(Note: If you’re looking for more news regarding cryptocurrency, please visit our website Bitcoin Commando. All crypto news will be posted there. ~ Dinar Chronicles)
Seeds of Wisdom
CRYPTO CATASTROPHE: WORLD RECORD BROKEN, WORST BLOODBATH IN HISTORY
Market in shambles after introduction of trading tariffs sparks enormous liquidation surge
One of the worst bloodbaths in the history of the cryptocurrency market just occurred, with liquidations skyrocketing past $2.24 billion in the last day.
With Bitcoin plummeting to $94,000 and the entire market collapsing along with it, this massive wipeout has destroyed leveraged traders. The magnitude of the losses has broken all previous records, making this one of the most vicious sell-offs in the history of cryptocurrency.
With $609 million in liquidations, Ethereum traders were the most negatively impacted, according to the liquidation heatmap. At $412 million, Bitcoin trailed closely behind, while liquidations exceeding $85 million were reported by XRP, Dogecoin and Solana.
The biggest single loss happened on Binance, with an ETHBTC trade worth $25.64 million and a whopping 734,621 traders liquidated in a single day.
After losing crucial support at $97,000, Bitcoin is currently testing $92,000 – a level that may dictate its course in the near future.
The price of Bitcoin may drop to $83,000 if it drops below this level, signaling a more significant correction. With Bitcoin at the top of the market, altcoins are doing even worse; some have already dropped more than 80% from their peak.
Altcoin momentum has completely collapsed, falling to 38 out of 100, according to the CMC Altcoin Season Index, which indicates a strong phase dominated by Bitcoin.
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This change reflects traders’ swift decline in risk appetite and their flight from altcoins to safer assets. The cryptocurrency market is in a panic right now. If Bitcoin is unable to stay above $92,000, it is likely to continue declining.
Particularly for altcoins that have already been in free fall, losses could get even worse. Overleveraged traders have paid the price, and this carnage may not end yet unless volatility levels off.
@ Newshounds News™
Source: U Today
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CARDANO (ADA) VOLUME SKYROCKETS 428% DESPITE WORST CRYPTO BLOODBATH
Cardano dropped below $0.70 as traders rushed to sell ADA, pushing volume to historic levels
The broader digital currency ecosystem recorded its worst single-day bloodbath this year, with assets like Cardano (ADA) at the forefront. At the time of writing, the ADA price changed hands for $0.7012, down by 20.53% in the past 24 hours. The coin dropped to $0.5648 in earlier trading, its lowest level in nearly 90 days.
Cardano volume took different turn
Despite the selloff, one unique Cardano metric, the transaction volume, recorded an impressive rally.
Per data from CoinMarketCap, the Cardano volume is up 428.86% to $3.77 billion. This boost in trading volume is not commensurate with the price outlook, thus implying traders were in flight mode over the weekend.
Market data shows that more than $36 million has been lost by ADA traders in the past 24 hours via liquidations. Long traders suffered the most, with over $31 million taken out unduly. With the crypto market drawdown triggered by the tariff war in North America, the effect appears comprehensive across all markets.
At the moment, a high level of volatility has been introduced into the Cardano trading ecosystem. After this multi-month low price, the coin has inked some rebound, but generally, the coin is not out of the woods yet.
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Catalyst to watch and Bitcoin influence
Amid this unusual price slump, Cardano traders will likely focus on new anchors as the price recovers. These new anchors might include fundamental ecosystem updates and how they may shape the ADA ecosystem.
With the Plomin hard fork going live in the past week, Cardano proponents are now looking forward to how this upgrade can impact ADA accumulation and price outlook. In addition, ADA’s whale activity is in the spotlight, as a large buying trend can trigger positive sentiment.
Meanwhile, the ADA-BTC correlation may yield a positive boost in the mid-to-long term. Bitcoin has stabilized its latest sell-off, hinting that Cardano may soon follow suit.
@ Newshounds News™
Source: U Today
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STOCK MARKET CRASH: GLOBAL MARKETS DROP ON TARIFF CONCERNS
Global markets plunged on Black Monday amid escalating trade tensions as U.S. tariffs on Canada, Mexico, and China spurred a worldwide sell-off. Asian indices led the decline with Taiwan’s Taiex down 4.4%, Japan’s Topix falling 2.3%, and Korea’s Kospi dropping 2.4%. In the U.S., the Nasdaq fell 2.5% as NVIDIA shares plunged over 6.5% to a low of $111.51. Analysts warn of further instability while China vows legal action for WTO violations. Investors brace for continued volatility amid rising fears.
