Category: News

The long-debated bipartisan GENIUS Act—set to establish the United States’ first comprehensive federal framework for stablecoin regulation—may pass the Senate as soon as Wednesday, June 11. 

This timeline comes after Senate Majority Whip John Thune filed cloture today on Amendment #2307. This is a key bipartisan substitute to the original bill (S.1582), and on the bill itself.

Next Steps for the GENIUS Act 

Cloture, a procedural tool used to limit debate and force a final vote, allows 30 hours of focused Senate debate. Barring procedural delays, the chamber is expected to hold final votes on both the amendment and the underlying legislation by midweek. 

Senate insiders familiar with the matter told BeInCrypto that Wednesday is the likely window for final passage, assuming no objections derail the schedule.

The cloture filings from Thune mark the final stage in the Senate’s effort to advance the GENIUS Act. Under Senate rules, the 30-hour clock for debate began ticking immediately after cloture was invoked. 

So, this sets up a vote window by Wednesday. The bill requires 60 votes to overcome the filibuster and move to a final vote.

NEW: @LeaderJohnThune has filed cloture on both the bipartisan amendment to GENIUS Act and the full bill. Votes on cloture will occur this week. Again, these votes will need 60 votes to move to final passage. https://t.co/uxFBV84Lel

— Eleanor Terrett (@EleanorTerrett) June 9, 2025

This follows significant bipartisan cooperation led by Senators Bill Hagerty, Kirsten Gillibrand, Cynthia Lummis, and Chris Van Hollen. 

The Hagerty amendment (#2307) serves as a negotiated substitute, integrating several compromise provisions aimed at increasing support across both parties.

Key Amendments and Negotiations

Amendment #2307 reshaped the bill substantially to meet demands from both the banking sector and digital asset firms:

• State vs. Federal Oversight: The amendment allows stablecoin issuers under $10 billion in market cap to opt into a state-based regulatory regime. Issuers above that threshold would fall under a federal supervisory framework.
• Reserve and Transparency Requirements: Issuers must maintain 1:1 backing with US dollars or highly liquid short-term assets such as Treasury bills. Monthly attestations and public disclosures are mandated to ensure solvency and consumer protection.
• Ban on Interest-Yielding Stablecoins: In response to lobbying from the banking sector, the bill includes a ban on yield-generating stablecoins that might compete with traditional deposits. This was among the most debated provisions.
• Restrictions on Foreign Stablecoins: The amendment limits the circulation of foreign-issued stablecoins in the US market without equivalent regulatory oversight, citing national security concerns.
• Executive Restrictions: A clause restricts executive branch members, including the president, from issuing or endorsing a national stablecoin, reinforcing Congressional authority over monetary innovation.

The GENIUS Act is going to propel America’s payment system into the 21st century. Let’s get it done! pic.twitter.com/mIGpocZmUs

— Senator Bill Hagerty (@SenatorHagerty) June 4, 2025

What Happens After the Vote?

If the cloture vote clears the 60-vote threshold—likely, given prior bipartisan momentum—the Senate will proceed to a final vote on the Hagerty substitute and then on the GENIUS Act in full.

Once passed, the bill heads to the House, where a parallel effort—the STABLE Act—is gaining traction. Lawmakers will need to reconcile both versions in conference before sending a unified bill to the President’s desk. 

Sources close to the House Financial Services Committee suggest alignment on most key principles.

However, details like custody rules and state preemption may still spark negotiations.

The post GENIUS Act Stablecoin Bill Could Pass As Soon As Wednesday appeared first on BeInCrypto.

Hedera (HBAR) has been under pressure, down more than 17% over the last 30 days and trading below $0.20 since May 23. While some momentum indicators show early signs of recovery, HBAR continues to face resistance at key technical levels.

Its BBTrend remains in negative territory, and the RSI has failed to break above 60 despite climbing from oversold conditions. A potential golden cross in its EMA lines could trigger a bullish breakout, but the move needs stronger follow-through to overcome nearby resistance.

HBAR’s Persistent Negative BBTrend Could Delay Bullish Breakout

As reflected by its BBTrend indicator, Hedera has shown persistent bearish momentum over the past two weeks. Since May 26, the BBTrend has remained in negative territory, reaching a low of -12.54 on June 2.

