Bitcoin Magazine Pro Crypto, Anti Privacy: Will Trump Free Samourai? Last month, the Treasury lifted sanctions on Tornado Cash. In response, many rekindled their calls for the Trump administration to drop the charges against Keonne Rodriguez and William Lonergan Hill, the developers of Samourai Wallet who are currently being prosecuted in the Southern District of New York. What many appear to have missed is that the Treasury’s sanctions reversal for Tornado Cash also revealed the Treasury’s stance on privacy services. And it isn’t looking good. Tornado Cash’s removal from OFAC’s SDN list followed a lawsuit by Tornado Cash users in a Texas District Court case that has become known as Van Loon v. US Department of the Treasury, in which it was argued that the sanctioning of the software was unlawful and violated the right to free speech. The lawsuit went to appeal in the Fifth Circuit, where three judges ruled that sanctioning a software like Tornado Cash was indeed unlawful, as OFAC’s SDN list was reserved for businesses, foreign nationals, and property – of which Tornado Cash is neither. The Fifth Circuit, in turn, directed the Texas District Court to grant the plaintiff’s motion for partial summary judgement, which would constitute a binding court order that software like Tornado Cash cannot be sanctioned by the US Government under current sanction laws. Now the Treasury is fighting back, in attempts to avert the judgement that would strip the agency of its powers to sanction immutable privacy software, by arguing that a judgement is not needed because Tornado Cash has been removed from the OFAC list. But without the judgement, the agency could continue to sanction software that works like Tornado Cash, and even re-sanction Tornado Cash itself. The sanctions reversal on Tornado Cash has little to do with the prosecution of Samourai Wallet developers, as neither are charged with sanctions evasion. But the criminal prosecution of Tornado Cash developer Roman Storm is extremely important to their case, as it may set precedent for the prosecution of Rodriguez and Hill, who have been charged with conspiracy to operate an unlicensed money transmitter and conspiracy to commit money laundering. Both Tornado Cash and Samourai Wallet are purely non-custodial software projects, which have long been understood to be exempt from falling under anti-money laundering frameworks usually applied to banks. If Storm is found guilty in July, the Government would have a much easier time to successfully prosecute the two Bitcoin developers as well. While many were hopeful that the new administration would put an end to the former administration’s witch hunt on cryptocurrency developers, it seems that Trump’s Treasury is just as unfavorable to the development of privacy code. As CoinCenter pointed out at the end of last year, a pro-crypto administration does not necessarily equal a pro-privacy and pro-financial freedom administration. It seems that we are now witnessing what this means: while lawsuits are being dropped against “crypto casinos” like Coinbase and Uniswap, privacy software developers like Rodriguez and Hill continue to face the threat of decades in jail. The Treasury appears to reason these prosecutions with their hardline stance against terrorist financing and cyber crime. As the agency wrote in the announcement of Tornado Cash’s sanctions reversal: “Treasury remains committed to using our authorities to expose and disrupt the ability of malicious cyber actors to profit from their criminal activities through the exploitation of digital assets and the digital assets ecosystem.” In what appears to be a first, the Treasury also issued a warning for users of privacy services, stating that “U.S. persons should exercise caution before engaging in transactions that present such risks.” In an email addressing the reversal of sanctions against Tornado Cash, blockchain surveillance firm Chainalysis appears to echo the Treasury’s sentiment, writing that “organizations with exposure to [mixer] addresses should seek legal counsel on their responses and obligations to OFAC.” The messaging seems clear: while it is not officially illegal to use or deal with mixing services, the Treasury appears to attempt to keep all options open to pursue charges against persons involved with privacy services in the future. As I have argued in several Bitcoin Magazine print articles, this stance should not be a surprise, and is rather an immediate consequence of integrating digital assets into US regulatory frameworks. The more important Bitcoin becomes for the Government, the more important it will be to root out any conduct deemed illicit or criminal. Treasury Secretary Scott Bessent has now argued as much in Tornado Cash’s sanctions reversal, stating that “securing the digital asset industry from abuse by North Korea and other illicit actors is essential to establishing U.S. leadership and ensuring that the American people can benefit from financial innovation and inclusion.” While North Korea allegedly relies on cryptocurrency financing for its operations, the overall share of illicit funds within the cryptocurrency space is minimal, placed at a mere 0.14% of all on-chain transactions by Chainalysis itself. At the same time, the reasons for people to use privacy services are numerous. As every transaction is visible on-chain, privacy services help people keep their transaction histories and net worth private, which in turn protects their physical security. As Jameson Lopp regularly highlights in his physical Bitcoin attacks repository, having information about your Bitcoin public may result in violent home invasions, kidnappings, and in some cases, murder. The Government’s continued crackdown on privacy services does not seem proportionate to eliminating 0.14% illicit actors, but it seems that the Trump administration is in no hurry to do the right thing to protect Americans and #FreeSamourai. This is a guest post by L0la L33tz. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine. This post Pro Crypto, Anti Privacy: Will Trump Free Samourai? first appeared on Bitcoin Magazine and is written by L0La L33Tz .
