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North Korean-affiliated hacking collective the Lazarus Group has been moving crypto assets using mixers following a string of high-profile hacks.
On March 13, blockchain security firm CertiK alerted its X followers that it had detected a deposit of 400 ETH (ETH) worth around $750,000 to the Tornado Cash mixing service.
“The fund traces to the Lazarus group’s activity on the Bitcoin network,” it noted.
The North Korean hacking group was responsible for the massive Bybit exchange hack that resulted in the theft of $1.4 billion worth of crypto assets on Feb. 21.
It has also been linked to the $29 million Phemex exchange hack in January and has been laundering assets ever since.
Lazarus Group crypto asset movements. Source: Certik
Lazarus has also been linked to some of the most notorious crypto hacking incidents, including the $600 million Ronin network hack in 2022.
North Korean hackers stole over $1.3 billion worth of crypto assets in 47 incidents in 2024, more than doubling thefts in 2023, according to Chainalysis data.
New Lazarus malware detected
According to researchers at cybersecurity firm Socket, Lazarus Group has deployed six new malicious packages to infiltrate developer environments, steal credentials, extract cryptocurrency data and install backdoors.
It has targeted the Node Package Manager (NPM) ecosystem, which is a large collection of JavaScript packages and libraries.
Researchers discovered malware called “BeaverTail” embedded in packages that mimic legitimate libraries using typosquatting tactics or methods used to deceive developers.
“Across these packages, Lazarus uses names that closely mimic legitimate and widely trusted libraries,” they added.
Related: Inside the Lazarus Group money laundering strategy
The malware also targets cryptocurrency wallets, specifically Solana and Exodus wallets, the added.
Code snippet showing Solana wallet attacks. Source: Socket
The attack targets files in Google Chrome, Brave and Firefox browsers, as well as keychain data on macOS, specifically targeting developers who might unknowingly install the malicious packages.
The researchers noted that attributing this attack definitively to Lazarus remains challenging; however, “the tactics, techniques, and procedures observed in this npm attack closely align with Lazarus’s known operations.”
Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express
Argentine lawyer Gregorio Dalbon has reportedly asked for a global arrest warrant to be issued for Hayden Davis, the co-creator of the LIBRA token that caused a political scandal in the country.
Dalbon submitted a request to prosecutor Eduardo Taiano and judge María Servini, who are probing President Javier Milei’s involvement in the memecoin, seeking for an Interpol Red Notice to be issued for Davis, local outlets Página 12 and Perfil reported on March 11.
Dalbon said in the filing that there was a “procedural risk” if Davis remained free as he could have access to vast amounts of money that would allow him to either flee the US or go into hiding.
“His central role in the creation and promotion of the $LIBRA cryptocurrency, coupled with the international impact of the case, increases the likelihood that he will take steps to evade justice,” the document reportedly stated.
Dalbon, who represented former Argentine president Cristina Fernández de Kirchner in her corruption case, asked for Davis’ arrest and for “an Interpol red notice [to] be issued in order to locate and arrest him, with a view to his extradition.”
Interpol is the biggest international police organization and can issue Red Notices that request law enforcement agencies around the world to locate and provisionally arrest someone.
LIBRA is a token that Milei shared across his social media accounts just minutes after its creation on Feb. 14, which catapulted it to a peak value of over $4 billion. The token’s creators held most of the supply and quickly sold their holdings, which caused the token’s price to crash, with many claiming the token was a pump-and-dump scheme.
Hayden Davis (left) poses with Argentine President Javier Milei. Source: Javier Milei
Days later, various lawyers reportedly filed fraud charges against Milei in an Argentine criminal court for promoting the token, while other lawyers reported the president for financial crimes to local authorities and to the US Justice Department.
Related: Memecoins are likely dead for now, but they’ll be back: CoinGecko
Milei has claimed he didn’t “promote” the LIBRA token and insisted he just “spread the word” about it.
In a lengthy interview days after LIBRA’s collapse with YouTuber Stephen Findeisen, better known as “Coffeezilla,” Davis defended the token as a failure rather than a scam.
Davis and his firm, Kelsier Ventures, were the biggest winners from the LIBRA token launch. He claimed to Findeisen that he netted around $100 million but said he didn’t own the tokens and wouldn’t be selling them.
It was later reported that he sent a text message bragging about being able to pay Milei’s sister, Karina Milei, to have the president share the memecoin’s details on X. Davis later said he had no record of this on his phone and denied making payments to the Mileis.
Magazine: Influencers shilling memecoin scams face severe legal consequences
Update March 13, 9:22 am UTC: This article has been updated to add comments from a Ripple spokesperson.