As of now, the indicator sits at -0.195, suggesting a potential easing of the downtrend, though the overall sentiment remains weak.

Despite briefly touching 0.09 yesterday, the negative BBTrend trajectory shows that bullish pressure has yet to take hold convincingly.

BBTrend, short for Bollinger Band Trend, measures the direction and strength of price movements based on the position of the price relative to Bollinger Bands.

A positive BBTrend suggests bullish momentum, while a negative reading indicates sustained selling pressure or sideways movement within the lower part of the Bollinger Band range.

With HBAR’s BBTrend still slightly negative at -0.195, it signals caution—although the extreme bearishness seen earlier in June has moderated, the asset hasn’t firmly transitioned into a bullish phase.

HBAR Recovers From Oversold Levels

Hedera is showing signs of recovering momentum, with its Relative Strength Index (RSI) currently at 57.17—up sharply from 27.62 on June 5.

Since June 6, RSI has held consistently above the neutral 50 mark, suggesting buyers gradually gain control.

However, despite this upward shift, HBAR’s RSI has struggled to break above the 60 threshold over the past three days, signaling that bullish momentum remains limited and faces resistance just as it begins to build.

The RSI is a widely used momentum oscillator that ranges from 0 to 100. Values above 70 indicate overbought conditions, while those below 30 point to an oversold market. Readings around 50 suggest a neutral stance.

With HBAR’s RSI currently testing the 50–60 zone, the asset is in a transition phase—neither strongly bullish nor bearish.

A decisive break above 60 could open the door to further upside, but its recent inability shows that the bulls still lack conviction for a sustained rally.

Will Hedera Break $0.20?

Hedera price is approaching an important moment, as its Exponential Moving Averages (EMAs) hint at a potential golden cross formation. This bullish signal occurs when a short-term EMA crosses above a long-term EMA.

If this crossover materializes, it could trigger upward momentum and drive HBAR to test the resistance at $0.175.

A strong breakout above that level may open the path toward $0.193, and if the uptrend gains traction, HBAR could surge to as high as $0.209, reclaiming the $0.20 zone for the first time since May 23.

However, the bullish scenario hinges on sustained upward momentum. HBAR may retreat to test the immediate support at $0.160 if the rally fails to develop.

A breakdown below that level could drag the price to $0.155, placing it at risk of deeper short-term losses.

The post Hedera Awaits a Potential Golden Cross – What Does it Mean for HBAR Price? appeared first on BeInCrypto.

SUI has recently seen a 12% rise in the past 24 hours, bringing back some investor confidence. However, this price increase could prove disastrous for traders, as it may trigger significant liquidations if the altcoin reaches a key price level. 

The recent rally is a double-edged sword with potential consequences for short traders.

SUI Traders Face Losses

According to liquidation data, SUI faces a potential $96 million worth of liquidations if its price hits $3.48. This would primarily impact short traders, who have positioned themselves for a price decline.

Should SUI rise towards this critical level, short contracts would be liquidated, forcing traders to cover their positions and further propelling the price increase.

This potential liquidation event highlights the volatility of SUI and the risks involved for traders who are betting against it. With a surge in price, short traders might be forced to exit their positions, inadvertently fueling the uptrend.

As a result, this scenario could exacerbate the price rally, putting both short and long traders at the mercy of unpredictable price movements.

Despite the recent 12% rise, the Chaikin Money Flow (CMF) indicates a decline, signaling a lack of investment inflows. The CMF is currently showing negative momentum, suggesting that investors are not fully backing SUI’s price rise.

The recent gains appear to be driven more by short covering rather than a broad-based surge in buying interest.

Should the outflows continue, SUI’s price could face additional pressure. The lack of strong buying support, coupled with the decline in CMF, suggests that the recent rally may not be sustainable.

If these outflows persist, they could lead to a price reversal, diminishing the optimism generated by the recent gains.

SUI Price Attempts Surge

At the time of writing, SUI is trading at $3.27, having risen by 12% in the last 24 hours. The price is currently facing resistance at $3.33, which has proven to be a significant barrier in the past.

