The Sui blockchain is under growing scrutiny after backing a controversial proposal from DeFi platform Cetus Protocol to recover $162 million in frozen assets.
This decision follows a May 21 incident in which Cetus lost over $223 million to a hacker. In response, more than a third of Sui validators froze a portion of the stolen assets by refusing to process transactions from two wallets believed to be tied to the attacker.
Sui’s Support for Cetus Plan Raises Questions on Decentralization
At the same time, Cetus is pushing for a protocol upgrade to return the frozen funds. The proposal aims to achieve this without altering historical blockchain records or rolling back transactions.
Meanwhile, the Sui Foundation has agreed to support an on-chain vote but stated it will remain neutral and abstain from participating.
“Earlier today, Cetus called for a community vote on a protocol upgrade to return the frozen funds, without rolling back chain history or reversing transactions. This is an extraordinary request in response to extraordinary need–Cetus’s customer funds are at stake. After consideration, we support their call for an on-chain vote,” Sui stated.
The Foundation also stated that Cetus must use all its available financial resources to compensate affected users until it repays all losses.
Critics warn that freezing smart contracts can be problematic even without reversing the chain. They argue that censoring transactions may also undermine the principle of blockchain immutability.
Sui’s Bounty Offer Draws Outrage
Meanwhile, the Sui Foundation’s decision to offer a $5 million reward has sparked further controversy. The bounty targets anyone who can provide information leading to the hacker’s identification.
On-chain investigator ZachXBT called the bounty “vague” and unhelpful. He argued that such offers only pay upon success and fail to compensate the significant time and effort that investigators invest upfront.
ZachXBT Criticizing the Bounty Offer from Cetus Protocol. Source: X/ZachXBT
Yu Xian, co-founder of blockchain security firm SlowMist, also criticized the offer. He warned that unless a hacker willingly returns the funds or faces pressure to do so, investigators often end up in prolonged chases with little hope of resolution.
“The investment cost of tracking services is very uncertain, such as threat intelligence cooperation network resource coordination, stolen user communication, law enforcement communication, investigation and evidence collection, evidence fixation, negotiation promotion, analysis reports, etc. If there is no upfront cost or deep enough cooperation resources to guarantee, it is difficult to continue to advance,” Xian added.
Pi Network (PI) has recently faced a challenging period in its price action. After dipping below the $1 mark, the altcoin’s recovery appears to be losing momentum.
Unlike previous rebounds, current market conditions suggest that Pi Network might find it more difficult to regain the $1.00 price level.
Pi Network Is Losing Traction
The Average Directional Index (ADX) currently sits at 32, which is notably above the 25 threshold. This reading indicates that the prevailing trend is gaining strength. In this case, Pi Network’s trend is downward, reinforcing bearish sentiment among traders and investors.
Further evidence of this strengthening downtrend is visible through the Parabolic SAR indicator. The dots are positioned above the candlesticks, a classic signal that the price is likely to continue falling. Such technical indicators often prompt cautious trading behavior and can increase selling pressure.
Pi Network Parabolic SAR and ADX. Source: TradingView
Pi Network’s price has shown a weakening correlation with Bitcoin, currently measured at 0.25 and steadily declining. This low and falling correlation suggests that PI is starting to behave more independently rather than mirroring Bitcoin’s movements.
This decoupling is significant because Bitcoin recently set a new all-time high (ATH) and may continue to rise. However, Pi Network is less likely to capitalize on Bitcoin’s bullish momentum, given its diverging price dynamics.
The falling correlation implies that PI could struggle to follow Bitcoin’s upward trajectory.
Pi Network Correlation With Bitcoin. Source: TradingView
PI Price Aims For A Rally
At its current price of $0.77, Pi Network would need to rise approximately 28% to reach the $1.00 mark again. Given the indicators pointing to a strengthening downtrend and weakening correlation with Bitcoin, this price target seems ambitious in the near term.
Heightened bearishness may erode investor confidence, leading to increased selling. Should the price break below the critical support level of $0.71, Pi could face a further decline, potentially sliding down to $0.61. Such a drop would deepen the bearish outlook.