Bitcoin is experiencing increased volatility, recovering from a low of $74,508, yet sustaining higher levels may prove difficult as selling pressure mounts. The cryptocurrency market is reacting sharply to macroeconomic
JPMorgan Chase CEO Jamie Dimon issued a stern warning about the potential consequences of U.S. President Donald Trump's latest tariff policies, warning caution should be exercised as they could raise inflation and increase the likelihood of a global economic slowdown. In his annual letter to shareholders, Dimon expressed concern about the short-term impact of the tariffs, saying they could dampen U.S. economic growth and spark fears of a recession. “The latest tariffs will likely increase inflation and make many think the possibility of a recession is greater,” the JPMorgan CEO wrote. “Whether the tariff menu will cause a recession is debatable, but it will slow growth.” While Dimon acknowledged that some of the motivations behind tariffs may be justified, he urged policymakers to consider their broader implications: “Whatever you think of the legitimate reasons for the newly announced tariffs or their good or bad long-term effects, they will likely have significant short-term effects. These price increases will not only affect imports but also domestic prices.” Related News: JUST IN: Coinbase Decides to Delist Two Cryptocurrencies Dimon reaffirmed his general support for Trump’s “America First” agenda, while noting that maintaining global alliances was important: “If the military and economic alliances of the Western world disintegrate, America itself will inevitably weaken over time. ‘America First’ cannot become ‘America Alone.’” *This is not investment advice. Continue Reading: Stern Warnings from Wall Street CEOs About the US Economy Keep Coming: Now JPMorgan CEO Warns
Changpeng Zhao, the co-founder of Binance, is set to play a pivotal role in shaping Pakistan’s digital asset landscape as the country seeks to attract foreign investment. This collaboration signifies
Changpeng Zhao will advise Pakistan on digital asset regulations, infrastructure, education, and adoption, Bloomberg Law reported Monday.
In a challenging landscape for cryptocurrency, Bloomberg’s Mike McGlone warns of a potential Bitcoin plunge to $10,000 amid global market turbulence. As markets experience unprecedented volatility, other analysts echo McGlone’s
Diving into the chaos of global markets, Bloomberg Senior Commodity Strategist Mike McGlone warns more turmoil could be on the way. In an exclusive interview with Cointelegraph, McGlone points to deepening market sell-offs, intensified by US President Donald Trump’s ongoing tariff wars, and forecasts a sharp correction in crypto assets. He predicts Bitcoin could tumble to $10,000, citing excessive speculation and overvaluation within the digital asset space. "Look at Dogecoin — it still has a $20 billion market cap. It should go to zero. The whole space needs purging, just like the dot-com bubble did." According to McGlone, Bitcoin’s current price could face significant downward pressure as part of the broader market resets. Despite the relatively supportive regulatory environment, he cautions that Bitcoin’s “digital gold” narrative is facing a stress test. “Anybody who bought ETFs is learning the hard way. They did not buy digital gold. They bought more of a value of leveraged beta. That's a fact.” McGlone also noted that sharp-eyed traders may still find pockets of opportunities. However, investors should be prepared for a more extended recovery process rather than a quick “V-shaped” rebound like the one seen after the COVID-19 market crash. The stock market, he argues, has grown disproportionately large relative to the US economy — and now, a reset appears inevitable. “Back then, the US stock market was around 1.5 to GDP. We popped up to 2.2 or so to GDP. Markets just got too high.” To gain deeper insights into his analysis and hear more of his predictions, make sure to watch Cointelegraph's full interview .