Blockchain payment provider Ripple received full regulatory approval from the Dubai Financial Services Authority (DFSA) to offer cross-border crypto payment services in the United Arab Emirates (UAE).
The company announced on March 13 that it had secured its DFSA license, allowing it to operate in the Dubai International Financial Center (DIFC), a UAE free-economic zone with its own tax policies and regulatory framework.
The announcement came almost six months after the company announced its receipt of an in-principle approval of the DFSA license. On Oct. 1, 2024, Ripple revealed that it was working to become licensed by the DFSA as it aimed to roll out its digital asset infrastructure in the UAE.
Enabling blockchain-based global payments for UAE businesses
With this license, Ripple can now provide its global blockchain-based payment solutions to businesses across the UAE. The company said this allows it to cater to financial institutions looking for partners to help them use digital assets in real-world applications.
In a news release sent to Cointelegraph, Ripple CEO Brad Garlinghouse said the UAE is “well-placed” to benefit from tech and crypto innovation, thanks to its early leadership and supportive environment:
“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption.”
Ripple also reported that it had seen increased demand across the Middle East for cross-border payments. The company said the demand was not limited to crypto-native firms but also came from traditional financial institutions.
In a statement, a Ripple spokesperson told Cointelegraph that the company is also working to understand stablecoin requirements to comply with upcoming regulations in the UAE. The spokesperson said the firm monitors the Central Bank of the UAE’s (CBUAE) moves to regulate stablecoins.
“This is something we’re monitoring closely, and we are working with the CBUAE to understand the requirements and timelines for when this regulation comes into effect,” the spokesperson said.
They added that Ripple is making it a priority to ensure the worldwide availability of RLUSD. The stablecoin is available in the UAE through a crypto exchange called CoinMENA.
Related: UAE to introduce legal framework for DAOs
Ripple becomes the first crypto payment provider in the DIFC
With DFSA approval, Ripple has become the first blockchain-enabled payments provider to operate within DIFC’s free zone, according to DIFC CEO Arif Amiri.
”We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA license that makes them the first blockchain-enabled payments provider in DIFC,” he said.
The license allows Ripple to tap into opportunities in the UAE and the broader MENA region, he added.
Magazine: The Sandbox’s Sebastien Borget cringes at the word ‘influencer’: X Hall of Flame
Update March 13, 9:22 am UTC: This article has been updated to add comments from a Ripple spokesperson.
Blockchain payment provider Ripple received full regulatory approval from the Dubai Financial Services Authority (DFSA) to offer cross-border crypto payment services in the United Arab Emirates (UAE).
The company announced on March 13 that it had secured its DFSA license, allowing it to operate in the Dubai International Financial Center (DIFC), a UAE free-economic zone with its own tax policies and regulatory framework.
The announcement came almost six months after the company announced its receipt of an in-principle approval of the DFSA license. On Oct. 1, 2024, Ripple revealed that it was working to become licensed by the DFSA as it aimed to roll out its digital asset infrastructure in the UAE.
Enabling blockchain-based global payments for UAE businesses
With this license, Ripple can now provide its global blockchain-based payment solutions to businesses across the UAE. The company said this allows it to cater to financial institutions looking for partners to help them use digital assets in real-world applications.
In a news release sent to Cointelegraph, Ripple CEO Brad Garlinghouse said the UAE is “well-placed” to benefit from tech and crypto innovation, thanks to its early leadership and supportive environment:
“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption.”
Ripple also reported that it had seen increased demand across the Middle East for cross-border payments. The company said the demand was not limited to crypto-native firms but also came from traditional financial institutions.
In a statement, a Ripple spokesperson told Cointelegraph that the company is also working to understand stablecoin requirements to comply with upcoming regulations in the UAE. The spokesperson said the firm monitors the Central Bank of the UAE’s (CBUAE) moves to regulate stablecoins.
“This is something we’re monitoring closely, and we are working with the CBUAE to understand the requirements and timelines for when this regulation comes into effect,” the spokesperson said.
They added that Ripple is making it a priority to ensure the worldwide availability of RLUSD. The stablecoin is available in the UAE through a crypto exchange called CoinMENA.
Related: UAE to introduce legal framework for DAOs
Ripple becomes the first crypto payment provider in the DIFC
With DFSA approval, Ripple has become the first blockchain-enabled payments provider to operate within DIFC’s free zone, according to DIFC CEO Arif Amiri.
”We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA license that makes them the first blockchain-enabled payments provider in DIFC,” he said.
The license allows Ripple to tap into opportunities in the UAE and the broader MENA region, he added.