On the other hand, if broader market conditions improve, Pi Network might break through resistance levels at $0.78 and $0.87. Surpassing these points could invalidate the current bearish thesis and pave the way for a renewed push toward the $1.00 price target.
Crypto whale James Wynn has made headlines again after dramatically increasing his Bitcoin exposure. He placed a $1.2 billion long position on Hyperliquid, a decentralized derivatives exchange.
This comes shortly after he closed out positions in Ethereum, Sui, and PEPE. The move signals a strategic shift toward Bitcoin as the market rallies.
Crypto Whale Exits Altcoins to Place $1.2 Billion Leveraged Bet on Bitcoin
On May 24, blockchain tracker Lookonchain revealed that Wynn had opened a 40x leveraged position totaling 11,588 BTC, worth approximately $1.25 billion. His liquidation level is set at $105,180.
James Wynn Bitcoin Bet on Hyperliquid. Source: Lookonchain
This move extends a series of aggressive Bitcoin trades Wynn began earlier in the week. On May 21, he opened a long position worth $830 million, from which he took a $400 million profit on the same day.
Since then, he has reloaded his position to over $1 billion as Bitcoin’s price climbed over the past two days.
Moreover, he also shared a screenshot on the social platform X showing that his latest Bitcoin long bet was up 13.4%. This means that the position had generated around $4.2 million in unrealized profit.
Still, his track record has its blemishes. He recently closed his positions in Ethereum and Sui with a combined loss of $5.3 million. However, he offset those setbacks with a $25.19 million gain on a trade involving PEPE.
XRP has been down 2.6% in the last 24 hours, reflecting growing technical weakness across multiple indicators. Its price is below $2.40. Its RSI has sharply dropped into neutral territory, signaling fading momentum after nearly reaching overbought levels just one day prior.
The Ichimoku Cloud setup has turned bearish, with the price now trading below key support lines and under a red cloud, indicating increasing downward pressure. Adding to the concern, XRP’s EMAs are on the verge of forming a death cross, a bearish signal that could lead to deeper declines unless a strong recovery emerges.
XRP Loses Strength After RSI Falls Sharply From Near-Overbought Levels
XRP’s Relative Strength Index (RSI) has dropped to 46.72, falling from 64.86 just a day earlier, indicating a swift loss of upward momentum.
The RSI is a widely used momentum oscillator that ranges from 0 to 100. It helps traders identify overbought and oversold conditions.
Readings above 70 typically suggest an asset may be overbought and due for a correction, while values below 30 indicate oversold conditions that could lead to a bounce. Levels between 30 and 70 are considered neutral and reflect a lack of strong directional trend.
With XRP now sitting at 46.72, the token has returned to a neutral zone, signaling indecision and a potential pause in its previous upward move.
The sharp decline suggests weakening buyer interest, which could lead to further price consolidation or mild downside if market sentiment doesn’t improve.
For bullish momentum to resume, XRP would likely need a bounce in RSI toward the 60–70 range, supported by a broader recovery in crypto markets. Until then, price action may remain range-bound or slightly bearish.
Ichimoku Cloud Turns Bearish for XRP as Price Drops Below Key Lines
The Ichimoku Cloud chart for XRP shows a bearish shift in momentum. The price has broken below both the Tenkan-sen (blue line) and the Kijun-sen (red line), signaling a short-term trend reversal.
The price action is now positioned beneath the Kumo (cloud), which has transitioned from green to red—an indication that market sentiment is weakening and downward pressure is building.
The red cloud ahead suggests that bearish momentum could continue unless there’s a strong recovery to push the price back above the cloud.
Additionally, the Senkou Span A (leading green line) is trending downward, and the Senkou Span B (leading red line) is flat, showing a loss of bullish momentum and potential for range-bound or declining movement.
Although not clearly shown, the Chikou Span (lagging green line) appears to be below the price action, further confirming a bearish outlook.
Overall, the Ichimoku setup reflects increasing resistance and declining support, suggesting XRP is in a vulnerable technical position unless buyers step back in forcefully.
