The National Consumer Disputes Redressal Commission (NCDRC) has dismissed a lawsuit filed against WazirX over a ₹2000 crore hack. The court ruled that there is no established legal framework for cryptocurrency-related issues in India. As a result, the case against the crypto exchange was thrown out, highlighting the regulatory gap surrounding cryptocurrency in the country. This decision marks a significant moment in the ongoing debate over crypto regulations in India.
According to the latest reports from the Financial Times, Cantor Fitzgerald, a financial services company led by Brandon Lutnick, son of US Commerce Secretary Howard Lutnick, is working with SoftBank, Tether, and Bitfinex to form a Bitcoin (BTC) investment vehicle with a scale of over $3 billion.
This initiative comes amid a recovery rally in BTC, which has seen notable gains over the past day.
Is Cantor Fitzgerald Trying to Replicate Strategy’s Bitcoin Success?
Financial Times, citing sources close to the matter, revealed that Lutnick’s special purpose acquisition company (SPAC), Cantor Equity Partner, raised $200 million in January. The money will fund the creation of a new firm named 21 Capital.
The cryptocurrency companies involved in the initiative are contributing large sums of Bitcoin to 21 Capital. Stablecoin giant Tether will contribute $1.5 billion worth of BTC. Meanwhile, the Bitfinex exchange will contribute $600 million, and SoftBank, the Japanese multinational investment firm, will provide $900 million.
This brings the total Bitcoin contribution from the partners to $3 billion. Furthermore, the move also highlights SoftBank’s increased interest in the cryptocurrency space.
“Masayoshi Son’s biggest Bitcoin bet yet,” VanEck’s Matthew Sigel noted on X.
“While the deal was likely to be announced in the coming weeks, it could still fail to materialise, and the numbers could change, the people cautioned,” FT wrote.
The initiative aims to emulate the success of the largest corporate holder of BTC, Strategy (formerly MicroStrategy). The firm has been acquiring BTC since 2020, amassing a total of 538,200 coins worth $50.14 billion at press time, according to SaylorTracker. The company holds an unrealized profit of approximately 39.8%.
Meanwhile, Bitcoin, the initiative’s centerpiece, has seen a significant recovery recently. As BeInCrypto reported earlier, the largest cryptocurrency surged past the $90,000 mark for the first time in seven weeks. Over the past day, it rose by 5.3% to trade at $92,862.
“You start to think that Bitcoin is rallying as a sound money store of value inflation hedge but the market gods have a sick sense of humor and it turns out it was just a cantor/softbank/tether MSTR 2.0 all along,” an analyst posted on X.
Changpeng “CZ” Zhao is having another public dispute with Bloomberg over his recent efforts to advise various governments on crypto policy.
The Binance founder once again called out the publication for negatively framing his advisory efforts. CZ continues to stress that several media outlets take his remarks out of context to drive breaking news.
In recent months, CZ has been actively advising the government on crypto policies and digital asset regulations. This month alone, he advised Kyrgyzstan on building its crypto hub and joined the Pakistan crypto council.
Earlier this week, he met with the Prime Minister of Malaysia to “discuss [the country’s] potential to become a major hub” for crypto.
This particular meeting was the center of Bloomberg’s report today, framing the regulatory efforts in a negative context.
Specifically, the article repeatedly called attention to his prison stint for money laundering charges, which he pleaded guilty to. It mentioned his criminal past several times in addition to previous reprimands from regulators.
In other words, several US-based media outlets find it ironic that CZ influences crypto laws due to his struggles with the legal system.
However, his actual advice is pretty standard. As a major crypto leader, it’s unsurprising that CZ advocates for balanced or even loose regulation.
Bloomberg also quoted a few of CZ’s comments at various public appearances, which he claims were taken out of context. For example, it referred to a Q&A about Giggle Academy.
Giggle is a non-profit online education platform that helps youths in emerging markets find employment. When asked about concerns of promoting child labor, he responded:
“I’ve got to be careful on this one. We don’t want to violate any laws about working age. Giggle doesn’t offer a job market on the platform today, but it plans to in the future. We are also willing to work with labor ministries to review or at least explore what’s the right working age for kids,” CZ said.
CZ called this quote a joke, chiding the publication for focusing on it instead of the talk’s main points. Giggle has enrolled over 28,000 children, he claimed.
The article paints his activities in a dark light by constantly referring to his criminal conviction and pairing this remark about “working with labor ministries” with his efforts advising government policy.
Ethereum price is approaching a key technical level that has historically acted as a barrier to upward price movement. According to recent technical analysis, this resistance zone has triggered past reversals, and analysts caution that another failure to break above could lead to a downward correction. The altcoin is trading within a descending channel, a pattern typically associated with bearish trends. While some analysts remain optimistic about a potential rebound, others warn that the next move could push ETH price lower, targeting a key support of $1,700.
Analysts Warn of Ethereum Price Potential Fall to $1,700
According to a recent analysis, Ethereum price is nearing a resistance zone at $2,200. This level coincides with the upper boundary of a Descending Channel. Technical analysts consider this pattern bearish. Price movements within the channel have shown lower highs and lower lows, indicating downward pressure.
Crypto analyst MadWhale shared a chart showing Ethereum trading close to this critical resistance. Previous interactions with this level have led to downward reversals. The analyst suggests that failure to break this zone may trigger a 13% decline. The projected target is $1,700, a level that has previously served as support.
Source: TradingView
More so, another recent analysis shows that ETH/BTC is currently testing a critical support zone last seen in late 2020, raising the possibility of a trend reversal after years of decline. This technical setup, combined with record-high futures open interest of 10.23M ETH, signals a rising potential for a rebound.
Technical Indicators Support a Bearish Outlook
The Ethereum price chart also shows weakening bullish momentum. A rounded top pattern is forming near the resistance. This technical formation suggests that buying pressure is declining. Volume analysis reveals that trading activity is inconsistent, with low participation during recent gains and higher volume during declines.
Lower highs on the daily chart further support a potential downward continuation. These are typical in bearish trends. Traders are advised to monitor for signs of increased selling pressure. Confirmation of a rejection, such as a bearish candlestick pattern or rising sell volume, could strengthen the case for a decline toward $1,700.
According to the Moving Average Convergence Divergence (MACD), ETH is currently showing signs of waning bearish momentum as the MACD line is approaching a bullish crossover with the signal line. If this crossover occurs and is supported by increasing histogram bars, it could indicate a potential price rebound for the top altcoin.
While bearish indicators persist, some market observers maintain a positive view. Analyst Patron has outlined three possible bullish price targets. According to his analysis, if the top altcoin holds support near $1,980, a short-term rally could occur. His initial target is $2,296, reflecting a potential increase of over 15%.
Source: X
Further upside targets include $2,913 and $4,000. These projections assume that current support holds and momentum shifts in favor of buyers. The analyst’s outlook is based on Ethereum price recovering from recent lows and reclaiming previous highs. This scenario would challenge the bearish narrative if confirmed by increased volume.
At press time, the crypto is trading at $1,999.75, marking a 1.20% gain over the past 24 hours. Despite the price uptick, trading volume has dropped sharply by 37.37%, indicating a possible divergence.
BNB (@cz_binance) 