Magazine: The Sandbox’s Sebastien Borget cringes at the word ‘influencer’: X Hall of Flame
The governor of Nebraska, Jim Pillen, has signed legislation to protect against cryptocurrency fraud as crypto ATM crime skyrockets in the United States.
“Cryptocurrency is an important, emerging industry, and we’ve been working hard to build Nebraska into a cryptocurrency leader,” said Governor Pillen on March 12 following the signing of the bill.
“An important part of these efforts is to make sure that we have guardrails to prevent criminals from taking advantage of Nebraskans,” he added.
The bipartisan legislation establishes the “Controllable Electronic Record Fraud Prevention Act,” which is designed to help combat fraud and protect users of crypto kiosks and ATMs.
Source: Jim Pillen
According to the Federal Trade Commission, victims have lost over $65 million to crypto ATM fraud in the first half of 2024. “Fraud losses at BTMs (Bitcoin ATMs) are skyrocketing, increasing nearly tenfold from 2020 to 2023,” the commission reported in September.
The bill, LB 609, was introduced on Jan. 22 by Senator Eliot Bostar. It stipulates that crypto ATM and kiosk operators must be licensed under Nebraska’s Money Transmitters Act and registered and approved by the Department of Banking and Finance. Operators must provide quarterly reports on kiosk locations, names and transaction data.
It also implements transaction limits of $2,000 per day for new users and $5,000 per day for existing customers, and fees cannot exceed 18% of the transaction value.
New customers who report fraud within 90 days can receive a full refund, including fees, while existing customers can be refunded for the fees associated with fraudulent transactions.
Kiosk operators must also display fraud warnings and appoint a compliance officer to enforce fraud prevention measures, it states.
The US crypto ATM network shrunk by more than 1,200 machines earlier this month after Illinois Senator Dick Durbin introduced similar legislation.
Related: Nebraska bill seeks fair play for crypto mining, ownership
“Nebraska is open for business in the cryptocurrency space,” commented state Department of Banking director Kelly Lammers, who added, “those that target our citizens … using crypto ATMs as part of their transfer method, we will soon have a team that will be watching even more closely.”
While being supportive of crypto, Nebraska has yet to join the 21 US states that have proposed legislation to establish strategic crypto reserves, according to the Bitcoin Reserve Monitor.
Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express
Ethereum's value against Bitcoin has hit its lowest level since mid-2020, with a crypto trader suggesting that it might be time to shift into higher-performing altcoins.
“If still stuck on ETH, it is likely a good time to dump it to buy a higher beta altcoin,” economist and crypto trader Alex Kruger said in a March 12 X post.
ETH/BTC ratio is an altcoin season indicator
“If the market goes down, you’ll likely lose equally in both cases, but if it goes up, you’ll likely outperform significantly and can then swap into BTC,” Kruger opined.
The ETH/BTC ratio — which shows Ether’s relative strength compared to Bitcoin — is sitting at 0.02281, its lowest level in nearly five years, according to TradingView data.
Bitcoin Dominance is 0.02281 at the time of publication. Source: TradingView
Both the leading cryptocurrencies by market cap are trading below key psychological price levels. Bitcoin is trading at $83,667 — having remained below the $100,000 level since Feb. 5 — while Ether (ETH) is at $1,907, floating below $2,000 since March 10.
Meanwhile, the Crypto Fear & Greed Index, which measures overall market sentiment, read a “Fear” score of 45, up 11 points from yesterday’s score.
The Crypto Fear & Greed Index is reading a “Fear” score of 45. Source: alternative.me
Many in the crypto industry see the ETH/BTC ratio “bottoming out” as a sign that altcoin season could kick off. On Feb. 14, Into The Cryptoverse founder Benjamin Cowen said on X to get an altcoin season, “ETH/BTC needs to bottom and start trending higher.”
Bitcoin season could dominate
However, other indicators suggest that altcoin season may not come so soon, and Bitcoin (BTC) may continue to hold market share in the near term.
CoinMarketCap’s Altcoin Season Index — which bases the performance of the top 100 altcoins relative to Bitcoin over the past 90 days — reads a score of 13 out of 100, leaning more toward Bitcoin season.
Related: Crypto whale liquidated for $308M in leveraged Ether trade
Pseudonymous crypto trader and Pear Protocol adviser Hansolar said in a March 13 X post that it will be Bitcoin season “all year round.”
The trader said altcoin season was only 16 days last year and happened when Bitcoin’s Dominance dropped from 61% on Nov. 20 to 55% on Dec. 5 before rebounding to 59% by Dec. 21.
At the time of publication, Bitcoin dominance stands at 62.15%, according to TradingView.
When Ether hit its all-time high of $4,800 in November 2021, Bitcoin's dominance was approximately 42%.
Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why
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.
