Bitcoin in Legal Limbo as Genius Group Forced to Sell Reserves
In a surprise twist in the world of cryptocurrency, an AI-powered education company finds itself entangled in a legal battle that has compelled it to sell its Bitcoin reserves. This development raises questions about the future of Bitcoin and its place in the financial landscape.
Genius Group Forced to Sell Bitcoin Amid Legal Dispute
Genius Group, an AI-powered education company, has been compelled to sell its Bitcoin reserves following a restriction imposed by the US District Court (Southern District of New York). The court order prevents the company from raising money, issuing stock, or investing investor funds in BTC. The chief executive claims that the court orders are based on fraud and are pushing the company into illegal territory. The legal challenges stem from a dispute involving Fatbrain AI (LZGI) and a controversial asset purchase agreement (APA). Arbitration proceedings to terminate the APA began in October 2024 after shareholder lawsuits and fraud allegations were raised.
Bitcoin Price Alert: Potential Drop to $68K if $80K Support Crumbles
Bitcoin’s price was hovering just above $83K as of April 4th. Short-term holders are retreating, showing reduced speculative appetite. Liquidation clusters are building near $80K, increasing the risk of cascading sell-offs. Technical models suggest a slide toward the $68K zone if the price drops below $80K. The crypto market is on edge, with Bitcoin failing to sustain a rally that reached $88,580 after President Trump announced tariffs. Prices fell sharply as traders weighed the risks tied to global trade uncertainty, and the S&P 500 dropped 4%—its biggest daily loss since the pandemic lockdowns.
Bitcoin Realized Supply Ratio Near Historic Lows – Market Uncertainty Increases
Bitcoin is currently trading above critical support but struggling to reclaim the $90,000 level. market sentiment remains fragile, and selling pressure is mounting. On-chain data indicates concerns, with the Price to Distribution by Realized Supply Ratio at key levels. Additionally, US President Donald Trump’s recent tariff announcements have added to the uncertainty, pushing risk assets like Bitcoin into deeper volatility.
Bitcoin Holds Steady Amid Trump-Powell Clash
Bitcoin and the broader crypto market remained stable as President Donald Trump called for the Federal Reserve to cut interest rates, clashing with Fed Chair Jerome Powell who opted for a "wait and see" approach. Despite significant declines in the stock market, Bitcoin traded above $84,000, signaling a slight decline in the correlation between crypto and stocks. Bitcoin could emerge as a winner in the global trade war if its "safe haven" narrative gains traction.
Crypto stocks tumble, Bitcoin ETFs bleed following Trump’s tariff announcement
The crypto market experienced a sharp downturn on 3rd April following former President Donald Trump’s announcement of new tariffs, which heightened global trade tensions and rattled investor confidence. Major U.S. crypto stocks were among the hardest hit, with Coinbase Global (COIN.O) falling by 7.7% and MicroStrategy (MSTR.O) dropping by 5.6%. The mining sector also felt the impact, with MARA Holdings (MARA.O), Riot Platforms (RIOT.O), and Bitfarms each seeing declines. Despite the downturn, BlackRock’s IBIT saw net inflows, highlighting crypto resilience. By press time, the downward trend continued.