Given the ongoing outflows, it seems unlikely that SUI will break through this resistance level in the near term.

If SUI fails to breach the $3.33 resistance, it could retrace to lower levels, such as $3.13 or $2.91, wiping out the recent gains. This would mark a continuation of the consolidation phase, as the lack of strong buying pressure prevents further upward movement.

However, the Parabolic SAR indicator is approaching a key level, with a potential flip below the candlesticks that could signal the start of an uptrend.

If SUI successfully breaks through $3.33, the price could rise to $3.48. A breach of this level would invalidate the bearish outlook, triggering a wave of liquidations on short positions and further boosting the price.

The post SUI will Trigger a $96 Million Liquidation if Price Reaches This Level appeared first on BeInCrypto.

Coinbase, the largest US-based exchange, is taking steps to rebuild user trust amid one of the platform’s most contentious issues, account freezing.

Users decry unnecessary account freezing and unsuccessful recovery efforts despite submitting all required KYC (Know Your Customer) documentation.

Did Coinbase Finally Fix Its Account Freezing Issue?

Coinbase CEO Brian Armstrong announced a significant breakthrough in one of the platform’s most contentious issues: unnecessary account freezes.

According to Armstrong, the company has reduced account restrictions by 82%. This move could reshape how both retail users and businesses perceive the exchange.

Account freezing has been a major issue at Coinbase for longer than is acceptable. I could list a bunch of the underlying reasons why it got so bad in the first place, but what’s more important is that we’ve made it a priority to fix, and we have been making good progress. Shout… https://t.co/Emrq6KQhpD

— Brian Armstrong (@brian_armstrong) June 6, 2025

The Coinbase exchange executive credited the achievement to Dor Levi, the platform’s new hire tasked with overhauling the restrictions system.

Based on comments on X (Twitter), account freezes have long been a pain point among Coinbase users. Some cite the need for lengthy and opaque verification processes.

Complaints have ranged from weeks-long lockouts to repeated KYC requests, even after prior submissions.

“My account has been frozen for weeks despite submitting all required KYC documentation… This is causing real financial harm for many once loyal users,” wrote Hunter, senior ecosystem development/investment lead at Tron.

Dor Levi, who joined Coinbase nine weeks ago, outlined his team’s reforms in detail. He explained that improvements in machine learning (ML) models, enhanced infrastructure, and the addition of in-app self-service tools have allowed Coinbase to slash the frequency of freezes without compromising compliance.

“Account freezes should be rare, limited to situations that warrant them, primarily when we’re legally obligated… or protecting users…We’ve made significant investments in our ML models, infrastructure, and teams…Most restriction types will soon be resolved via self-service flows—much more efficient than before,” Levi emphasized.

New Leadership and ML Tools Drive Progress, But Legacy Issues Linger

Notwithstanding, despite viewing the progress as potentially transformative, industry insiders met the update with cautious optimism.

“Love it Brian. This has been a huge issue in the perception of Coinbase. I personally stopped using Coinbase because of the hoops needed to unlock my account,” said Mondoggg, cofounder of Resonance Lab.

Influencer Alex Becker agrees, alluding that the feature could draw users to Coinbase, potentially positioning it as a “business bank account.”

The business info required is more than my high risk processor and banks need.

— brady.xlm (@HempMillionaire) June 7, 2025

Still, the damage to Coinbase’s reputation among retail investors remains significant, indicating that Coinbase still has a long way to go before rebuilding credibility for this sector of clients.

With the 82% reduction now achieved and more updates promised, the question becomes whether Coinbase can fully reclaim its reputation beyond just being a crypto exchange, but potentially as a functional, secure platform for businesses to store and move capital with confidence.

“Damage is kinda done with retail,” crypto YouTuber Wendy O commented.  

Wendy also noted that her broad social audience across platforms has sour sentiment about the platform. Additional comments also indicate pending or unresolved cases.

“My account is restricted because I can’t produce an ownership statement of my MetaMask wallet that I use to deposit stablecoins into Coinbase,” BitPay co-founder Tony Gallippi wrote.