Onchain activity for Tether has hit a sixth-month high, possibly indicating traders are gearing up to jump back into the market, according to analysts.
Data shared by the blockchain data platform Santiment in a March 12 X post shows Tether’s (USDT) onchain activity has been on the rise, peaking with over 143,000 wallets making transfers on March 11, the highest in six months.
“When USDT & other stablecoin activity spikes during price drops, traders are preparing to buy. Added buy pressure aids in crypto prices recovering,” Santiment said.
Onchain activity for Tethers USDT has spiked, reaching a sixth-month high. Source: Santiment
It comes as Bitcoin (BTC) dropped to a four-month low of $76,700 on March 11, as the wider crypto market shed even more of the gains made post-US election amid macroeconomic uncertainty and an escalating tariff war.
Speaking to Cointelegraph, Vincent Liu, chief investment officer at Kronos Research, said traders often accumulate Tether during dips to position themselves for buying opportunities, adding buy pressure that can help crypto prices recover.
He speculates the uptick in USDT wallet activity likely reflects traders capitalizing on recent market volatility.
“Possible causes include broader economic uncertainties, crypto-specific events like regulatory developments or post-election sentiment shifts, and Tether’s role as a stable haven, making it an ideal holding for investors preparing to deploy capital strategically,” Liu said.
Liu says the surge in USDT activity is a bullish indicator, suggesting significant buying power on the sidelines, but the crypto market’s recovery will likely depend on factors like macroeconomic conditions, regulatory clarity, investor confidence and the March 18 Federal Open Market Committee (FOMC) meeting.
Related: Bitcoin, crypto ‘dip buy hype’ is now at its highest level in 7 months
Swyftx lead analyst Pav Hundal told Cointelegraph that a lot of leading market metrics, like M2, are trending to the upside, but he doesn’t expect a major bounce until the political economy loses its volatility.
“Inflation metrics this week out of China and the US are helpful — but as long as this trade war kicks on, we should expect the market to lack conviction,” he said.
“A lot of investors have stopped reacting to the news cycle and they’re just parking cash in Tether. The market is basically in a holding pattern, with more and more cash circling over the market waiting for a landing slot.”
Hundal says the “market looks ugly right now,” but it is back to October levels of USDT dominance, which preceded a pre-Christmas rally that saw Bitcoin reach $100,000 for the first time in history.
A key Bitcoin and crypto sentiment tracker, the Crypto Fear & Greed Index, hit its lowest score in over two years on Feb. 26 as it slipped deeper into “Extreme Fear,” reaching a score of 10.
The index represents the current emotions and sentiments toward the crypto market, with the highest score being 100 and the lowest 0. Source: alternative.me
Crypto sentiment has staged a recovery since, but the index has still registered a score of 45 on March 13, still in fear territory.
Tether CEO Paolo Ardoino touring the US
Meanwhile, Tether CEO Paolo Ardoino is currently on a tour of the US as lawmakers move to regulate the sector.
During a March 12 speech at the Cantor Fitzgerald Global Technology Conference, he said that as it stands, around 37% of USDT users are using it as a savings account to store value.
“They don’t have bank accounts. The only thing that they have in their life is usually cash,” Ardoino said.
“Now they finally can hold the most used and most important stable currency in the world, that is the US dollar, but they keep it in their smartphones as their savings account.”
CEO of @Tether_to, @paoloardoino, speaks at Cantor's Global Tech Conference. #CantorTechhttps://t.co/2z8d46WDMG
— Cantor (@Official_Cantor) March 12, 2025
At the same time, Ardoino said, Tether is acting as one of the “last strongholds for the US dollar” amid growing concerns that the US dollar could lose dominance as the world’s reserve currency and a go-to for international transactions and commodity trades.
The stablecoin issuer has also been working to curb bad actors in the space, collaborating on more than 170 law enforcement operations and freezing $2.5 billion in illicit funds, according to Ardoino.
Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why
Onchain activity for Tether has hit a sixth-month high, possibly indicating traders are gearing up to jump back into the market, according to analysts.
Data shared by the blockchain data platform Santiment in a March 12 X post shows Tether’s (USDT) onchain activity has been on the rise, peaking with over 143,000 wallets making transfers on March 11, the highest in six months.
“When USDT & other stablecoin activity spikes during price drops, traders are preparing to buy. Added buy pressure aids in crypto prices recovering,” Santiment said.
Onchain activity for Tethers USDT has spiked, reaching a sixth-month high. Source: Santiment
It comes as Bitcoin (BTC) dropped to a four-month low of $76,700 on March 11, as the wider crypto market shed even more of the gains made post-US election amid macroeconomic uncertainty and an escalating tariff war.
