Market
Warren, Gensler Tried to ‘Unlawfully Kill’ Crypto

Coinbase CEO Brian Armstrong and technology billionaire Elon Musk have accused prominent political figures, including Senator Elizabeth Warren and SEC Chair Gary Gensler, of orchestrating a “mass debanking” campaign targeting the technology and cryptocurrency sectors during the Biden administration.
Their remarks follow revelations about secretive actions that allegedly resulted in the closure of bank accounts for dozens of tech entrepreneurs without notice or recourse.
Crypto Leaders Strong Rebuke of the Biden Administration
In a post on X (formerly Twitter), Armstrong labeled the debanking incidents as “unethical and un-American.” He pointed fingers at Warren and Gensler, accusing them of attempting to “unlawfully kill” the cryptocurrency industry.
Brian Armstrong argued that such actions contributed to the Democratic Party’s loss in the recent election. The Coinbase executive cautions the party to distance itself from Warren if it seeks political recovery.
He also revealed that Coinbase is using Freedom of Information Act (FOIA) requests to uncover the full scope of the issue, raising questions about potential legal violations.
“We’re still collecting documents via FOIA requests, so hopefully the full story emerges of who was involved and whether they broke any laws. Warren and Gensler tried to unlawfully kill our entire industry, and it was a major factor in the Dems losing the election,” Armstrong stated.
Armstrong’s remarks amplified a controversy shared by Elon Musk, who was known for his advocacy of free speech and innovation. The SpaceX CEO referenced a Joe Rogan interview with Marc Andreessen, co-founder of Andreessen Horowitz.
“Did you know that 30 tech founders were secretly debanked?” Musk remarked.
In the interview, Andreessen alleged that 30 tech founders were “secretly debanked,” describing it as an exercise of “silent government power.” This raises attention to the lack of transparency and warns of broader implications for freedom and innovation.
Custodia Bank’s Caitlin Long Joins the Criticism
Caitlin Long, founder and CEO of Custodia Bank, also weighed in, sharing her personal experience with repeated debanking. Custodia, a pro-crypto bank, has faced regulatory hurdles, culminating in layoffs attributed to the Federal Reserve’s delays in granting the institution a master account. Long’s ongoing lawsuit against the Fed seeks to address these challenges, with oral arguments scheduled for January 21, 2025.
“Yes—debanked repeatedly, in my company’s case (Custodia Bank). Keep an eye on our pending lawsuit against the Fed. Oral argument is scheduled for Jan 21 (the day after Inauguration Day),” Long commented.
The allegations come amid broader concerns over regulatory overreach in the crypto space. Warren and Gensler have been vocal critics of the industry, and the SEC, under Gensler’s leadership, has pursued multiple enforcement actions against crypto firms. Critics argue these measures stifle innovation and disproportionately target emerging technologies.
Custodia Bank’s struggles, among others like Consensys, reflect the challenges facing crypto-friendly financial institutions. The fallout from these allegations could reshape the relationship between the tech sector and US policymakers.
Brian Armstrong’s assertion that these actions contributed to the Democrats’ electoral losses highlights the political risk of alienating the tech and crypto communities. Additionally, Long’s lawsuit could set a precedent for how courts address claims of regulatory overreach.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Market
BNB Breaks Below $605 As Bullish Momentum Fades – What’s Next?

The crypto market just got a shock as BNB plunged below the crucial $605 support level, sending ripples of concern across trading circles. This sudden breakdown comes after weeks of bullish dominance, leaving investors scrambling to answer one critical question: Is this a temporary dip or the start of a major trend reversal?
With weakening momentum and key technical indicators flashing red, BNB charts are telling a worrisome story. The once-steady uptrend now faces its toughest test as the token struggles to maintain its footing in a suddenly bearish market.
Bearish Pressure Builds: Are BNB Sellers Gaining Control?
BNB’s price is facing growing bearish pressure after slipping below the crucial $605 level, signaling a potential shift in market momentum. The failed attempt to hold this key support has allowed sellers to take control, pushing BNB lower and raising concerns about a prolonged decline.
Technical indicators further confirm the increasing strength of sellers. The MACD has turned negative, indicating a loss of upward momentum, while the RSI is trending downward, suggesting that buying pressure is weakening. Additionally, trading volume remains low on attempted rebounds, highlighting a lack of conviction from bulls.
If sellers maintain their grip, BNB could extend its decline toward the next major support zone around $531, which previously served as a short-term bounce level during past corrections. A break below this zone would solidify bearish dominance and cause a deeper decline to $500.
Below $500, the next key level to watch is $454, representing a technical support area. Pushing below this level may trigger an extended sell-off, driving BNB toward other key support levels where traders may look for signs of reversal.
What Needs To Happen For A Rebound
For BNB to stage a meaningful recovery after breaking below $605, the bulls must reclaim key levels and generate strong buying momentum. Its first crucial step is stabilizing above $530, a short-term support zone that could provide the foundation for a reversal. Holding this level would signal that buyers are stepping in, preventing more declines.
A sustained move back above $605 would be the next major confirmation of a recovery. Reclaiming this level as support might shift market sentiment in favor of the bulls and trigger renewed buying interest. Additionally, the Relative Strength Index (RSI) needs to rebound from oversold conditions, while the MACD crossover into bullish territory would reinforce an upside move.
For a stronger bullish outlook, BNB would need to push past $680, a level that previously acted as resistance. Breaking above this zone with increasing volume could confirm a trend reversal toward $724 and $795, marking a full recovery from recent losses.
Market
Pi Network Struggles, On Track for New All-Time Low