XRP Faces Bearish Risk as EMA Death Cross Looms
XRP recently approached the $2.50 zone but faced sharp rejection as Bitcoin’s sudden drop triggered a broader market pullback.
The selling pressure has weighed heavily on XRP’s structure, and its exponential moving averages (EMAs) are now converging in a way that suggests a potential death cross. This bearish crossover typically signals extended downside risk.
If confirmed, this pattern could open the door to a deeper correction, with key support levels at $2.32 and $2.28 in focus. A break below those zones could accelerate losses toward $2.12 and $2.07 if bearish momentum intensifies.
A push back toward the $2.449 resistance would be the first key test for bulls, and reclaiming $2.479 could open the way for a retest of the $2.65 level.
Such a move would likely require a broader recovery in crypto sentiment, particularly from Bitcoin, as well as a clear rejection of the looming death cross. Until then, the technical bias remains tilted to the downside.
Three Made in USA coins—Worldcoin (WLD), Jupiter (JUP), and EOS—are drawing renewed attention following Donald Trump’s latest post suggesting a 50% tariff on the European Union starting June 1.
WLD is leading the pack with a 37% surge after a $135 million token sale to a16z and Bain Capital Crypto. JUP is also outperforming the market, gaining nearly 7% amid key ecosystem announcements. Meanwhile, EOS is struggling to hold recent gains after a controversial $3 million purchase by World Liberty Financial sparked speculation across the crypto community.
The funding, which was not a traditional venture round but a market-priced token purchase, instantly boosted WLD’s circulating supply—reflected in a sudden $135 million spike in market cap moments before the announcement. The capital will be used to expand biometric identity operations in the U.S., following regulatory setbacks in Europe and Africa.
This suggests buying strength is present and accelerating, increasing the likelihood of WLD challenging the resistance at $1.64. If broken, WLD could push above $1.70 for the first time since late January.
However, traders should monitor the $1.36 support closely—if this floor fails, the token could retrace toward $1.17 or even $1.05 in a deeper correction.
The rally comes during a high-activity week for the Jupiter ecosystem, marked by the launch of its mobile app, a strategic partnership with Moonpay, and the debut of Jupiter Lend.
Technically, JUP remains below the key resistance at $0.635, which it recently failed to break.
A successful retest and breakout above that level could pave the way for a move toward $0.84, with a strong uptrend potentially pushing it to challenge the $1 mark for the first time since February.
However, if momentum fades and Jupiter (JUP) drops to test support at $0.52, losing that level could trigger a sharper decline to $0.465. In a deeper downturn scenario, the token could slide to $0.40, $0.348, or even $0.30, making the current breakout attempt a critical moment for bulls.
EOS
One week ago, World Liberty Financial (WLFI) sparked controversy in the crypto community after purchasing $3 million worth of EOS tokens, a move that immediately raised eyebrows.
The timing of the buy—following WLFI’s alleged $125 million loss from selling ETH at a three-month low—fueled speculation of possible market manipulation.
Despite skepticism, no concrete evidence of misconduct or insider trading has emerged. Interestingly, EOS rallied over 9% shortly after the purchase, intensifying the debate over whether WLFI’s actions were strategic or coincidental, making it an interesting player among Made in USA coins to watch.
Since then, however, EOS has struggled to maintain momentum and is now down nearly 10.5% over the last seven days. The token recently failed to break resistance at $0.79 and is now at risk of extending its decline.
If bearish pressure persists, EOS could test the support at $0.72; a break below this level may lead to deeper drops toward $0.652 and $0.583.
On the flip side, if momentum returns and EOS can reclaim $0.79, it may target higher levels at $0.869 and potentially $0.97—though a strong market reversal would be needed to support such a move.
The week was notably bullish for the crypto market, with Bitcoin (BTC) reaching record highs of $111,980 and more optimistic predictions emerging. US states’ investment trends and regulatory developments dominated the spotlight, while Pi Network’s price surge also drew attention.
The following is a roundup of some of the most important developments in the crypto market this week.