Speaking to Cointelegraph, Vincent Liu, chief investment officer at Kronos Research, said traders often accumulate Tether during dips to position themselves for buying opportunities, adding buy pressure that can help crypto prices recover.
He speculates the uptick in USDT wallet activity likely reflects traders capitalizing on recent market volatility.
“Possible causes include broader economic uncertainties, crypto-specific events like regulatory developments or post-election sentiment shifts, and Tether’s role as a stable haven, making it an ideal holding for investors preparing to deploy capital strategically,” Liu said.
Liu says the surge in USDT activity is a bullish indicator, suggesting significant buying power on the sidelines, but the crypto market’s recovery will likely depend on factors like macroeconomic conditions, regulatory clarity, investor confidence and the March 18 Federal Open Market Committee (FOMC) meeting.
Related: Bitcoin, crypto ‘dip buy hype’ is now at its highest level in 7 months
Swyftx lead analyst Pav Hundal told Cointelegraph that a lot of leading market metrics, like M2, are trending to the upside, but he doesn’t expect a major bounce until the political economy loses its volatility.
“Inflation metrics this week out of China and the US are helpful — but as long as this trade war kicks on, we should expect the market to lack conviction,” he said.
“A lot of investors have stopped reacting to the news cycle and they’re just parking cash in Tether. The market is basically in a holding pattern, with more and more cash circling over the market waiting for a landing slot.”
Hundal says the “market looks ugly right now,” but it is back to October levels of USDT dominance, which preceded a pre-Christmas rally that saw Bitcoin reach $100,000 for the first time in history.
A key Bitcoin and crypto sentiment tracker, the Crypto Fear & Greed Index, hit its lowest score in over two years on Feb. 26 as it slipped deeper into “Extreme Fear,” reaching a score of 10.
The index represents the current emotions and sentiments toward the crypto market, with the highest score being 100 and the lowest 0. Source: alternative.me
Crypto sentiment has staged a recovery since, but the index has still registered a score of 45 on March 13, still in fear territory.
Tether CEO Paolo Ardoino touring the US
Meanwhile, Tether CEO Paolo Ardoino is currently on a tour of the US as lawmakers move to regulate the sector.
During a March 12 speech at the Cantor Fitzgerald Global Technology Conference, he said that as it stands, around 37% of USDT users are using it as a savings account to store value.
“They don’t have bank accounts. The only thing that they have in their life is usually cash,” Ardoino said.
“Now they finally can hold the most used and most important stable currency in the world, that is the US dollar, but they keep it in their smartphones as their savings account.”
CEO of @Tether_to, @paoloardoino, speaks at Cantor's Global Tech Conference. #CantorTechhttps://t.co/2z8d46WDMG
— Cantor (@Official_Cantor) March 12, 2025
At the same time, Ardoino said, Tether is acting as one of the “last strongholds for the US dollar” amid growing concerns that the US dollar could lose dominance as the world’s reserve currency and a go-to for international transactions and commodity trades.
The stablecoin issuer has also been working to curb bad actors in the space, collaborating on more than 170 law enforcement operations and freezing $2.5 billion in illicit funds, according to Ardoino.
Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why
Crypto trading volumes and dwindling digital asset prices are flashing signs of trader exhaustion and potentially weaker market momentum, according to analysts.
Crypto-wide trading volume has been dropping since it peaked in February amid dip-buying opportunities. According to CoinGecko data, daily trading volume hit its highest level this year in early February when it reached $440 billion. It has since sunk by 63% to $163 billion on March 12.
Market data firm CoinMarketCap has slightly lower figures but they show the same trend — that volume peaked in 2025 in early March before falling back 52% to current levels.
Analytics firm Santiment said on X on March 13 that this decline in volume suggests that trader enthusiasm for the asset class is diminishing.
“When trading volume for major cryptocurrencies consistently drops, even during slight price recoveries, it typically points toward diminishing trader enthusiasm.”
Santiment added that trader behavior “indicates a mix of exhaustion, hopelessness, and capitulation” following further market capitalization declines over the past fortnight.
Declining crypto trading volume. Source: Santiment
Total market capitalization has declined almost 25% since the beginning of February, shrinking by $900 billion as the crypto market correction deepens.
Those declines have accelerated over the past 10 days when markets have lost 15% as fears of a recession in the United States increased amid escalating global trade tensions.
Santiment stated that traders are becoming cautious, suggesting they might not believe that the current upward price movements will last. “Essentially, reduced trading activity reflects uncertainty, as fewer traders are convinced that buying at current levels will yield profitable outcomes,” the analysts added.