While Coinbase appears to be taking aggressive steps toward resolving its long-standing restriction problem, the road to restoring user trust is far from over.

The post Coinbase Slashes Account Freezing by 82%, But User Trust Remains Fragile appeared first on BeInCrypto.

Virtuals Protocol (VIRTUAL) has recently seen a notable 11% rise in the past 24 hours, bouncing from the support of $1.63 to trade at $1.84. 

Despite this upward momentum, the altcoin continues to face challenges from both investor sentiment and market conditions. These factors may impact its potential for sustained growth in the near future.

Virtuals Protocol Loses Investor Interest

After a spike earlier this week, the number of new addresses for Virtuals Protocol has dipped significantly. Currently, new addresses are at a month-and-a-half low, indicating a decline in investor interest.

This suggests that new investors are losing interest in Virtuals Protocol, which could potentially signal a loss of traction for the asset among crypto enthusiasts.

The decrease in new addresses highlights a broader trend that may hinder VIRTUAL’s ability to build sustained momentum. The lack of fresh interest may lead to further consolidation or even price declines.

From a macro perspective, Virtuals Protocol is facing some technical challenges. The Average Directional Index (ADX) is showing a sharp decline, which could indicate weakening momentum.

The ADX remains above the threshold of 25.0, signaling some strength in the current trend. 

However, it is at risk of slipping below this level. If this occurs, it could signal that the recent price uptrend is losing its strength. The declining ADX, coupled with lower levels of new address activity, suggests that Virtuals Protocol may soon experience a shift in its price trend.

Can VIRTUAL Price Breach Key Barrier 

Currently, Virtuals Protocol is trading at $1.84 after a notable 11.4% rise over the past 24 hours. The price is currently facing resistance at $1.93, which could present a challenge for further upward movement.

While the recent bounce off $1.63 is promising, overcoming the $1.93 resistance remains a crucial test for the altcoin’s near-term price action.

If the factors mentioned earlier continue to impact the market negatively, VIRTUAL may struggle to breach the $1.93 resistance. This could lead to a period of consolidation, with the price likely to remain above the $1.63 support level.

However, if selling pressure intensifies, the price may fall below this support, potentially reaching $1.50 or even lower.

On the other hand, if broader market conditions turn bullish, Virtuals Protocol could push past the $1.93 resistance. Successfully flipping this level into a support floor would be critical for the altcoin to target $2.00.

Beyond that, $2.45 would become the next key resistance, signaling a reversal in the bearish thesis and opening the door for further gains.

The post Virtuals Protocol Might Struggle to Retain $2 – Here’s Why appeared first on BeInCrypto.

Signals from Bitcoin whales and miners hint at a potential rally on the horizon. New data from CryptoQuant reveals that large Bitcoin holders now hold a balance of 3.57 million BTC. 

This approaches the previous high of 3.74 million BTC set in early 2021.

Bitcoin Whales are Increasing their Holdings

When whales steadily add to their reserves, they act as powerful demand sinks. Their increasing accumulation reduces the available supply and provides price support. 

The current uptrend in whale holdings suggests that institutions and high-net-worth investors view dips as buying opportunities and anticipate higher prices ahead.

“This metric reflects the true balances of large holders by excluding exchange and mining pool addresses. This offers a clearer view of strategic accumulation by large investors. Remained growth in whale holdings often signals institutional confidence and strong underlying demand, which are key drivers of longer-term bull cycles,” CryptoQuant analyst JA Maartunn told BeInCyprto.

But not all indicators point upward. According to CryptoQuant, the Hash Ribbons metric—tracking miner stress—recently flashed a buy signal. 

This typically reflects short-term turbulence as miners face profitability issues, forcing some to sell Bitcoin to stay operational.

Historically, these short-term stresses often set the stage for sustained rallies. Miner capitulation can trigger initial price drops. 

But ultimately, it clears weaker players from the market and tightens supply.

Last week, the Bitcoin price demonstrated notable volatility. Influenced by a heated public dispute between Elon Musk and Donald Trump, Bitcoin briefly dipped below $101,000. This prompted nearly $1 billion in liquidations.

Yet, Bitcoin quickly recovered to above $105,000, indicating resilient buying pressure.

