Bitcoin Market Jolt as U.S. Court Halts Genius Group’s Expansion Plans
In a significant development for the cryptocurrency market, a U.S. court has issued an order temporarily blocking Singapore-based AI firm Genius Group from expanding its Bitcoin holdings. Here’s what you need to know.
U.S. Court Blocks Singapore’s Genius Group from Expanding Bitcoin Holdings
A Singapore-based artificial intelligence company, Genius Group, has been temporarily barred from expanding its Bitcoin reserves by a U.S. court order. The order, issued by a New York District Court on March 13, includes a preliminary injunction and temporary restraining order, restricting the company from selling shares, raising capital, or using investor funds to purchase additional Bitcoin. The court order stems from an ongoing legal dispute between Genius Group and Fatbrain AI, which is linked to a merger and purchase agreement finalized in March 2024. By October 30, Genius Group initiated arbitration proceedings to terminate the merger, alleging fraudulent conduct by Fatbrain AI executives.
Crypto Funding Rates Plunge Amid Rising Trade War Fears
Funding rates on most centralized and decentralized exchanges dropped below the 0.005% threshold on April 4, signaling extreme bearish sentiment in the crypto markets. Traders are exercising caution due to the escalating trade war between the U.S. and its major trading partners. Liquidation rates are down 42% in the past 24 hours, and trading volumes have declined by 22.71% to $247.6 billion. Bitcoin is nearing a death cross amid tariff fears.
Top 7 Cloud Mining Platforms to Earn Crypto in 2025
As digital currency becomes more prevalent, cloud mining has emerged as a simple avenue for passive income. Users can mine cryptos with cloud mining services without the technical expertise required for dealing with better equipment or installation configurations. In 2025, leading platforms such as Globepool utilize advanced AI technology for optimal returns. HashBeat App stands out as a top-regulated crypto cloud mining platform, offering free Bitcoin mining rewards with daily payouts.
GameStop CEO Cohen Buys $10M of GME Shares, Firm to Add Bitcoin to Treasury
Ryan Cohen, the chairman and CEO of video retailer GameStop (GME), has increased his stake in the company by acquiring an additional 500,000 shares, totaling approximately $10.78 million. This elevates Cohen’s total holdings to 37,347,842 shares, representing about 8.4% of GameStop’s outstanding shares. The purchase comes after GameStop’s board approved a plan to invest part of its cash pile in Bitcoin (BTC) as a treasury reserve asset. The firm also issued $1.5 billion in convertible notes to raise funds for its BTC acquisition plan.
Bitcoin Stable Amid Strong US Jobs Data
Bitcoin remained stable as new US data showed a booming job market before tariffs hit. US non-farm payrolls rose by 228,000 in March, significantly exceeding expectations and highlighting sustained demand for labor despite monetary tightening. However, the unemployment rate edged up to 4.2%, indicating a divergence between job creation and employment absorption. This was due to more individuals re-entering the workforce but not yet securing jobs, as evidenced by a slight increase in the labor force participation rate.