14 US States Disclose $632 Million Stake in MSTR
One of the most notable developments this week in crypto was the revelation of US states’ $632 million holdings in Strategy’s MSTR stock. BeInCrypto reported that in Q1 2025, the holdings increased by an average of 42%.
“14 US states have reported $632 million in MSTR exposure for Q1, in public retirement and treasury funds. A collective increase of $302 million in one quarter,” Bitcoin Laws founder Julian Fahrer posted.
US State MSTR Stock Holdings. Source: Data Curated by BeInCrypto
California, through its state teachers and public retirement fund, led the pack with $276 million in MSTR shares, followed by Florida, North Carolina, and New Jersey. Despite a recent veto on a Bitcoin reserve bill, Arizona also increased its MSTR holdings.
Other states like Utah and Colorado showed substantial growth in MSTR investments, with the former’s holdings growing by 184% in the last quarter. On the other hand, while boosting its MSTR position by 26%, the Wisconsin Investment Board sold off its entire $300 million stake in BlackRock’s Bitcoin ETF.
Pi Network has been widely discussed since its open network launch in late February 2025. This week, Pi Coin (PI) dominated headlines due to its 11% price appreciation. BeInCrypto highlighted that the catalyst behind this uptick was an 86 million withdrawal from the OKX exchange.
This reduced OKX’s PI token balance to just 21 million. This mass movement suggested investors were holding rather than selling. This bullish signal is often associated with confidence in future price appreciation.
“This isn’t just a withdrawal—it’s a POWER MOVE by the Pi community. Scarcity is kicking in, and the market is feeling the heat!” a Pioneer posted on X.
Nonetheless, the high was fleeting. After the rise, more declines followed. Over the past day alone, Pi Coin’s value depreciated by 4.7%.
Along with its underwhelming price performance, Pi Network has faced significant criticism due to its inability to secure a listing on major exchanges like Binance or Coinbase. Concerns regarding its lack of recognition on price tracking platforms, token distribution, node centralization, and migration challenges further add to the growing list of issues.
Blum Co-Founder Vladimir Smerkis Arrested in Moscow
Another crypto-related incident this week involved the co-founder of the Telegram-based crypto project Blum. On May 18, the Zamoskvoretsky District Court in Moscow arrested Vladimir Smerkis, who previously managed Binance’s operations in Russia. Smerkis allegedly committed ‘large-scale fraud.’
“The Zamoskvoretsky District Court granted the investigator’s petition for the preventive measure of detention for Vladimir Smerkis, who was arrested in connection with a case of large-scale fraud (Article 159 of the Criminal Code of the Russian Federation),” local media reported.
In response to the arrest, Blum quickly distanced itself from Smerkis and his involvement in the project.
“We would like to inform our community that Vladimir Smerkis has stepped down from his role as CMO and is no longer involved in the development of the project or in any co-founder capacity,” Blum’s official statement read.
Fred Krueger Predicts Bitcoin Could Reach $600,000 by October 2025
This week in crypto, Bitcoin took center stage with its impressive rally. BeInCrypto was the first to report that Bitcoin reclaimed its all-time high of $108,900 after four months. However, the rally didn’t stop there, as the price continued to climb.
Yesterday, BTC peaked at a new record of $111,980, a high yet to be surpassed. Yet, analysts are increasingly optimistic about Bitcoin’s prospects moving forward.
Mathematician and analyst Fred Krueger predicted that Bitcoin’s price could surge to $600,000 by October 2025. His forecast hinges on a series of speculative developments that will begin on July 21, with BTC priced at $150,000.
“THE FINAL RUN: BITCOIN TO $600,000. Timeframe: 90 days — from Monday, July 21, 2025. Starting BTC: $150,000, Ending BTC: $600,000. Final Gold: $10,400. DXY: Collapses from 96 → 68. US 10Y Yield: Spikes to 9.2% before being “frozen” by the Fed. SPX: Collapses 50%,” Krueger stated.
The supposed catalysts for Bitcoin’s rise to $600,000 include a failed US Treasury auction, BRICS nations launching a Bitcoin-backed payment system, countries shifting reserves to Bitcoin, rising Treasury yields, a collapse in US real estate, tech companies adopting Bitcoin, and a potential restructuring of the US dollar at an October summit.
