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Argentina President Milei Denies Promoting LIBRA Meme Coin

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Argentina’s President Javier Milei spoke about the LIBRA meme coin for the first time since the high-profile scandal made news on Saturday. 

In an exclusive interview with national news outlet Todo Noticias, Milei said he only disseminated the project– but denied having promoted it.

Milei mentioned meeting Hayden Davis, the CEO of LIBRA’s market maker, at the Tech Forum in October 2024. Hayden claims to be Milei’s advisor for this project. 

On Friday, February 14, Milei endorsed the token in a tweet shortly after its launch. This saw the LIBRA meme coin reach a market cap of over $4 billion. 

However, insiders suddenly cashed out over $100 million in profits, which saw the token drop in a straight line like a rug pull. This caused Milei to delete his tweet. 

President Milei's deleted tweet about the LIBRA meme coin
The Now Deleted Tweet from President Milei. Source: X/The Kobeissi Letter

Now, in today’s interview, Milei says he never promoted LIBRA. The president claims he shared it just in good faith, just like he shares about other tech projects.

“I shared this the same way I’ve shared hundreds of things. My tweet came just three minutes after the coin was created because I’m passionate about these things and found out about it. These are volatility traders who knew what they were doing.” Milei said. 

Milei seemed collected during the interview, starting off by saying that he had nothing to hide. When asked why he promoted the token, Milei responded:

“I didn’t promote it, I disseminated it.”

However, referring to the scandal, he said:

“It was a slap in the face.”

Though he didn’t refer to it as a mistake, Milei said that he had something to learn from the experience. Referring to himself and his sister Karina Milei, the presidency’s Secretary General, Milei said:

“We clearly cannot continue living as we did before and allow everyone to access us. I need to understand that after becoming president, I continued acting like the same Javier Milei as before.”

Milei said that moving forward, he will start to filter out the people who have access to him.

Argentinians Did Not Lose Money, the President Claims

Milei explained that his initial tweet endorsing LIBRA stemmed from a belief it could help Argentine entrepreneurs. He hoped it would provide access to funding for their startups, especially for those lacking access to traditional capital markets.

When rumors began spreading that Milei’s account had been hacked, the president decided to pin the tweet to demonstrate that he was managing his own X account. Later seeing the negative comments, he decided to delete it.

Most notably, he claims that only a few Argentinians lost money in the LIBRA meme coin scandal. He emphasized that most traders were Americans and Chinese.

“Did the State lose money? No. Did Argentinians lose money? Maybe four or five at most. The vast majority of investors are Chinese and American.”

Though reports indicate that around 40,000 investors traded the Libra token, Milei says that number is false. According to him, only around 5,000 investors participated in the market.

libra meme coin market cap chart
LIBRA Meme Coin Market Cap Chart. Source: GeckoTerminal

Milei also denied misleading investors, arguing that experienced crypto traders populated the Libra market.

“Those who entered were volatility traders. They knew very well what they were getting into,” Milei said.

At the same time, Milei admitted that he wasn’t an expert in cryptocurrency. He also spoke of his relationship with Hayden Mark Davis, CEO of Kelsier Ventures.

Hayden Davis Met With the President At Least 10 Times

Kelsier Ventures was discovered to be the main entity that spread the LIBRA meme coin. In his interview, Milei explained that he met Davis at the Argentina Tech Forum in Buenos Aires in October 2024.

Mauricio Novelli, a professional trader and a friend of Milei’s for many years, connected the two. 

According to local reports, Davis has visited the president’s office, known as the Casa Rosada, and the president’s residence, known as the Quinta de Olivos, at least ten times since the Argentine Tech Forum.

It was during one of those meetings that Davis discussed the project with Milei.

“David proposed that I create a structure that funds projects for Argentine entrepreneurs,” Milei said during the interview. 

Milei added that he decided to publish the tweet because he thought the project was interesting and because he was a technological enthusiast. 

“My fanaticism for technology made me spread the word as soon as it was made public,” Milei said during the interview. 

Before the interview ended, Milei addressed the Argentine people directly. He stated that he had always acted in good faith and would continue to do so.

The Fallout Continues

Since the Libra scandal broke on February 14, over 100 criminal complaints have been brought against President Milei and different actors allegedly involved in the fallout. Lawmakers from opposition parties have added that they will pursue an impeachment.

Today, US prosecutors have been informed that they may have jurisdiction over charges against Milei or other figures involved with the LIBRA meme coin scandal. The case directly implicates Davis, an American citizen who brazenly admitted to criminal actions in a recent interview.

A day after the LIBRA launch, Milei presented himself before Argentina’s Office of Anti-Corruption, instructing it to investigate whether any member of the government, including himself, engaged in inappropriate behavior.

