Two Russian crypto entrepreneurs were briefly kidnapped in Buenos Aires in yet another attempt to achieve a ransom in crypto. The criminals received $43,000 in ransom, fleeing to the UAE after releasing the couple.
Reportedly, neither of the victims was seriously injured, and an outside acquaintance paid the ransom. Interpol subsequently put out a red notice for the perpetrators’ arrest.
Latest Crypto Kidnapping in Argentina
Local media coverage provides several key details about this incident. For example, all five of the story’s main actors are Russian citizens: the victims, kidnappers, and the outside friend who paid the crypto ransom.
The two unnamed victims lived in Palermo, a long-standing hub of Argentina’s crypto community. Still, a lot of information remains under wraps.
These Russian crypto entrepreneurs were led to their kidnapping by a dinner invitation, but it’s not clear if they had any previous relationship with their assailants.
In any event, the attackers tied them up shortly afterward, demanding a $43,000 ransom. Apparently, their friend paid this quickly in a single transaction.
Local reports don’t mention any serious physical harm, and the couple was rescued within 24 hours. The woman managed to call for help from the apartment’s balcony, leading the police to discover that the kidnappers had long since fled.
These men quickly made it to the nearest airport and flew to the UAE.
Scene of the Crypto Kidnapping. Source: Todo Noticias
Now that Interpol is looking for these Russian kidnappers, their arrest will hopefully follow. In an interesting twist, Judge María Romilda Servini was appointed to supervise the criminal case.
These Russian kidnappers only asked for a comparatively small crypto ransom, but they got their money. If the authorities don’t arrest them soon, this success could inspire even more copycats.
STX is today’s top performer, soaring nearly 20% in the past 24 hours. Alongside the price surge, the token’s trading volume has also spiked, signaling strong interest from investors.
However, despite the rally, on-chain data reveals a high demand for short positions among traders, suggesting doubts around the longevity of STX’s current uptrend.
Stacks (STX) Jumps 20%, But Bearish Traders Dominate
According to Coinglass, STX’s long/short ratio is currently at 0.97, signaling a preference for short positions among its futures market participants.
The long/short ratio measures the proportion of bullish (long) positions to bearish (short) positions in the market. When the ratio is above one, there are more long positions than short ones. This suggests bullish sentiment, with most traders expecting the asset’s value to rise.
Converesly, as with STX, a ratio below one indicates that more traders are betting on a price decline than on an increase. This suggests that many token holders are unimpressed by STX’s double-digit gains over the past day and anticipate a bearish reversal soon.
Moreover, STX’s overbought Relative Strength Index (RSI) supports this bearish outlook. At press time, this momentum indicator is at 74.35 and on an upward trend.
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 suggesting that the asset is overbought and due for a price decline. Converesly, values under 30 indicate that the asset is oversold and may witness a rebound.
Therefore, STX’s RSI reading confirms that altcoin might be overbought and could witness a price decline in the near term.
Can STX Defy Overbought Signals?
Once buyer exhaustion sets in, STX could shed some of its recent gains. In this scenario, the altcoin’s value could plunge to its year-to-date low of $0.47.
However, an RSI reading above 70 does not always signal an immediate reversal. Strong bullish momentum can sometimes sustain the rally, pushing prices even higher despite overbought conditions.
TRUMP’s price has been stuck in a downtrend for the past month despite the media attention surrounding US President Donald Trump’s recent statements. The altcoin has faced difficulty breaking through the critical resistance level of $17.14.
However, investor sentiment remains strong, and with the upcoming White House Crypto Summit, there may be a chance for recovery.
TRUMP Notes Strong Inflows
The Chaikin Money Flow (CMF) indicator shows positive signs for TRUMP, with the indicator currently above the zero line. This suggests stronger inflows than outflows, indicating that investors are optimistic about the altcoin’s future.
Furthermore, with the White House Crypto Summit scheduled for March 7, investors are looking to capitalize on potential price movements ahead of the event. Many are likely to accumulate at low levels, anticipating the summit’s influence on both the market and TRUMP’s price.
The positive CMF reading supports the idea that investors are positioning themselves for a potential breakout. As the summit approaches, TRUMP’s price could see upward momentum. Historically, significant events like these tend to influence altcoins, especially when there’s optimism about new regulations or policy changes in the crypto space.
