Bitcoin fell below the $80,000 mark on Sunday as investor sentiment weakened across global markets. The move came alongside a spike in daily liquidations, which totaled $590 million.
Heightened anxiety over former President Donald Trump’s proposed tariffs and escalating geopolitical tensions weighed heavily on risk assets.
More Traders are Shorting Bitcoin After the Worst Q1 In a Decade
The long-short ratio for Bitcoin dropped to 0.89, with short positions now accounting for nearly 53% of activity. The shift reflects growing skepticism about Bitcoin’s short-term direction.
Traditional markets also suffered sharp losses. The Nasdaq 100, S&P 500, and Dow Jones all entered correction territory last week, posting their worst weekly performance since 2020.
Bitcoin Long-Short Ratio on Sunday, April 6. Source: Coinglass
The broader crypto market lost 2.45% on Sunday, reducing total market capitalization to $2.59 trillion. Bitcoin remains the dominant asset, holding 62% of the market share. Ethereum follows with 8%.
Sunday’s selloff triggered $252.79 million in crypto derivatives liquidations. Long positions made up the bulk of that figure at $207 million. Ethereum traders accounted for about $72 million in long liquidations alone.
Bitcoin’s price remains closely tied to shifts in global liquidity, often reflecting broader macro trends. With U.S. markets set to open Monday, this weekend’s activity signals continued volatility ahead.
That combination raises the risk of stagflation, a situation where policy tools become less effective. Efforts to stimulate the economy can worsen inflation, while measures to control prices can limit growth.
World (formerly Worldcoin) suffered a legal blow in Kenya after the High Court ruled that its biometric data collection practices violated constitutional privacy rights.
The court’s decision marks a landmark victory for digital rights advocates in the country and beyond and comes amid growing global scrutiny of the controversial crypto and identity project.
Kenyan High Court Slams Sam Altman’s World Over Privacy Violations
In a judgment delivered on Monday, Justice Aburili Roselyne granted a judicial review application filed by Kenya’s Katiba Institute. The court ordered the Worldcoin Foundation and its agents to terminate all biometric data processing.
The court also ruled that all previously collected data from Kenyan users should be permanently deleted.
“An order of prohibition [is issued] restraining Worldcoin Foundation and its agents from further processing, collecting or dealing in Biometric data without undertaking (or using an inadequate) Data Protection Impact Assessment… or using consent obtained by inducement of a cryptocurrency — Worldcoin,” Katiba Institute reported, citing the ruling.
The judge issued a certiorari order, effectively quashing World’s decision to collect and process such data in Kenya. She cited violations of Kenya’s Data Protection Act, 2019.
A third order of mandamus compels the foundation to delete all biometric data obtained within seven days permanently. The court called out Worldcoin for breaching the law in this regard. The Data Protection Commissioner will supervise the implementation of the order.
“High Court orders Worldcoin to delete biometric data collected in Kenya within 7 days,” local media reported.
High Court orders Worldcoin to delete all biometric data of Kenyans unlawfully collected using its orb, under the supervision of the Office of the Data Protection Commissioner pic.twitter.com/A6AiSSr1HD
ICJ Kenya, committed to protecting and promoting human rights, reiterated the news in a post. It highlighted the court’s determination that constitutional rights, especially the right to privacy, must be upheld even in the digital age.
“The Court affirmed that Worldcoin commenced data collection without valid consent from the Office of the Data Protection Commissioner (ODPC) and without conducting the required DPIA, in breach of Sections 25, 26, 29, 30, and 31 of the Data Protection Act, 2019,” wrote ICJ Kenya
This break comes nearly two years after the Katiba Institute filed the case in August 2023. The organization, which promotes the implementation of Kenya’s Constitution, challenged Worldcoin’s data collection practices.
Constitutional lawyer Joshua Malidzo Nyawa, who spearheaded the prosecution, did not immediately respond to BeInCrypto’s request for comment.
Worldcoin Collecting Biometric Data From Kenyans
In hindsight, the data collection process was controversial. As it happened, Worldcoin offered Kenyans $50 worth of WLD tokens per person. In exchange, they had to volunteer to scan their irises using the Orb device, effectively signing away their biometric data.
The institute argued that this inducement compromised the legitimacy of user consent. Specifically, it failed to meet Kenya’s legal thresholds for data protection.
“The owner of Worldcoin, Sam Altman, is banned from collecting this data in his home country, the US, why do we allow him in Kenya,” parliament majority leader Kimani Ichung’wah said.