The bill, which aims to create a state-level Bitcoin Reserve, now only requires Governor Abbott’s signature to be finalized. Notably, as BeInCrypto pointed out, Governor Abbott is pro-crypto.
In fact, he posted an article about the Texas Strategic Bitcoin Reserve on his X account today, which signals a likely approval.
“It’s happening. Texas Governor, Greg Abbott, will sign Texas’ Bitcoin Reserve into law. One of the richest states will be buying Bitcoin. Get ready!!!” crypto commentator Kyle Chassé remarked.
With the Texas Senate session ending on June 2, Governor Abbott has until then to make a decision. If signed into law, Texas will become the second US state to establish its own Bitcoin Reserve, following New Hampshire.
Last week, an attempted kidnapping in Paris targeted the daughter and grandchild of a crypto entrepreneur, adding to a troubling trend of attacks on crypto figures in France. Since January 2025, three kidnapping attempts have been reported involving individuals linked to the cryptocurrency industry.
Crypto-related violence is not confined to France. Globally, crypto moguls are increasingly becoming prime targets.
This highlights the dark side of the cryptocurrency boom, where immense wealth attracts both opportunity and danger. Beyond abductions, the mysterious deaths of prominent figures have also plagued the crypto industry over the years.
The 29-year-old was found dead in Puerto Rico, near the Condado Beach in San Juan, on October 28, 2022. The cause of the crypto millionaire’s death was determined to be drowning, but the circumstances surrounding it quickly sparked intense discussion due to his final cryptic social media posts.
Just days before his death, Mushegian posted alarming messages on X (formerly Twitter), suggesting he feared for his life.
“3 possible futures for me 1) suicided by CIA 2) CIA brain damage slave asset 3) worst nightmare of people who fucked with me up until now, I am sure these are the only options,” Mushegian wrote in September 2022.
The tragic nature of Mushegian’s passing also led to various conspiracy theories.
“Maybe it’s just my tin hat leaking out, but it is my opinion that Nikolai spoke truth in his tweet, and was then murdered as a lesson to anyone else who finds themselves in a similar situation,” a user posted on Reddit.
Despite this, the police found no evidence to substantiate the theory that he was intentionally harmed. It is also worth noting that Condado Beach, where the incident occurred, is known for its dangerous currents and strong waves. The beach has a history of fatal accidents. Thus, his death was officially ruled an accident.
Fernando Pérez Algaba
Fernando Pérez Algaba was an Argentine businessman and crypto millionaire. He was famous for driving luxury cars and enjoyed a lavish lifestyle, which he often shared with his Instagram followers. Unfortunately, Algaba passed away in July 2023 at the age of 41.
Crypto millionaire found dead and chopped up in suitcase. #DramaAlert
After a group of kids in Argentina found the dismembered remains of missing wealthy Fernando Pérez Algaba, 41, over the weekend, police opened a murder inquiry.
On July 23, authorities were alerted when children playing near a stream in Ingeniero Budge, Buenos Aires Province, discovered a red suitcase containing dismembered body parts. Police examined the suitcase and found the victim’s legs and forearm inside, while the other arm was located in the stream.
Three days later, on July 26, authorities recovered the missing head and torso. An autopsy later revealed that the victim had been shot three times before being dismembered.
Local media noted that Algaba had been missing since July 18. The owner of an apartment he had rented on the outskirts of Buenos Aires reported that he had not returned the keys and was not responding to calls.
The New York Post later revealed that Algaba had received threatening messages in the week leading up to his death. He also owed large sums of money to Argentina’s tax agency. Moreover, Algaba also had some conflicts with a notorious local gang that demanded $40,000 from him.
Additionally, Algaba left a note on his phone stating that he had lost a significant amount of money in crypto investments.
“If something happens to me, everyone has been warned,” the note read.
At the time of the investigation, the police had arrested one suspect in connection with Algaba’s death. However, further details about the suspect and the progress of the investigation have not been fully disclosed.