Technical analysts are also optimistic. They highlight a “cup-and-handle” formation on Bitcoin’s daily chart, suggesting a bullish breakout if prices surpass $108,000.

A Buy Signal From the Hash Ribbons!

“We recently got a new buy signal from the Hash Ribbons indicator. This metric helps us assess the level of stress in the Bitcoin mining ecosystem.” – By @Darkfost_Coc pic.twitter.com/O6jrwfXfHq

— CryptoQuant.com (@cryptoquant_com) June 5, 2025

Moreover, institutional activity supports this bullish outlook. Bitcoin futures open interest rose by more than $2 billion in recent days, while funding rates stayed low. 

This scenario creates fertile ground for a potential short squeeze.

Will BTC Hold the $100,000 Psychological Support?

For now, the whale accumulation and miner stress data identify a clear trading range. Strong support sits between $100,000 and $102,000. 

This means BTC will likely maintain its $100,000 psychological level even during short-term corrections. 

Meanwhile, resistance awaits at the $108,000–$110,000 zone, where a breakout could accelerate prices toward $120,000. 

Traders should watch closely for catalysts, such as further miner selling, as these could swiftly influence price action. 

Additionally, macroeconomic headlines involving the Fed and global trade dynamics will likely keep volatility elevated.

The post Whale and Miner Data Reveal Bitcoin’s Next Move | Weekly Whale Watch appeared first on BeInCrypto.

TRUMP has seen a 7% rise in the last 24 hours, with the price trading at $10.34 at the time of writing. Despite this short-term recovery, the broader outlook for the altcoin remains bearish, influenced by ongoing market conditions. 

The recent conflict between Elon Musk and Donald Trump has added further uncertainty, potentially deepening the bearish trend.

TRUMP Outflows Rise

The Relative Strength Index (RSI) for TRUMP currently sits in the negative zone, below the neutral mark. This suggests that the broader market cues are bearish, presenting a significant challenge for TRUMP’s recovery.

A sustained period in the negative zone indicates that buying momentum is weak, and sellers continue to dominate the market.

The bearish sentiment is compounded by the recent market uncertainty surrounding the spat between Musk and Trump. The ongoing tensions between these two influential figures could further contribute to the lack of positive momentum for TRUMP.

From a macro perspective, the Chaikin Money Flow (CMF) indicator highlights a dominant trend of outflows from TRUMP.

The CMF has recently dropped to its lowest level in more than three months, showing that there is little buying pressure to support the asset’s price. This indicates a growing lack of confidence among investors in TRUMP’s long-term value.

The market’s response to the Musk-Trump conflict could amplify these outflows.

According to Nic Puckrin, a crypto analyst and founder of The Coin Bureau, the tension between Musk and Trump could negatively impact the broader market. 

“The public spat we’re seeing between Musk and Trump was nothing if not predictable. However, given their influence on the news cycle, the markets don’t like this at all, and it’s only likely to get worse as emotions escalate… It’s been a perfect storm for markets, and if this uncertainty, along with the Trump-Musk saga, continues into the weekend, the crypto market will bear the brunt, as it is still the only market that trades 24/7,” Puckrin said.

TRUMP Price Recovery May Be Difficult

TRUMP is currently trading at $10.48, having risen by 7.6% over the last 24 hours. However, the token is facing significant resistance at $10.97, a level that has proven difficult to breach in recent weeks.

Given the current market sentiment, it seems likely that TRUMP will struggle to push past this resistance, limiting its price movement in the short term.

Considering the current bearish factors and lack of strong buying momentum, TRUMP could remain consolidated between $10.97 and the support level of $9.68.

This consolidation could persist as the market grapples with the impact of outflows and investor uncertainty, making it difficult for TRUMP to make substantial gains.

If TRUMP’s supporters shift their outlook and turn more bullish, the token could breach the $10.97 resistance. Successfully flipping this level into support could trigger a move toward $12.18, invalidating the current bearish thesis. 

The post Why the TRUMP Meme Coin is Unlikely to Recover Anytime Soon appeared first on BeInCrypto.

Polymarket is entering a partnership with X, Elon Musk’s social media platform. The partnership doesn’t have a lot of details yet, but it’s already caused a market impact.