The ruling is likely to reverberate across jurisdictions where World operates. Similar concerns have already led to regulatory suspensions in Indonesia. As BeInCrypto reported, authorities halted Worldcoin’s activities over potential violations of data protection laws.
Despite this growing resistance, the project is pushing forward in the US. It recently launched in six cities, including Atlanta, Los Angeles, and San Francisco.
These legal developments had a swift impact on investor sentiment. Worldcoin’s native token (WLD) dropped nearly 10% in the past 24 hours. According to BeInCrypto price data, WLD was trading at $0.88 as of this writing.
World Liberty Financial (WLF), a decentralized finance (DeFi) project backed by the Trump family, has successfully sold 99.3% of its recently issued 5 billion WLFI tokens.
The tokens went on sale on January 20, following a surge in demand after the initial public sale.
WLFI Token Achieves Major Milestone
According to the data on the project’s official website, World Liberty Financial has now sold a total of 24.97 billion WLFI tokens out of a 25 billion token supply allocated for public sale.
For context, the total supply of WLFI tokens is 100 billion, with an initial allocation of 20 billion tokens designated for the first public sale. This sale commenced on October 15, 2024, with the token priced at $0.015. Furthermore, the project restricted access to individuals who qualified through a whitelist.
By January 20, World Liberty Financial had completed its initial token sale, selling 20% of its total token supply. However, seeing the surge in demand, the project released an additional 5% of its token supply at a price of $0.05 per token.
“An additional 5% of our token supply is now available to purchase on our website. We appreciate the overwhelming support and look forward to welcoming so many new people to our community!” the project posted on X.
At the time of writing, only 34.6 million tokens of the 5 billion public sale allocation remain available.
The WLFI token’s primary purpose is governance within the World Liberty Financial Protocol. It allows token holders to propose, discuss, and vote on key protocol decisions. This gives token owners an equal voice in shaping the platform’s development, ensuring fair and democratic changes to its ecosystem.
As an added measure, the tokens will remain non-transferable for the first 12 months post-launch. Moreover, any community-approved changes to this restriction will not take effect until the one-year period concludes.
The milestone comes shortly after World Liberty Financial announced a partnership with Sui (SUI). The aim of this collaboration is to explore opportunities in DeFi. It will also integrate Sui’s technology into WLFI’s token reserve, “Macro Strategy,” supporting leading DeFi projects.
Layer-1 (L1) coin SUI has defied the broader market downturn, surging 4% in the past 24 hours to become the top-performing cryptocurrency.
The price surge follows news thatWorld Liberty Financial (WLFI), a decentralized finance (DeFi) protocol affiliated with US President Donald Trump, has entered a “strategic reserve deal” with the blockchain network.
SUI’s Uptrend Gains Momentum
According to a March 6 blog post by the Sui Foundation, the developer team behind Layer-1 blockchain Sui has entered into a partnership with WLFI. The collaboration explores product development opportunities by leveraging Sui’s technology and includes integrating Sui-based assets into WLFI’s “Macro Strategy” reserve.
Following the news, SUI’s price jumped by double digits and reached a high of $3.11 on Thursday. This price hike was also fueled by news that Canary Capital filed to establish a trust entity in Delaware for its proposed Canary SUI ETF.
While it has since experienced a slight correction, Sui has continued to experience steady demand over the past 24 hours, increasing the likelihood of a sustained rally in the short term.
SUI’s Balance of Power (BoP) on the daily chart confirms this buying pressure. At press time, this indicator, which compares the strength of the bulls against the bears, is above zero at 0.18.
When an asset’s BoP climbs during a price rally, buying pressure strengthens, with bulls exerting significant control over price action. This suggests that SUI’s current uptrend has strong momentum and could potentially continue if demand remains high.
Furthermore, its rising Chaikin Money Flow (CMF) supports this bullish outlook. At press time, this indicator, which tracks how money flows into and out of an asset, posts a positive value of 0.02.
SUI’s CMF setup indicates more capital flows into its spot markets than out. This suggests strong accumulation and is a bullish signal, reinforcing the likelihood of continued price appreciation.
SUI Faces Key Decision Point
SUI trades at $2.79 at press time, exchanging hands slightly below the resistance formed at $3. If demand strengthens, SUI could break above this resistance and flip it into a support floor.
A successful breach of this level could propel the coin’s price to revisit its all-time high of $5.35, last reached on January 6.