Bitcoin ( BTC ) made a sharp comeback and is trading near the $78,000 level. The largest cryptocurrency by market capitalization tumbled below the psychological support of $80,000 after the US stock futures market opened sharply lower on April 6. The selling continued on April 7, and Bitcoin hit a new year-to-date low of $74,508, but lower levels attracted solid buying by the bulls. The bearish macroeconomic picture sent the Fear & Greed Index of the US stock markets to just 4/100 . Usually, such periods of panic selling form a bottom as most weak hands and leveraged players capitulate. Once that happens, the recovery is likely to be sharp. Daily cryptocurrency market performance. Source: Coin360 However, it is a good strategy to remain cautious and not overleverage on trades in the short term as the volatility may remain high. Even Michael Saylor’s firm Strategy, the world’s largest publicly listed corporate holder of Bitcoin, stalled its Bitcoin purchases last week . Could Bitcoin sustain the recovery, or will higher levels attract sellers? How are the altcoins positioned? Let’s analyze the charts to find out. S&P 500 Index price analysis The S&P 500 Index (SPX) gapped down on April 7 for the third consecutive trading day, indicating panic among traders. SPX daily chart. Source: Cointelegraph/TradingView The index plunged below 4,950 but is finding support near the 61.8% Fibonacci retracement level of 4,884. Buyers pushed the price to 5,246, but the higher levels attracted selling, as seen from the long wick on the candlestick. If the price turns down and breaks below 4,835, the decline could extend to 4,700. The relative strength index (RSI) has dropped deep into the oversold zone, suggesting a relief rally in the near term. Buyers are expected to face significant resistance at 5,400 and then at the 20-day exponential moving average (5,558). US Dollar Index price analysis The US Dollar Index (DXY) broke below the 103.37 support on April 3 and reached near the vital support at 101. DXY daily chart. Source: Cointelegraph/TradingView The solid rebound off the 101 support shows that lower levels are attracting buyers. Sellers will try to halt the relief rally at the 20-day EMA (103.95). If the price turns down from the 20-day EMA, the bears will again try to pull the price down to 101. Alternatively, a break and close above the 20-day EMA brings the large 101 to 108 range into play. The index could then rally to the 50-day simple moving average (105.62), which may act as a barrier. Bitcoin price analysis Bitcoin fell below the $76,606 support on April 7, but the long tail on the candlestick shows buying near $73,777. BTC/USDT daily chart. Source: Cointelegraph/TradingView The positive divergence on the RSI suggests that the bearish momentum is weakening, but it is not a signal that should be acted upon without a bullish price confirmation. A break and close above the resistance line could suggest that the corrective phase may be over. The BTC/USDT pair could rise to $89,000 and later to $95,000. Instead, if the price turns down from the resistance line, it suggests that bears remain in command. Sellers will again try to sink the pair below $73,777. If they manage to do that, the pair could collapse to $67,000. Ether price analysis Ether ( ETH ) resumed its downtrend on April 6 after the price slipped below the $1,754 support. The failure to start a bounce off $1,550 shows a lack of demand from the bulls. ETH/USDT daily chart. Source: Cointelegraph/TradingView The selling has pulled the RSI into the oversold territory, suggesting a relief rally could be around the corner. If the price turns up from the current level, the ETH/USDT pair could rise to $1,754. If the price turns down from $1,754, it signals selling on rallies. That increases the likelihood of a drop to $1,350 and then to $1,150. Buyers will have to push and maintain the price above the 20-day EMA ($1,853) to suggest that the downtrend could be ending. XRP price analysis XRP ( XRP ) turned down from the 20-day EMA ($2.16) on April 6 and closed below the $2 support, completing a head-and-shoulders pattern. XRP/USDT daily chart. Source: Cointelegraph/TradingView The selling continued on April 7, pulling the price below the immediate support at $1.77. Buyers will try to start a recovery but are likely to face solid selling at $2. If the XRP/USDT pair turns down from $2, it will signal that the bears have flipped the level into resistance. That increases the possibility of a drop to $1.27. The first sign of strength will be a break and close above the $2.20 level. That suggests the markets have rejected the breakdown. BNB price analysis BNB ( BNB ) turned down sharply from the 20-day EMA ($597) on April 6 and plunged below the 61.8% Fibonacci retracement level of $559. BNB/USDT daily chart. Source: Cointelegraph/TradingView The BNB/USDT pair bounced off the $520 support, but the recovery is expected to face selling at the moving averages. If the price turns down from the current level or the 20-day EMA, it heightens the risk of a fall to $500 and next to $460. The bulls will have to push and maintain the price above the downtrend line to signal