Milei denied being bribed to promote the LIBRA meme coin during the interview. He also strayed from going into details about his view of Davis’s role in the Libra launch

Instead, Milei repeated that Justice needed to carry out its due diligence to verify whether any of Milei’s cabinet members were involved. The president added that, to his knowledge, none were implicated.

Milei emphasized that all crypto market activity is recorded on the blockchain. He added that this record should expedite the Justice Department’s investigation into the scandal.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Crypto Derivatives Get a Boost from US CFTC

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The US Commodities Futures Trading Commission (CFTC) scrapped a key directive that had previously signaled increased scrutiny for digital asset derivatives.

This decision indicates a friendlier regulatory climate for digital assets in the US, given the Trump administration’s pro-crypto stance.

CFTC Loosens Oversight for Crypto Derivatives

The CFTC withdrew Staff Advisory No. 23-07 and No. 18-14 by its Division of Clearing and Risk (DCR).

The former, issued in May 2023, focused on the risks of clearing digital assets. Meanwhile, the latter targeted virtual currency derivatives listings.

Upon establishment, both directives hinted at the singling out of crypto products for tougher oversight.

However, both have now been deemed unnecessary, effective immediately, amid the commodities’ regulator’s push toward regulatory consistency.

The decision indicates a shift to treating digital asset derivatives like those on Ethereum (ETH) as traditional finance (TradFi) products.

“As stated in today’s withdrawal letter, DCR determined to withdraw the advisory to ensure that it does not suggest that its regulatory treatment of digital asset derivatives will vary from its treatment of other products,” the CFTC explained.

This move will eliminate the perceived distinctions between digital asset derivatives and TradFi instruments.

It also paves the way for enhanced market participation, which will facilitate broader involvement from financial institutions in the digital asset derivatives market. This could lead to increased liquidity and market maturity.

Nevertheless, the advisory warned derivatives clearing organizations (DCOs) to prepare for risk assessments specific to digital products’ unique characteristics.

Therefore, while it reflects the CFTC’s commitment to promoting innovation, it also suggests the intention to maintain strong financial oversight.

Meanwhile, this decision comes only weeks after the Office of the Comptroller of the Currency (OCC) allowed US banks to offer crypto and stablecoin services without prior approval.

However, the OCC had articulated that despite lifting the approval requirement, banks must maintain strong risk management controls akin to those required for traditional banking operations.

“The OCC expects banks to have the same strong risk management controls in place to support novel bank activities as they do for traditional ones,” said Rodney E. Hood, the acting Comptroller of the Currency.  

Therefore, the CFTC’s move to eliminate regulatory bias for crypto derivatives marks a major divide in US policy. On the one hand, the CFTC seeks to scrap the distinction between crypto derivatives and TradFi instruments.

On the other hand, the FDIC (Federal Deposit Insurance Corporation) and OCC want banks to maintain risk management controls similar to those required for traditional banking operations despite providing crypto and stablecoin services.

Notwithstanding, these efforts mirror a growing trend among US financial regulators to lower barriers and foster responsible innovation in the crypto industry.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Falls 12% in a Week as Network Activity Declines

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XRP is under heavy selling pressure, down more than 5% in the last 24 hours and over 12% in the past seven days. The recent downturn has been accompanied by increasingly bearish technical indicators, including a sharp spike in trend strength and a collapse in on-chain activity.

With price momentum weakening and user engagement dropping, concerns are mounting over XRP’s ability to hold key support levels. Unless sentiment shifts quickly, the path of least resistance appears to remain to the downside.

DMI Chart Shows The Current Downtrend Is Very Strong

XRP’s Directional Movement Index (DMI) is currently flashing strong bearish signals, with the Average Directional Index (ADX) surging to 47.14 from 25.43 just a day ago.

The ADX measures the strength of a trend, regardless of its direction, and values above 25 generally indicate that a trend is gaining momentum.

A reading above 40—like XRP’s current level—suggests a very strong trend is in play. Given that XRP is currently in a downtrend, this rising ADX points to intensifying bearish momentum and a market leaning heavily toward further declines.

XRP DMI.
XRP DMI. Source: TradingView.

Digging deeper into the DMI components, the +DI, which tracks upward price pressure, has dropped sharply from 20.13 to 5.76. Meanwhile, the -DI, which tracks downward price pressure, has surged from 8.97 to 33.77.

This stark divergence reinforces the bearish trend, indicating that sellers are aggressively taking control while buyer strength fades.

With ADX confirming the strength of this move and directional indicators tilting heavily to the downside, XRP’s price could remain under pressure in the short term unless a significant reversal in sentiment occurs.

XRP Active Addresses Are Heavily Down

XRP’s 7-day active addresses have seen a sharp decline over the past week, following a recent surge to new all-time highs. On March 19, the metric peaked at 1.22 million, signaling strong network activity and user engagement.