@ Newshounds News™
Source: Coinpedia
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Source: Dinar Recaps
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IT’S DONE Article 2 – This law shall be implemented from the date of its publication in the Official Gazette.
THE LAW PDF attached
In the name of the people
Presidency
Based on what was approved by the House of Representatives and ratified by the President of the Republic based on the provisions of Clause (First) of Article 61 and Clause (Third) of Article 73 of the Constitution.
The following law was issued:
No. ( ) for the year 2024
The First Amendment Law to the Federal General Budget Law of the Republic of Iraq
For the fiscal years (2023 – 2025 – 2027) No. (13) of 2023
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Article 1 – The text of Paragraph (c) of Clause (Second) of Article 12 of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 – 2025 – 2025) No. 13 of 2023 shall be cancelled and replaced by the following:
C – 1. The Federal Ministry of Finance shall compensate the Kurdistan Regional Government from sovereign expenses for the costs of production and transportation of the quantities of oil produced in the region that are received by the State Oil Marketing Company (SOMO) or the Federal Ministry of Oil in accordance with paragraphs (a, b) of this clause, provided that the fair estimated costs of production and transportation for each field separately are calculated by a specialized international technical consulting body determined by the Federal Ministry of Oil in agreement with the Ministry of Natural Resources in the region, within a period of (60) sixty days from the date of entry into force of this law, and in the event of failure to reach an agreement within the aforementioned period, the Federal Council of Ministers shall determine the aforementioned consulting body.
The technical advisory body referred to in (1) of this paragraph shall submit the estimated cost of production and transportation to the Federal Ministries of Finance and Oil and the Kurdistan Regional Government, and it shall be approved for the purposes of this law. The compensation referred to in (1) of this paragraph shall be calculated based on the aforementioned cost per barrel multiplied by the number of barrels received in accordance with paragraphs (a, b) of this item, and the Federal Ministry of Finance shall undertake to pay the amounts to the Kurdistan Regional Government.
Immediately begin delivering the oil produced in the region to the State Oil Marketing Organization (SOMO) or the Federal Ministry of Oil in accordance with paragraphs (a) and (b) of this clause, and the costs of production and transportation shall be compensated by the Federal Ministry of Finance as advances, at a rate of $16 per barrel, which shall be
Article 2 – This law shall be implemented from the date of its publication in the Official Gazette.
It shall be settled later after the specialized technical advisory body referred to in (1) of this paragraph has completed its work, and retroactively from the date of commencement of delivery pursuant to this amendment.
Positive reasons
For the purpose of appointing a specialized international technical advisory body to work on calculating the fair estimated costs of producing and transporting oil produced in the Kurdistan Region and for each field separately, preserving the national wealth, enhancing actual federal revenues, and enabling the State Oil Marketing Company (SOMO) to make optimal use of and diversify export outlets.
This law was enacted
@ Newshounds News™
Source: Shafaq
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TRUMP ORDERS CREATION OF US SOVEREIGN WEALTH FUND, SAYS IT COULD OWN PART OF TIKTOK
WASHINGTON (AP) — President Donald Trump on Monday signed an executive order directing the U.S. to take steps to start developing a government-owned investment fund that he said could be used to profit off of TikTok if he’s successful at finding it an American buyer.
Trump signed an order on his first day office to grant TikTok until early April to find an approved partner or buyer, but he’s said he’s looking for the U.S. to take a 50% stake in the massive social media platform. He said Monday in the Oval Office that TikTok, which is owned by China-based ByteDance, was an example of what he could put in a new U.S. sovereign wealth fund.
“We might put that in the sovereign wealth fund, whatever we make or we do a partnership with very wealthy people, a lot of options,” he said of TikTok. “But we could put that as an example in the fund. We have a lot of other things that we could put in the fund.”
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Sovereign wealth funds invest in assets, such as stocks, bonds and real estate. They are typically funded by a country’s budgetary surpluses, which the U.S. currently does not have.
Trump noted many other nations have such investment funds and predicted that the U.S. could eventually top Saudi Arabia’s fund size. “Eventually we’ll catch it,” he promised. Countries like Norway also have a similar fund.
@ Newshounds News™
Source: AP News
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GOLD AND CURRENCY REVALUATION STRATEGY
Why does Gold need to revalue before the currency dilemma can be fixed? Will the price of gold affect the crypto market?
@ Newshounds News™
Source: CryptoLedger
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Source: Dinar Recaps
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