Mircea Popescu
Mircea Popescu was a Romanian-born Bitcoin maximalist and blogger. He was recognized for his early involvement in cryptocurrency and his controversial online presence. His unapologetic views on Bitcoin’s value and disdain for centralized financial systems earned him the title “The Father of Bitcoin Toxicity.”
An entrepreneur and outspoken libertarian, Popescu was very active on the Bitcoin forum Bitcointalk and launched Mpex, a Bitcoin exchange, in 2012. However, the exchange was reportedly under investigation by the US Securities and Exchange Commission (SEC).
Popescu passed away in June 2021, aged 41. He reportedly drowned while swimming off the coast of Costa Rica. It was rumored that Popescu had held over 1 million BTC at the time of his death.
“Mircea Popescu died last week. He was a thoroughly unlikeable person who taught me so much about Bitcoin. I think the thing that will stick with me is his insistence that noobs lurk for 6 months before saying anything. We’d have stronger communities if this was a tradition,” entrepreneur Riccardo Spagni posted on X.
The crypto mogul’s death marked the end of an era for one of the most divisive figures in the cryptocurrency world. His legacy continues to spark debate, with some viewing him as a pioneer and others as a polarizing character who significantly shaped Bitcoin’s early culture.
Kraken has launched perpetual futures contracts for Pi Network’s native token, PI, allowing traders to take long or short positions with up to 20x leverage.
The move gives traders a new way to speculate on PI’s price without holding the asset itself. It also marks PI’s debut on a major derivatives platform, despite the token still lacking listings on top spot exchanges like Binance or Coinbase.
How PI Perpetual Futures on Kraken Will Work
Perpetual futures are derivative contracts with no expiration date. Traders can open positions that track the price of PI and settle profits or losses based on price movements over time.
On Kraken Pro, users can access these contracts with over 40 collateral options and across more than 360 markets.
This flexibility allows both hedging and speculative strategies. Traders bullish on Pi Network can go long, while skeptics can short the token—betting that its price will fall.
$PI@PiCoreTeam perpetual futures now live with up to 20x leverage
The listing introduces more liquidity into the PI market. Greater trading activity could reduce volatility in the long term. However, in the short term, leverage may amplify price swings.
Market sentiment around PI is already fragile. Concerns over centralization—60% of the token supply remains under core team control.
PI Network Price Chart In May 2025. Source: TradingView
With futures now in play, bearish traders may open leveraged shorts, potentially accelerating PI’s downward momentum.
Meanwhile, increased volatility could trigger liquidations on both sides, causing sudden price spikes or crashes.
While the futures listing opens new opportunities, it also raises the stakes. Traders should monitor funding rates and open interest to gauge the strength of directional bets.
Overall, Kraken’s move brings new visibility to Pi Network. But for now, there is a lot of skepticism regarding the altcoin’s direction in the spot market.
Hedera (HBAR) is trading dangerously close to the key psychological level of $0.20, with technical indicators flashing mixed signals. The BBTrend has turned slightly positive at 0.97 but continues to struggle to break above the bullish confirmation level of 1, signaling weak momentum.
Meanwhile, the RSI has dropped sharply from near-overbought territory to a neutral 49.58, reflecting fading confidence after Bitcoin’s recent decline. With HBAR hovering at a make-or-break level, traders are watching closely to see whether support holds or if a deeper correction happens.
HBAR BBTrend Turns Positive, But Struggles to Confirm Bullish Momentum
The BBTrend (Bollinger Band Trend) indicator measures the strength and direction of price trends based on how far prices deviate from a moving average within the Bollinger Bands.
Positive values suggest upward momentum and buying strength, while negative values indicate downward pressure. The deeper the value, the stronger the trend, making it useful for spotting breakouts or trend reversals.
When BBTrend hovers near zero, it signals indecision or consolidation, and sustained values above 1 are typically seen as confirmation of a bullish move gaining traction.
HBAR’s current BBTrend reading of 0.97 marks a recovery from its recent bearish phase, where it bottomed at -8.99 on May 19 and remained negative through May 22.