Polygon’s price jumped significantly after this news.

Polymarket Partners with X

Polymarket, a major online prediction market, hasn’t had a lot of previous interactions with X. However, its landmark new alliance with Elon Musk’s X is a major market development. Promising to become the social network’s “official prediction market partner,” Polymarket teased at future gains.

“Combining Polymarket’s accurate, unbiased, and real-time prediction market probabilities with Grok’s analysis and 𝕏’s real time insights will enable us to provide contextualized, data-driven insights to millions of Polymarket users around the world instantaneously. We are proud to work with 𝕏 as the official prediction market partner and to continue our fruitful collaboration,” claimed Shayne Coplan, founder and CEO of Polymarket.

Details are still under wraps, but both firms said Polymarket odds and widgets will soon appear inside X posts and livestreams, letting users stake on everything from US elections to sports finals with a few taps. Polymarket was built on Polygon, an Ethereum-based L2 scaling solution, and its token spiked immediately after the announcement.

Whatever specific plans Polymarket and X have for their continued partnership, it has the potential to significantly change the crypto ecosystem.

The post Polymarket Announces Partnership with X appeared first on BeInCrypto.

In crypto trading, the promise of massive gains often comes with the risk of heavy losses. Over the years, several high-profile crypto traders have made headlines for their bold bets, only to see their fortunes crumble when the market turned against them. 

From Bitcoin (BTC) to Ethereum (ETH), the crypto market has proven to be a double-edged sword. Millions can be made or lost in just hours, and traders are left to deal with the fallout from their high-risk moves. Here are the stories of three crypto traders who wiped out millions:

James Wynn

James Wynn, a pseudonymous trader on Hyperliquid, has become one of the most discussed figures on crypto Twitter (now X) due to his high-risk, high-reward trading style.

Wynn started trading on Hyperliquid in March 2025. He amassed significant profits through his bold trading strategies.

“Since I began trading this year on HyperLiquid I have made a total profit of $41,696,589.75 (on-chain). Next goal is $1bn. Not for the money. But for the legacy. Unlikely I’ll do it this cycle unless I went max degen on shorting the top, which I’m probably the only person with this kind of wealth who’s willing to turn it up on 40x leverage and put a significant % on the line,” Wynn said on May 9.

The trader had several successful trades. On May 24, he booked a $25.18 million profit from a long position in kPEPE and $16.89 million from a long Bitcoin position. Other notable trades included a $4.84 million profit from Fartcoin (FARTCOIN) on May 13 and a $6.83 million profit from Official Trump (TRUMP) on May 12.

Wynn’s profits peaked at over $87 million in late May. However, this was short-lived, as the trades began to backfire soon after. Wynn faced a series of significant setbacks. 

On May 23, he lost $3.69 million from a long Ethereum position and $1.59 million from a Sui (SUI) long position. Two days later, on May 25, he suffered a $15.86 million loss from a short position in BTC. 

“James Wynn has wiped out almost all his profits on Hyperliquid. It took him 70 days to go from 0 to $87 million+ in profit, and only 5 days to lose almost all the $87 million+ in profit,” Lookonchain posted on May 28.

Despite losing it all, Wynn’s bets continued. The largest blow came on May 30, when a long BTC position resulted in a loss of $37.41 million. Wynn’s losses extended into May 31, with an additional $1.20 million lost from another BTC long position.

Finally, on June 5, Wynn lost $2.81 million on a BTC long position, bringing his total losses to $20.4 million.

“I closed my position. Defeated accepted. MM’s 1-0 Wynn,” he stated.

At the time of writing, Wynn’s performance showed a win rate of 40.48%, with 17 successful trades out of 42.

Anonymous ETH Whale

Wynn’s downfall is part of a larger trend, with other crypto traders also losing millions. In March 2025, an anonymous cryptocurrency trader, identified by the wallet address 0xf3F496C9486BE5924a93D67e98298733Bb47057c, suffered a staggering $308 million loss after a 50x leveraged long position on ETH was liquidated. 

