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The cryptocurrency market dipped significantly after the U.S. Department of Justice arrested Samourai Wallet's CEO and CTO, exacerbating volatility amid geopolitical tensions and the recent Bitcoin halving.
Bitcoin and Ether Plunge Following Samourai Wallet Founders' Arrest, Exacerbating Market Volatility
According to Cointelegraph, Bitcoin, Ether, and key altcoins fell shortly after the US Department of Justice (DOJ) arrested the founders of Samourai Wallet amid ongoing Middle East tensions and post-halving volatility.
On April 24, a source announced that CEO Keonne Rodriguez of Bitcoin wallet Samourai Wallet and chief technology officer William Hill would each face one count of conspiracy to commit money laundering and one count of conspiracy to run an illegal money transmitting business.
Within an hour of the DOJ release, Bitcoin's price fell 3.6%. Its price fell below crucial support levels to $63,710 before rising marginally to $64,546, according to CoinMarketCap.
Meanwhile, Ethereum fell 2.51% within the same time period but was unable to recover, falling further to $3,158. The largest cryptocurrencies were also hit: PEPE fell 6.4% shortly after the announcement, Shiba fell 2.7%, and Dogecoin fell 3.2%.
The dramatic price decreases in the top two cryptocurrencies by market capitalization resulted in massive liquidation of long holdings.
According to CoinGlass statistics, in the last 12 hours, Bitcoin had $33.08 million in long positions liquidated, Ethereum had $29.88 million, and the rest of the crypto market had around $23 million in long bets liquidated.
The crypto market slump coincides with increased geopolitical tensions in the Middle East. According to local estimates, the Israeli military struck roughly 40 Hezbollah-related targets in Southern Lebanon on April 24.
The cryptocurrency industry was already bracing for some short-term turbulence following the Bitcoin halving event on April 20, which occurred just days earlier.
Crypto Sentiment Remains High Despite Arrests, with Analysts Predicting Long-Term Market Recovery
On April 24, pseudonymous crypto trader Rekt Capital told his 456,400 X followers that the next bull market top will not occur until late 2025, or 546 days after the halving.
The changes occurred despite the overall strong investor mood in the cryptocurrency sector.
The Fear and Greed Index, which monitors crypto market sentiment, increased the greed score to 72 this week, up 15 points from the previous week. The crypto community decried the new arrests, claiming that it was another attempt by the US government to crack down heavily on cryptocurrency.
“These developers face up to 25 yrs in prison for writing code. The US is sending a message. No transaction will be private,” crypto analyst Ryan Adams stated in an April 24 post.
On the same day, Fred Krueger stated in an X post that the arrest was "not a good look for Bitcoin in general."
Crypto journalist Luke Mikic informed his 26,800 X followers that the "attack by the US Government on the Samourai wallet is bigger than most people think."
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