Weakening trading volume amid minor price bounces can serve as an “early warning sign of weakening market momentum,” Santiment reported, adding that without robust buying participation, price gains can quickly lose steam, “as there simply isn’t enough underlying support to sustain the upward trend.”
“This leads to the possibility that any rebound could be temporary, with prices vulnerable to another downturn.”
Related: Bitcoin high-entry buyers are driving sell pressure, price may ‘floor’ at $70K
However, shrinking volume during minor rebounds isn’t necessarily a direct bearish signal, it said, adding that volume is a metric that measures participation from both retail and institutional traders and it needs to start rising before prices do.
“To signal a healthier and more sustainable recovery, bulls generally will want to see both rising prices and rising volumes simultaneously.”
Crypto market capitalization is currently around $2.8 trillion, which is where it was this time last year before seven months of consolidation followed.
Meanwhile, the Crypto Fear & Greed Index remains in “fear” territory, below 50, where it has been since Feb. 21.
Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express
Crypto trading volumes and dwindling digital asset prices are flashing signs of trader exhaustion and potentially weaker market momentum, according to analysts.
Crypto-wide trading volume has been dropping since it peaked in February amid dip-buying opportunities. According to CoinGecko data, daily trading volume hit its highest level this year in early February when it reached $440 billion. It has since sunk by 63% to $163 billion on March 12.
Market data firm CoinMarketCap has slightly lower figures but they show the same trend — that volume peaked in 2025 in early March before falling back 52% to current levels.
Analytics firm Santiment said on X on March 13 that this decline in volume suggests that trader enthusiasm for the asset class is diminishing.
“When trading volume for major cryptocurrencies consistently drops, even during slight price recoveries, it typically points toward diminishing trader enthusiasm.”
Santiment added that trader behavior “indicates a mix of exhaustion, hopelessness, and capitulation” following further market capitalization declines over the past fortnight.
Declining crypto trading volume. Source: Santiment
Total market capitalization has declined almost 25% since the beginning of February, shrinking by $900 billion as the crypto market correction deepens.
Those declines have accelerated over the past 10 days when markets have lost 15% as fears of a recession in the United States increased amid escalating global trade tensions.
Santiment stated that traders are becoming cautious, suggesting they might not believe that the current upward price movements will last. “Essentially, reduced trading activity reflects uncertainty, as fewer traders are convinced that buying at current levels will yield profitable outcomes,” the analysts added.
Weakening trading volume amid minor price bounces can serve as an “early warning sign of weakening market momentum,” Santiment reported, adding that without robust buying participation, price gains can quickly lose steam, “as there simply isn’t enough underlying support to sustain the upward trend.”
“This leads to the possibility that any rebound could be temporary, with prices vulnerable to another downturn.”
Related: Bitcoin high-entry buyers are driving sell pressure, price may ‘floor’ at $70K
However, shrinking volume during minor rebounds isn’t necessarily a direct bearish signal, it said, adding that volume is a metric that measures participation from both retail and institutional traders and it needs to start rising before prices do.
“To signal a healthier and more sustainable recovery, bulls generally will want to see both rising prices and rising volumes simultaneously.”
Crypto market capitalization is currently around $2.8 trillion, which is where it was this time last year before seven months of consolidation followed.
Meanwhile, the Crypto Fear & Greed Index remains in “fear” territory, below 50, where it has been since Feb. 21.
Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express
A crypto trader fell victim to a sandwich attack while making a $220,764 stablecoin transfer on March 12 — losing almost 98% of its value to a Maximum Extractable Value (MEV) bot.
$220,764 worth of the USD Coin (USDC) stablecoin was swapped to $5,271 of Tether (USDT) in eight seconds as the MEV bot successfully front-ran the transaction, banking over $215,500.
Data from Ethereum block explorer shows the MEV attack occurred on decentralized exchange Uniswap v3’s USDC-USDT liquidity pool, where $19.8 million worth of value is locked.
Details of the sandwich attack transaction. Source: Etherscan
The MEV bot front-ran the transaction by swapping all the USDC liquidity out of the Uniswap v3 USDC-USDT pool and then put it back in after the transaction was executed, according to founder of The DeFi Report Michael Nadeau.
The attacker tipped Ethereum block builder “bob-the-builder.eth” $200,000 from the $220,764 swap and profited $8,000 themselves, Nadeau said.
DeFi researcher “DeFiac” speculates the same trader using different wallets has fallen victim to a total of six sandwich attacks, citing “internal tools.” They pointed out that all funds traveled from borrowing and lending protocol Aave before being deposited on Uniswap.
Two of the wallets fell victim to an MEV bot sandwich attack on March 12 at around 9:00 am UTC. Ethereum wallet addresses “0xDDe…42a6D” and “0x999…1D215” were sandwich attacked for $138,838 and $128,003 in transactions that occurred three to four minutes earlier.
