in an April 8 X post.“He didn’t sell when Ether broke through $4,000. But today, he exited with a $2.75 million profit. The profit at the peak was $27.6 million,” Lookonchain said.Source: Lookonchain The whale sold when Ether was around $1,578, according to Lookonchain. Within the period that the whale wallet was holding its stack, Ether hit a high of $4,015 on Dec. 9, CoinGecko data shows. Ether is sitting at around $1,426, down 24% over the last seven days amid a broader market sell-off sparked by the Trump administration’s sweeping global tariffs.ETH hit its all-time high of $4,878 on Nov. 10, 2021, about a year before the whale’s first purchase.Trump’s World Liberty Financial sells part of ETH stash In a separate April 9 post to X, Lookonchain said the Donald Trump-backed crypto project, World Liberty Financial (WLF), might have also sold some of its Ether stash at a loss. “A wallet possibly linked to World Liberty sold 5,471 ETH ($8.01M) at $1,465,” Lookonchain wrote.Source: LookonchainBefore the supposed sale, Lookonchain said World Liberty Financial had a stash of 67,498 Ether, which it bought at an average price of $3,259.Related: Trump tariffs could lower Bitcoin miner prices outside US, says mining execTwo other whales have also made big moves amid a market bloodbath that has seen some traders buying the dip. On April 7, an unidentified crypto whale had to inject 10,000 Ether— worth more than $14.5 million, to save their position of 220,000 Ether worth more than $300 million from liquidation amid the market slump. Another whale wasn’t as lucky, losing 67,570 Ether on April 6, worth around $106 million, when their significant position on decentralized finance lending platform Sky was liquidated. Magazine: Bitcoin heading to $70K soon? Crypto baller funds SpaceX flight: Hodler’s Digest
Trump tariffs reignite idea that Bitcoin could outlast US dollar
The lingering fears triggered by US President Donald Trump’s sweeping global tariffs have analysts increasingly convinced that Bitcoin is now more likely than ever to challenge the US dollar in the years ahead.“Higher chance Bitcoin survives over the dollar in our lifetime after today,” Bitwise Invest head of alpha strategies Jeff Parks said in an April 9 X post.Investors will be left with no other option but Bitcoin, says crypto exec“First time the thought hit me and didn’t feel like theory but an actual truth to grapple with,” Parks added. Bitwise CEO Hunter Horsley shared a similar view, noting that with trust in the US dollar waning and other foreign currencies seen as “even weaker,” investors are left with fewer choices. He argued that gold, typically seen as a safe harbor amid uncertainty, also has drawbacks around shipping and storage and implied that Bitcoin may be the only option left. “You wind up buying Bitcoin,” Horsley said.Source: Michael SaylorThe US Dollar Index — which tracks its strength against a basket of major currencies — is trading at 102.193, down 5.84% since Jan. 1, according to TradingView. However, Wall Street analysts were mistaken in thinking that the tariffs would bolster the US dollar, according to a recent Wall Street Journal report.On April 2, Trump signed an executive order establishing a 10% baseline tariff on all imports from all countries, which took effect on April 5. Harsher reciprocal tariffs on trading partners with which the US has the largest trade deficits then kicked in on April 9.Uncertainty around the tariffs and fears of a broader recession have been major catalysts for a wide traditional and crypto market decline.Bitcoin (BTC) is trading at $76,301, down 18.37% since Jan. 1, according to CoinMarketCap data.Bitcoin author Saifedean Ammous said in an April 8 X post that America’s issue isn’t with one specific country’s deficit but with aggregate deficits worldwide due to having a “fiat money printer.”Related: Bitcoin weekly RSI hits bull market low as trader sees $70K BTC price bottom“An ever-increasing number of Americans can live off the money printer as long as the rest of the world is using the dollar,” Ammous said.He argued that the real solution is to stop printing “fake money” and move to a hard store of value, naming Bitcoin or gold as examples.“Another way to solve this problem would be for the world to move to a hard money standard and stop using America’s shitcoin, and give Trump the trade surpluses he thinks he wants.”Magazine: Bitcoin heading to $70K soon? Crypto baller funds SpaceX flight: Hodler’s Digest, March 30 – April 5This 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.