The trader had opened the position when ETH was trading at $1,900, with a liquidation price of $1,877. However, amid heightened market volatility driven by global tariff concerns, ETH’s price plummeted, liquidating 160,234 ETH.

Lookonchain reported that the whale had rotated all their Bitcoin holdings into this leveraged ETH trade, amplifying the risk.

“Crazy! This whale has switched all of his long BTC positions to long ETH,” the post read.

Leveraged trading, which uses borrowed funds to magnify both gains and losses, proved disastrous in this case, as a small price movement wiped out the trader’s entire position. 

Meanwhile, the trader has not opened any positions on Hyperliquid since late March.

Hui Yi

While leveraged bets have led to massive financial losses, they have also tragically resulted in the loss of life. In June 2019, Hui Yi, the co-founder and CEO of the cryptocurrency market analysis platform BTE.TOP reportedly took his own life.

Yi’s distress was believed to be caused by his involvement in a failed 100x leveraged short position on 2,000 Bitcoins. The extreme leverage amplified his losses, making his position highly vulnerable to even minor price fluctuations.

There was also speculation that the 2,000 Bitcoins might have belonged to clients. Some even suggested that Yi may have faked his death to avoid repayment. However, no evidence supported these theories.

An ex-partner confirmed Yi’s death. This tragic incident highlighted the psychological toll of leveraged trading and the dangers of using excessive borrowed funds in the volatile crypto market.

The post Crypto Trading Gone Wrong: How These 3 Traders Wiped Out Millions appeared first on BeInCrypto.

A graphical error on TradingView caused Bitcoin to temporarily wick to zero on MEXC. This caused a social media uproar, but the glitch was not visible on MEXC’s own platform.

Nonetheless, MEXC’s trading volume spiked over 51% in the last 24 hours. Unverified rumors can take off like wildfire if not addressed, potentially leading to token dumps and market chaos.

A Bitcoin Error on MEXC

MEXC, a Seychelles-based centralized exchange, has been focusing on new upgrades this year. After outpacing competitors with meme coin listings in 2024, it announced today that it’s shifting from quantity to quality. However, this was overshadowed by other events, as traders reported that Bitcoin briefly wicked to zero on MEXC.

This is what happened on MEXC yesterday.

A wick sending bitcoin to ZERO for a few seconds, liquidating all BTC longs.

MEXC is a SCAM, i told you.

This exchange is owned by CRIMINALS.

When i say folks will wish they paid attention to my posts, I’m not joking. pic.twitter.com/rPf5X9eFAO

— Crypto Beast (@cryptobeastreal) June 6, 2025

This immediately caused a social media uproar, as such an error in Bitcoin’s price would severely impact MEXC users. If BTC went from over $100,000 to $0, this would immediately liquidate all users’ long positions. Such a scandal might be worse than Hyperliquid’s JELLYJELLY incident, as this would be caused by a site error instead of trader activity.

However, MEXC’s team went on social media to address the alleged Bitcoin wick, claiming that it only happened on TradingView’s own site:

“We have recently become aware of some posts circulating on certain accounts claiming that MEXC’s BTC candle wick dropped to 0. We would like to clarify that this was simply a display error on the TradingView platform on June 5, and there was no such issue on MEXC’s official website, where everything has been functioning normally,” developers stated.

The MEXC team went on to claim that it was collaborating with TradingView to diagnose the Bitcoin display error and prevent it from happening again. It also urged the community to independently verify social media rumors and contact customer support in the event of a problem. Still, this announcement happened hours after the glitch.

MEXC’s trading volume spiked over 51% in the last 24 hours, mostly occurring after the Bitcoin display error. However, at the moment, it’s unclear if this heightened volume was due to users dumping assets, but such a thing is possible.

All that is to say, this demonstrates the importance of verifying information and fighting false rumors. MEXC didn’t have anything to do with the Bitcoin display error, but it still faced accusations of being a fraudulent business. The crypto sector is fast-paced and trades on community sentiment, after all. It needs strong guardrails to prevent accidents from blowing up.

BeInCrypto has reached out to MEXC, but we are yet to hear back.

The post TradingView Glitch Showed Bitcoin Wicking to $0 on MEXC appeared first on BeInCrypto.