Both transactors made the same swap in the Uniswap v3 liquidity pool as the trader who made the $220,762 transfer.
Others speculate the trades could be attempts at money laundering.
“If you have NK illicit funds you could construct a very mev-able tx, then privately send it to a mev bot and have them arb it in a bundle,” said founder of crypto data dashboard DefiLlama, 0xngmi.
“That way you wash all the money with close to 0 losses.”
Related: THORChain at crossroads: Decentralization clashes with illicit activity
While initially criticizing Uniswap, Nadeau later acknowledged that the transactions didn’t come from Uniswap's front end, which has MEV protection and default slippage settings.
Nadeau backtracked on those criticisms after Uniswap CEO Hayden Adams and others clarified the protections Uniswap has in place to fight against sandwich attacks.
Source: Hayden Adams
Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why
The latest US core Consumer Price Index (CPI) print, a measure of inflation, came in lower than expected at 3.1%, beating expectations of 3.2%, with a corresponding 0.1% drop in headline inflation figures.
According to Matt Mena, crypto research strategist at 21Shares, the cooling inflation data adds to the likelihood that the Federal Reserve will cut interest rates this year, injecting much-needed liquidity into the markets and sending risk-on asset prices higher. Mena added:
“Rate cut expectations have surged in response — markets now price a 31.4% chance of a cut in May, up over 3x from last month, while expectations for three cuts by year-end have jumped over 5x to 32.5%, and four cuts have skyrocketed from just 1% to 21%.”
Despite the better-than-expected inflation numbers, the price of Bitcoin (BTC) declined from over $84,000 at the daily open to now sit around $83,000 as traders grapple with US President Donald Trump’s trade war and macroeconomic uncertainty.
A majority of market participants believe the Federal Reserve will cut interest rates by June 2025. Source: CME Group
Related: Bitcoin’s ‘Trump trade’ is over — Traders shift hope to Fed rate cuts, expanding global liquidity
Is President Trump crashing markets to force rate cuts?
Federal Reserve Chairman Jerome Powell said on several occasions that the central bank is not rushing to cut interest rates — a view echoed by Federal Reserve Governor Christopher Waller.
During a Feb. 17 speech at the University of New South Wales in Syndey, Australia, Waller said the bank should pause interest rate cuts until inflation comes down.
These comments were met with concern from market analysts, who say that a lack of rate cuts might trigger a bear market and send asset prices plummeting.
On March 10, market analyst and investor Anthony Pompliano speculated that President Trump was intentionally crashing financial markets to force the Federal Reserve to lower interest rates.
The US government has approximately $9.2 trillion in debt that will mature in 2025 unless refinanced. Source: The Kobeissi Letter
According to The Kobeissi Letter, the US government needs to refinance roughly $9.2 trillion in debt before it reaches maturity in 2025.
Failure to refinance this debt at lower interest rates will drive up the national debt, which is currently over $36 trillion, and cause the interest payments on the debt to balloon.
Due to these reasons, President Trump has made interest rate cuts a top priority for his administration — even at the short-term expense of asset markets and business.
Magazine Elon Musk’s plan to run government on blockchain faces uphill battle
Video-sharing platform Rumble says it had purchased more than $17 million worth of Bitcoin as part of a previously announced investment strategy.
In a March 12 notice, Rumble said it had added 188 Bitcoin (BTC) to its treasury for roughly $17.1 million. The investment, suggested by CEO Chris Pavlovski in November following Donald Trump winning the US presidential election, was touted as a hedge against inflation and part of a broader move to deepen ties to the crypto industry.
The platform hinted it could make additional Bitcoin purchases depending on market factors. Though Rumble did not specifically mention Trump or his attempts to establish a strategic Bitcoin reserve and crypto stockpile at the federal level, Pavlovski’s social media posts suggested strong support for the US president’s policies.
Rumble’s cloud currently hosts Trump’s social media platform, Truth Social — the president’s primary method for public communications — and entered into an agreement with El Salvador’s government in January to provide services. Cointelegraph reached out to Rumble for comment but did not receive a response at the time of publication.
Related: Tether pours $775M into video-sharing platform Rumble
With Bitcoin on its balance sheet, Rumble joins a list of companies that have invested in crypto following the November election, including AI firm Genius Group and software company Semler Scientific. The share price of Rumble stock has fallen roughly 34% since Jan. 1.
US government could soon hodl Bitcoin
Since Jan. 20, the Trump administration has deepened ties between the US government and the crypto industry through executive action and policies.
