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The cryptocurrency market reacts negatively to the news about the Samourai wallet
Find out why the cryptocurrency market is reacting negatively to Samourai Wallet news
Second cryptocurrency news From the cryptocurrency market, Bitcoin, Ether and other major altcoins suddenly collapsed when news emerged of the arrest of the founders of the Sahmourai wallet by the US DOJ. At the same time, tensions in the Middle East continued and a surge in price volatility followed the halving.
On April 24, 2023, Cointelegraph reported that Keone Rodriguez, the creator of the cryptocurrency wallet News on the Samourai walletand its CTO, William Hill, will both be charged with conspiracy to commit money laundering and another charge of conspiracy to operate an unlicensed money transmitting business.
In the next hour, Bitcoin’s price had fallen by 3.6%. Its price fell below the primary support zone of $63,710; however, it recovered slightly to $64,546 according to Coinbase data.
However, over this period, Ethereum alone fell by 2.51%, followed by further losses, falling to $3,158. Even major altcoins have lost value. Pepes quickly fell by 6.4%, Shiba fell by 2.7% and Doge temporarily fell by 3.2%. A sudden and significant movement in the prices of the first and second ranked cryptocurrencies by market value has resulted in several margin calls across the market.
According to data from CoinGlass, in the last day Bitcoin recorded long liquidations worth $33.08 million, Ethereum recorded long liquidations worth $29.88 million and practically $23 million in the cryptocurrency market.
THE cryptocurrency market The crisis clashes with the compromised peace in Syria, thus fomenting political tensions in the Middle East. On April 24, the Israeli army struck more than 40 Hezbollah-linked locations in southern Lebanon, according to local media reports.
Predictably, the cryptocurrency market The community is already in full anticipation, at least for the short-term market fluctuations following the Bitcoin Halving event, which occurred on April 20th.
Pseudo-anonymous cryptocurrency market trader Rekt Capital tweeted on April 24 with the caption: The net peak of the cryptocurrency bull market doesn’t occur until the end of 2025, which equates to approximately 546 days after the next halving.
Meanwhile, the sharp fall in Bitcoin’s price went against the overall positive sentiment among cryptocurrency traders.
The Fear and Greed Index, which measures sentiment, shows an increase in greed, now reaching 72. This is 15 points higher than last week. The cryptocurrency community has criticized the recent shutdown, seeing it as another attempt by the US government to crack down on cryptocurrencies.
“These programmers are threatened with up to 25 years in prison for writing code. The United States is sending the message that no one aiming to conduct a private transaction is safe,” cryptoanalyst Ryan Adams said in his April 24 post.
Conversely, that same day, Fred Krueger stated in one of his posts on X that the shutdown unfairly “damaged” Bitcoin’s image. Crypto writer Luke Mikic told his 26,800 X-loving followers that “this attack by the US government on the Samourai wallet is bigger than many think.”