TRUMP shares a strong correlation of 0.86 with Bitcoin (BTC), which suggests that the altcoin is likely to follow BTC’s lead. Given that BTC’s price is also influenced by broader market trends, TRUMP’s price could rise alongside Bitcoin if the hype around the White House Crypto Summit continues to build.
Bitcoin’s potential rise in anticipation of the summit could lift TRUMP’s price as well. The correlation indicates that as BTC moves up, so too could TRUMP. Should the broader market experience positive momentum, both Bitcoin and TRUMP are poised for potential rallies, with TRUMP looking to benefit from increased attention during the summit.
TRUMP Correlation With Bitcoin. Source: TradingView
TRUMP Price Aims At Key Barrier
Currently trading at $13.38, TRUMP is holding above the critical support level of $12.41. The altcoin remains stuck under the month-long downtrend, unable to break above the key resistance at $17.14. However, the bullish sentiment driven by the upcoming White House Crypto Summit could spark a rally for TRUMP.
The altcoin’s target would be to secure $17.14 as support. If successful, TRUMP price could note a 27% rally and push to $21.45, marking a significant recovery from its current levels. The optimism surrounding the summit could provide the necessary catalyst for this price movement.
On the other hand, if the altcoin fails to break through the downtrend and the market sentiment weakens, TRUMP could drop below its support of $12.41. This would lead to a decline to $11.07, its current all-time low (ATL), or possibly lower, invalidating any bullish outlook.
China’s recent directive for its state-owned banks to decrease reliance on the US dollar has amplified a growing trend among countries seeking alternatives to the dominant reserve assets. In some instances, Bitcoin has emerged as a viable competitor.
BeInCrypto spoke with experts from VanEck, CoinGecko, Gate.io, HashKey Research, and Humanity Protocol to understand Bitcoin’s rise as an alternative to the US dollar and its potential for greater influence in global geopolitics.
The Push for De-Dollarization
Since the 2008 global financial crisis, China has gradually reduced its reliance on the US dollar. The People’s Bank of China (PBOC) has now instructed state-owned banks to reduce dollar purchases amid the heightened trade war with US President Donald Trump.
China is among many nations seeking to lessen its dependence on the dollar. Russia, like its southern neighbor, has received an increasing number of Western sanctions– especially following its invasion of Ukraine.
Furthermore, Rosneft, a major Russian commodities producer, has issued RMB-denominated bonds, indicating a shift towards RBM, the Chinese currency, and a move away from Western currencies due to sanctions.
This global shift away from predominant reserve currencies is not limited to countries affected by Western sanctions. Aiming to increase the Rupee’s international use, India has secured agreements for oil purchases in Indian Rupee (INR) and trade with Malaysia in INR.
The country has also pursued creating a local currency settlement system with nine other central banks.
As more nations consider alternatives to the US dollar’s dominance, Bitcoin has emerged as a functional monetary tool that can serve as an alternative reserve asset.
Why Nations Are Turning to Bitcoin for Trade Independence
Interest in using cryptocurrency for purposes beyond international trade has also grown. In a notable development, China and Russia have reportedly settled some energy transactions using Bitcoin and other digital assets.
“Sovereign adoption of Bitcoin is accelerating this year as demand grows for neutral payments rails that can circumvent USD sanctions,” Matthew Sigel, Head of Digital Assets Research at VanEck, told BeInCrypto.
Two weeks ago, France’s Minister of Digital Affairs proposed using the surplus production of EDF, the country’s state-owned energy giant, to mine Bitcoin.
Last week, Pakistan announced similar plans to allocate part of its surplus electricity to Bitcoin mining and AI data centers.
Meanwhile, on April 10, New Hampshire’s House passed HB302, a Bitcoin reserve bill, by a 192-179 vote, sending it to the Senate. This development makes New Hampshire the fourth state, after Arizona, Texas, and Oklahoma, to have such a bill pass a legislative chamber.
If HB302 is approved by the Senate and signed into law, the state treasurer could invest up to 10% of the general fund and other authorized funds in precious metals and specific digital assets like Bitcoin.
According to industry experts, this is only the beginning.