a comeback. The pair may rise to $644 and then to $686. That suggests the pair may remain inside the large $460 to $745 range for some more time. Solana price analysis Solana ( SOL ) collapsed below the $120 to $110 support zone on April 6, indicating the resumption of the downtrend. SOL/USDT daily chart. Source: Cointelegraph/TradingView The SOL/USDT pair rebounded off $95, but on the way up, the bears are expected to pose a strong challenge between the $110 and $120 zone. If the price turns down sharply from the overhead zone, the pair may fall to $80. Time is running out for the bulls. If they want to make a comeback, they will have to quickly push the price above the 20-day EMA ($124). The pair may then ascend to the 50-day SMA ($137). Related: Was Bitcoin price drop to $75K the bottom? — Data suggests BTC to stocks decoupling will continue Dogecoin price analysis The failure of the bulls to push Dogecoin ( DOGE ) above the 20-day EMA ($0.17) attracted another round of selling on April 6. DOGE/USDT daily chart. Source: Cointelegraph/TradingView The DOGE/USDT pair dipped below the critical $0.14 support, but the long tail on the candlestick shows solid buying at lower levels. Buyers are expected to defend the $0.14 level with all their might because if they fail to do that, the pair could descend to $0.10. The 20-day EMA is the crucial resistance to watch out for on the upside. A break and close above the 20-day EMA suggest that the bearish momentum is weakening. The pair may then climb to the 50-day SMA ($0.19). Cardano price analysis Cardano ( ADA ) turned down and broke below the $0.58 support on April 6, indicating that bears remain in control. ADA/USDT daily chart. Source: Cointelegraph/TradingView The ADA/USDT pair dropped near the critical support at $0.50, where the buyers stepped in. That started a recovery, which is expected to face selling at $0.58 and again at the 20-day EMA ($0.67). If the price turns down from the moving averages and breaks below $0.50, it signals the start of the next leg of the downward move toward $0.40. Buyers will have to drive and maintain the pair above the 50-day SMA ($0.73) to signal that the bears are losing their grip. UNUS SED LEO price analysis UNUS SED LEO ( LEO ) turned down from the 50-day SMA ($9.63) on April 4 and closed below the uptrend line of the ascending triangle pattern. LEO/USD daily chart. Source: Cointelegraph/TradingView That invalidated the bullish setup, which is a negative sign. The moving averages have started to turn down, and the RSI is near the oversold territory, signaling that the bears have the edge. There is minor support at $8.84, but if the level cracks, the LEO/USD pair could plummet to $8.30. Buyers have an uphill task ahead of them if they want to prevent the downside. They will have to push the price above $9.90 to seize control. 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.
The dominant cryptocurrency tumbled all the way to $74K before reclaiming $78K around midday Monday. BTC Price Seesaws as Macro Uncertainty Intensifies President Donald Trump’s aggressive tariff policies continued to wreak havoc on markets, sending bitcoin to its lowest levels since early November 2024, although altcoins tumbled lower, giving BTC an edge in market capitalization
In a fresh dump, Bitcoin lost 8% today as it closed last week’s trading below a key level. This triggered a major price breakdown and is now looking super bearish on the daily chart while losing momentum. The recent monthly buy near the $89k level generated some positive sentiment last week, but it later halted after failing to advance higher. This led to a fake out as millions of dollars of short positions were liquidated on futures, leading to a bull trap. The price later dropped throughout the week and closed highly bearish after losing $80k. Today marks its biggest loss ever since the rejection and is now looking strongly bearish as it dipped to $74.5k today, marking its lowest level in five months. A slight recovery from this level has brought trading back to $77.2k at the time of writing. It currently aims to retest the $80k level that cracked during yesterday’s dump. We can expect more sell-offs as soon as the price retests this key level. This may come into play during the New York session. The daily low is currently serving as support. If it holds, we can expect a brief break in the selling pressure. But from the look of things, Bitcoin will most likely test the $71k – $70k range before calming. Right now, the bulls are off the market. BTC’s Key Levels To Watch Source: Tradingview Bitcoin just rejected the daily $74,500 low and now sits above $76,606. Losing these levels could drive the price lower to $73,620 and mainly the $70,578 support in the next dip. Following a slight recovery from the daily low, it may retest the $81,135 resistance, along with the recently broken rising trendline. Resistance levels above this trendline are $85,800 and $88,765, where it initiated the current leg down. Key Resistance Levels: $81,135, $85,800, $88,765 Key Support Levels: $76,606, $73,620, $70,578 Spot Price: $77,232 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !