Crypto Crash: Bitcoin, Ethereum Plummet; Argentine President Faces Fraud Charges

Crypto Market Slips as Bitcoin, Ethereum, and Altcoins Struggle

Bitcoin (BTC) started the week on a bearish note, with the price down over 1% and trading below the $97,000 level at $96,400. The flagship currency dipped to a low of $96,144 before recovering to its current level. Analysts are concerned that BTC could enter a new bearish phase as investors reduce their risk exposure at current prices. BTC traded mainly sideways over the weekend before taking a bearish turn as the week began.

The overall trend in the crypto market is bearish, with only a few altcoins bucking the trend and registering marginal increases. Ethereum (ETH) is down just over 1%, trading below $2,700. Meanwhile, Ripple (XRP) is down nearly 4% and trading at $2.70. Solana (SOL) registered an even bigger loss, with the price down almost 6% and trading around $184. Dogecoin (DOGE) also registered a substantial loss, with the meme coin down nearly 3.40%. On the other hand, Toncoin (TON) has registered notable increases.

Argentine President Javier Milei is facing fraud charges for promoting a fake crypto coin, LIBRA. Lawyers in Argentina have filed a case against the leader in a criminal court. Milei promoted the project on X, leading it to a market capitalization of around $4.5 billion. The President noted that LIBRA aimed to encourage economic growth by funding small businesses and startups. Other politicians followed suit, posting about the token, leading to a surge in value. However, the post was deleted within a few hours, causing its value to collapse and leading to millions in losses for those who invested in the token.

Indian law enforcement agencies have seized almost $190 million in crypto associated with the BitConnect Ponzi scheme. The scheme collapsed in 2018, and BitConnect founder Satish Kumbhani was charged by the US Department of Justice in February 2022. Kumbhani reportedly built a global network of promoters, paying them hefty commissions to carry out the scheme.

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