However, since then, it has plummeted to just 331,000—a drop of over 70%. This sudden fall suggests that interest in transacting on the XRP has cooled off significantly in a short span of time.

7-Day XRP Active Addresses.
7-Day XRP Active Addresses. Source: Santiment.

Tracking active addresses is a key way to gauge on-chain activity and overall network health. A rising number of active addresses typically reflects growing user participation, increased demand, and potential investor interest—factors that can support price strength.

Conversely, a sharp decline like the one XRP is currently experiencing can point to weakening momentum and fading interest, which could put additional pressure on price.

Unless user activity begins to rebound, this drop in network engagement may continue to weigh on XRP’s short-term outlook.

XRP Could Drop Below $2 Soon

XRP’s Exponential Moving Average (EMA) lines are currently signaling a strong downtrend, with the short-term EMAs positioned below the longer-term ones—a classic bearish alignment.

This setup indicates that recent price momentum is weaker than the longer-term average, often seen during sustained corrections. If this downtrend continues, XRP could retest the support level at $1.90.

A break below that could open the door to a deeper drop toward $1.77 in April.

XRP Price Analysis.
XRP Price Analysis. Source: TradingView.

However, if market sentiment shifts and XRP price manages to reverse course, the first key level to watch is the resistance at $2.22.

A successful breakout above this point could trigger renewed bullish momentum, potentially driving the price up to $2.47.

If that level also gets breached, XRP could push further to test the $2.59 mark.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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ONDO Whales Retreat as Price Risks Dropping Below $0.70

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ONDO is facing notable downside pressure. It has been down over 5% in the last 24 hours and corrected more than 19% over the past 30 days. With its market cap now sitting around $2.5 billion, the coin is way below competitors like Chainlink and Mantra in terms of market cap.

Recent technical indicators and whale behavior suggest that the current weakness may not be over, despite a slight recovery in momentum.

ONDO RSI Is Recovering From Oversold Levels

ONDO’s Relative Strength Index (RSI) is currently sitting at 34 after rebounding slightly from an earlier dip to 27.5. Just two days ago, the RSI was at 54.39, indicating how quickly momentum has shifted.

The RSI is a momentum oscillator that measures the speed and magnitude of recent price changes. It ranges from 0 to 100.

Readings below 30 are typically considered oversold, suggesting the asset may be undervalued and due for a bounce, while readings above 70 are viewed as overbought, indicating potential for a pullback.

ONDO RSI.
ONDO RSI. Source: TradingView.

With ONDO’s RSI now at 34, it has technically exited oversold territory but remains near the lower end of the scale. This suggests that while the sharpest selling pressure may have eased, the market is still fragile ,and sentiment remains cautious.

If the RSI continues to recover and climbs above 40 or 50, it could signal a shift toward more bullish momentum.

However, if selling resumes and RSI falls back below 30, it would indicate renewed downside risk and potential for further price declines.

Whales Recently Stopped Their Accumulation

The number of ONDO whales—addresses holding between 1 million and 10 million ONDO—fluctuated in late March, initially increasing from 188 to 195 between March 22 and March 26 before declining to 191 in recent days.

This whale activity pattern is significant as these large holders often influence market sentiment and price movements, with their accumulation or distribution phases potentially foreshadowing broader market trends.

Tracking whale addresses provides valuable insights into how influential investors are positioning themselves, which can help predict potential price action.

Addresses holding between 1 million and 10 million ONDO.
Addresses holding between 1 million and 10 million ONDO. Source: Santiment.

The failure of Whale addresses to maintain the breakout above 195 and the subsequent return to 191 could signal bearish sentiment among larger investors.

This retreat might indicate that whales are taking profits or reducing exposure, which could create downward price pressure on ONDO in the short term.

When large holders begin to reduce their positions after a period of accumulation, it often precedes price corrections, suggesting that ONDO may experience resistance in maintaining upward momentum until whale confidence returns and accumulation resumes.

Will ONDO Fall Below $0.70 For The First Time Since November?

ONDO’s Exponential Moving Average (EMA) lines are currently aligned in a bearish formation, suggesting the ongoing downtrend may persist. If this weakness continues, ONDO could drop to test the key support level at $0.73.

A break below that would be significant, potentially sending the price under $0.70 for the first time since November 2024.

The token has been struggling to keep pace with other Real World Asset (RWA) coins like Mantra, and this underperformance adds further pressure to ONDO’s short-term outlook.

ONDO Price Analysis.
ONDO Price Analysis. Source: TradingView.

However, if sentiment shifts and ONDO manages to reverse its trend, the first key level to watch is the resistance at $0.82.

A breakout above this level could trigger a broader recovery, with price targets at $0.90 and $0.95.

If the RWA sector as a whole regains momentum, ONDO could even rise above the $1 mark and aim for the next major resistance at $1.23.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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