VanEck Predicts Bitcoin to Become a Future Reserve Asset
Sigel predicts Bitcoin will become a key medium of exchange by 2025 and, ultimately, one of the world’s reserve currencies.
His forecasts suggest Bitcoin could settle 10% of global international trade and 5% of global domestic trade. This scenario would lead to central banks holding 2.5% of their assets in BTC.
According to him, China’s recent de-dollarization will prompt other nations to follow suit and lessen their reliance on the US dollar.
“China’s de-dollarization efforts are already having second- and third-order effects that create opportunities for alternative assets like Bitcoin. When the world’s second-largest economy actively reduces its exposure to US Treasuries and promotes cross-border trade in yuan or through mechanisms like the mBridge project, it signals to other nations—especially those with strained ties to the West—that the dollar is no longer the only game in town,” Sigel said.
For Zhong Yang Chan, Head of Research at CoinGecko, these efforts could prove catastrophic for the United States’ dominance.
“Broader de-dollarization efforts by China, or other major economies, will threaten the status of the dollar’s global reserve currency status. This could have [a] profound impact on the US and its economy, as this would lead to nations reducing their holdings of US treasuries, which the US relies on to finance its national debt,” he told BeInCrypto.
However, the strength of the US dollar and other dominant currencies has already shown signs of weakening.
A General Wave of Currency Decline
Sigel’s research shows that the four strongest global currencies—the US dollar, Japanese yen, British pound, and European euro—have lost value over time, particularly in cross-border payments.
The decline of these currencies creates a void where Bitcoin can gain traction as a key alternative for international trade settlements.
“This shift isn’t purely about promoting the yuan. It’s also about minimizing vulnerability to US sanctions and the politicization of payment rails like SWIFT. That opens the door for neutral, non-sovereign assets—especially those that are digitally native, decentralized, and liquid,” Sigel added.
This lack of national allegiance also sets Bitcoin apart from traditional currencies.
Bitcoin’s Appeal: A Non-Sovereign Alternative
Unlike fiat money or central bank digital currencies (CBDCs), Bitcoin doesn’t respond to any one nation, which makes it appealing to some countries.
For Terence Kwok, CEO and Founder of Humanity Protocol, recent geopolitical tensions have heightened this belief.
For these same reasons, experts don’t expect Bitcoin to replace fiat currencies fully but rather provide a vital alternative for certain cases.
A Replacement or an Alternative?
While Bitcoin offers several advantages over traditional currencies, Gate.io’s Kevin Lee doesn’t foresee its eventual adoption causing a complete overhaul of the currency reserve system.
Recent data confirms this. The number of Bitcoin transactions has fallen significantly since the last quarter of 2024. Bitcoin registered over 610,684 transactions in November, but that number dropped to 376,369 in April, according to Glassnode data.
The number of Bitcoin active addresses paints a similar picture. In December, the network had nearly 891,623 addresses. Today, that number stands at 609,614.
Bitcoin number of active addresses. Source: Glassnode.
This decline suggests reduced demand for its blockchain in terms of transactions, usage, and adoption, meaning fewer people are actively using it for transfers, business, or Bitcoin-based applications.
Meanwhile, the Bitcoin network must also ensure its infrastructure is efficient enough to meet global demand.
Can Bitcoin Scale for Global Use?
In 2018, Lightning Labs launched the Lightning Network to reduce the cost and time required for cryptocurrency transactions. Currently, the Bitcoin network can only handle around seven transactions per second, while Visa, for example, handles around 65,000.
“If expansion solutions (such as the Lightning Network) fail to become popular, Bitcoin’s ability to process only about 7 transactions per second will be difficult to support global demand. At the same time, as Bitcoin block rewards are gradually halved, the decline in miners’ income may threaten the long-term security of the network,” Guo, Director of HashKey Research explained.
While the confluence of geopolitical shifts and Bitcoin’s inherent characteristics undeniably create a space for its increased adoption as an alternative to the US dollar and even a potential reserve asset, significant hurdles remain.
Achieving mainstream Bitcoin adoption hinges on overcoming scalability, volatility, regulatory hurdles, stablecoin competition, and ensuring network security.
The unfolding panorama suggests Bitcoin will carve out an important role in the global financial system, though a complete overhaul of established norms seems unlikely in the immediate future.