The US Securities and Exchange Commission, one of the biggest financial regulators in the country, announced it would be dropping investigations and enforcement actions against many crypto firms over allegations of unregistered securities offerings. Trump also hosted many crypto executives and CEOs at the White House on March 7 as part of a summit to discuss a proposed national Bitcoin reserve and crypto stockpile.
Trump’s proposed Bitcoin reserve — which could be codified into law if Congress moves forward with legislation — could see all BTC seized by US authorities HODLed rather than sold at auction. It’s unclear how this action may affect the price of the cryptocurrency.
Magazine: Bitcoin’s odds of June highs, SOL’s $485M outflows, and more: Hodler’s Digest, March 2 – 8
New US regulatory guidance allowing banks to become validators for blockchain networks is a major step for institutional adoption but worsens centralization risks, Bohdan Opryshko, chief operating officer of staking service provider Everstake, told Cointelegraph.
On March 7, the US Office of the Comptroller of the Currency (OCC) eased its stance on how banks can engage with crypto, including permitting banks to participate “in independent node verification networks,” the regulator said.
Opryshko said US banks’ increased involvement in proof-of-stake (PoS) networks, such as Ethereum and Solana, could be a “double-edged sword.”
“If banks become dominant validators, power could become concentrated, reducing the decentralized nature of PoS networks,” Opryshko told Cointelegraph on March 12.
The additional financial inflows into PoS networks could also suppress staking yields, potentially undermining smaller validators, he added.
“If major institutional players, such as banks, enter the staking market and suddenly stake large amounts, […] it could cause a sharp reduction in staking rewards for all other participants,” Opryshko said.
Staking yields as of March 12. Source: Staking Rewards
Related: OCC lays out crypto banking after Trump vows to end Operation Chokepoint 2.0
As of March 12, Ether stakers earn approximately 5.5% APR, and Solana stakers earn close to 8%, according to data from Staking Rewards.
Staking involves securing blockchains by posting crypto as collateral with validators in exchange for rewards.
Debanking debacle
The OCC’s announcement came after US President Donald Trump vowed to end a prolonged regulatory crackdown that restricted crypto firms’ access to banking services.
Crypto industry outrage over so-called “debanking” reached a crescendo when a June 2024 lawsuit spearheaded by Coinbase resulted in the release of letters showing US banking regulators asked certain financial institutions to “pause” crypto banking activities.
In a Jan. 23 executive order, Trump — who has vowed to make America the “world’s crypto capital” — told agencies to prioritize “fair and open access to banking services” for digital asset firms.
As of March 12, Anchorage Digital is the only federally chartered US bank to offer cryptocurrency staking.
Magazine: SEC’s U-turn on crypto leaves key questions unanswered
New US regulatory guidance allowing banks to become validators for blockchain networks is a major step for institutional adoption but worsens centralization risks, Bohdan Opryshko, chief operating officer of staking service provider Everstake, told Cointelegraph.
On March 7, the US Office of the Comptroller of the Currency (OCC) eased its stance on how banks can engage with crypto, including permitting banks to participate “in independent node verification networks,” the regulator said.
Opryshko said US banks’ increased involvement in proof-of-stake (PoS) networks, such as Ethereum and Solana, could be a “double-edged sword.”
“If banks become dominant validators, power could become concentrated, reducing the decentralized nature of PoS networks,” Opryshko told Cointelegraph on March 12.
The additional financial inflows into PoS networks could also suppress staking yields, potentially undermining smaller validators, he added.
“If major institutional players, such as banks, enter the staking market and suddenly stake large amounts, […] it could cause a sharp reduction in staking rewards for all other participants,” Opryshko said.
Staking yields as of March 12. Source: Staking Rewards
Related: OCC lays out crypto banking after Trump vows to end Operation Chokepoint 2.0
As of March 12, Ether stakers earn approximately 5.5% APR, and Solana stakers earn close to 8%, according to data from Staking Rewards.
Staking involves securing blockchains by posting crypto as collateral with validators in exchange for rewards.
Debanking debacle
The OCC’s announcement came after US President Donald Trump vowed to end a prolonged regulatory crackdown that restricted crypto firms’ access to banking services.
Crypto industry outrage over so-called “debanking” reached a crescendo when a June 2024 lawsuit spearheaded by Coinbase resulted in the release of letters showing US banking regulators asked certain financial institutions to “pause” crypto banking activities.
In a Jan. 23 executive order, Trump — who has vowed to make America the “world’s crypto capital” — told agencies to prioritize “fair and open access to banking services” for digital asset firms.
As of March 12, Anchorage Digital is the only federally chartered US bank to offer cryptocurrency staking.
Magazine: SEC’s U-turn on crypto leaves key questions unanswered