While the reading reflects an improving trend, it also highlights hesitation from buyers, indicating that HBAR may remain range-bound unless stronger momentum emerges.
Hedera RSI Drops to Neutral Zone Amid BTC-Driven Sell-Off
Hedera’s Relative Strength Index (RSI) has dropped to 49.58, falling sharply from 69.91 just a day earlier.
This sudden shift reflects a clear loss of buying momentum, as broader market sentiment turned risk-off following Bitcoin’s 3% drop in response to Donald Trump’s threat of imposing a 50% tariff on the European Union.
The RSI’s decline highlights how quickly investor confidence in HBAR faded alongside BTC’s pullback, pulling the token back into neutral territory after nearly touching overbought conditions.
The RSI is a momentum indicator that measures the magnitude of recent price changes to evaluate whether an asset is overbought or oversold.
It ranges from 0 to 100, with levels above 70 typically signaling overbought conditions and potential for a pullback, while values below 30 suggest oversold conditions and potential for a rebound.
With HBAR’s RSI now sitting near the midline, the token lacks a clear trend, indicating indecision among traders. For momentum to return, HBAR would need either renewed bullish sentiment or broader market stabilization—particularly from Bitcoin.
HBAR Nears $0.20 Breakdown — Key Support Levels in Focus
Hedera price is currently at a critical technical juncture, hovering just above the psychological level of $0.20. If bearish momentum persists, the token is at risk of breaking below this level and could slide toward the next support at $0.192.
A breach there would expose further downside to $0.184, potentially accelerating short-term selling pressure.
This scenario reflects broader weakness in the crypto market, particularly after Bitcoin’s recent pullback.
However, if sentiment stabilizes and HBAR reverses course, the first resistance to watch is at $0.209. A successful breakout above this level could open the door to a move toward $0.228, a zone that would likely require strong volume and broader market support to reclaim.
US President Donald Trump announced plans to impose a 50% tariff on all goods imported from the European Union, effective from June 1. The announcement has caused some nervousness in the crypto market, as earlier bullish momentum has corrected.
The proposed tariffs come in response to what Trump described as persistent trade imbalances and regulatory barriers. He accused the EU of maintaining unfair trade practices that have harmed US businesses.
Long-Short Ratio Shows Market Confusion
Bitcoin dropped to $108,000 following the announcement, down from a session high of $111,000. It has since recovered to around $109,000 but remains under pressure. The overall crypto market is down 4% over the past 24 hours.
Data from Coinglass shows $64.13 million in crypto liquidations over the last four hours. Long positions accounted for $34.05 million, while short positions made up $30.09 million.
Bitcoin alone saw $24.4 million in liquidations, with Ethereum at $15.16 million.
Meanwhile, Bitcoin’s long-short ratio remains almost equal, which shows a short-term uncertainty in the market’s direction. Yesterday, Bitcoin long positions dominated the charts at 54%.
Bitcoin Long-Short Ratio Over the Past Month. Source: Coinglass
Solana, XRP, and several altcoins also experienced sharp volatility, reflecting heightened volatility across the board.
Analysts warn that the tariff announcement could be the start of broader economic disruption. European stock indices fell sharply, and US tech shares also faced selling pressure.
The trade war is back:
After a brief pause, Trump just threatened 50% tariffs on the EU beginning June 1st and 25% tariffs on Apple.
In 5 days, the S&P 500 has erased -$1.5 trillion of market cap.
What’s next? Here’s why you NEED to watch the bond market.
— The Kobeissi Letter (@KobeissiLetter) May 23, 2025
In crypto, the liquidation heatmap reflects a market caught between downward fear and upward retracement attempts.
The situation is fluid. If the tariff threat escalates into a full trade dispute, risk assets, including cryptocurrencies, may face additional headwinds. Traders are watching closely for any EU response or signs of negotiation.
In the past 24 hours, 162,419 traders were liquidated, totaling $567.65 million. While crypto has often acted as a hedge during traditional market stress, today’s moves show it is not immune to global policy shocks.
Volatility may persist as geopolitical uncertainty mounts.
40+ collateral options