Pi Network continues to struggle in the market as its price remains on a downward trajectory. Despite earlier optimism, investors have been increasingly skeptical of the coin, contributing to a prolonged downtrend.
The uncertainty around its value suggests Pi Network may be headed for a new all-time low (ATL).
Pi Network Witnesses Outflows
The ADX (Average Directional Index) has recently crossed the 25.0 threshold, indicating that the current bearish trend is gaining momentum. This is a concerning signal for Pi Network’s price, as the rising bearishness suggests that it will be increasingly difficult for the cryptocurrency to recover in the short term. With the ADX pointing towards sustained negative market forces, the pressure on Pi Network’s price will likely intensify as the token nears its previous ATL.
The growing strength of the bearish trend is compounded by investor uncertainty, with many questioning the token’s long-term viability. This uncertainty can lead to further selling and a lack of fresh buying support, making it even harder for Pi Network to find a solid foundation for recovery.

Pi Network’s macro momentum also paints a grim picture for the altcoin. The Chaikin Money Flow (CMF) indicator, which measures the volume of money flowing into and out of a coin, has been deeply negative. Although there has been a slight uptick, the indicator remains in the negative zone, signaling that investors are still reluctant to buy into the token.
The slight increase in CMF reflects minor capital inflows, but this could be short-lived if the skepticism persists. With investors hesitating and outflows continuing, Pi Network’s price faces significant challenges. The current trend suggests that more outflows could occur if the coin reaches a new ATL.

PI Price Nears New Low
Pi Network is currently trading at $0.70, just above its ATL of $0.62. The altcoin saw a 12.8% decline over the past 24 hours after failing to reclaim $0.87 as support. This failure to regain previous support levels shows the continued lack of investor confidence.
If the bearish trend persists, Pi Network is likely to fall through the $0.62 support level, potentially dropping to $0.50. A new ATL could be set as the market sentiment continues to weigh heavily on the price, leading to further losses for existing investors.

The only way to reverse the bearish outlook is for investors to change their approach and capitalize on low prices. Increased inflows could potentially drive Pi Network’s price back above $0.87, and if it surpasses the $1.00 level, it would reclaim critical support and signal a possible recovery for the altcoin.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Bitcoin Mining Faces Tariff Challenges as Hashrate Hits New ATH

The Bitcoin mining industry is becoming increasingly competitive as the network’s hashrate reaches an all-time high (ATH). At the end of March 2025, Bitcoin’s hashrate hit 850 million TH/s.
However, alongside this impressive growth, the industry is struggling with rising production costs and new tariff barriers, particularly in the US. These factors are putting significant pressure on mining companies and could reshape the sector’s future.
Hashrate Surges, Mining Costs Soar
Bitcoin’s hashrate measures the total computing power used by miners to secure the network and validate transactions. It is expressed in terahashes per second (TH/s), representing the number of hash calculations the network performs every second.
According to Blockchain.com, Bitcoin’s hashrate surpassed 850 million TH/s in March. This increase reflects a rise in miners joining the network and growing confidence in Bitcoin’s value and security.

“Each time the network gets stronger, Bitcoin becomes harder to attack, harder to ignore, and more justified in commanding a higher valuation. This isn’t just code. It’s economic gravity. Bitcoin has become the most secure monetary network humanity has ever seen. And it’s only getting stronger.” — Thomas Jeegers, CFO & COO of Relai commented.
Despite this surge in hashrate, mining profits are not rising accordingly. According to a report from Macromicro, the cost of mining one Bitcoin has doubled since early 2024, now reaching $87,000. The main drivers behind this increase are rising electricity prices and the high operational costs of specialized mining hardware (ASICs).
With Bitcoin’s price fluctuating, many mining companies risk operating at a loss unless they optimize their efficiency. This challenge is particularly severe for smaller miners, who lack the scale advantages or access to cheap electricity that larger firms enjoy.
Tariff Challenges and Dependence on Chinese Hardware
Another major obstacle for Bitcoin miners is trade restrictions, particularly in the US. According to CoinMetrics, ASIC miners produced by Bitmain, a Chinese company, account for approximately 59%–76% of Bitcoin’s total hashrate.

Bitmain has long been a dominant player in mining hardware, with popular models like the Antminer S19 and S21 known for their high efficiency. However, in early 2025, some US mining companies experienced delays in receiving Bitmain shipments due to tighter customs controls and new tariffs on Chinese imports.
“With Bitmain accounting for a majority of Bitcoin’s network hashrate, reliance on a single manufacturer, despite having distributed supply chains, presents a potential risk. Since Bitmain is primarily based in China, its dominance highlights how geopolitical dependencies can affect the stability of mining operations,” CoinMetrics reported.
These tariffs are not new. According to SCMP, the US has imposed duties of up to 27.6% on imported mining equipment from China since 2018.
However, recent measures indicate increasing regulatory scrutiny and trade pressures, further raising import costs for mining hardware. This inflates operational expenses for US-based miners and disrupts supply chains, limiting their ability to scale as global hashrate rises.
Recently, Hut 8 Corp., a Bitcoin mining and high-performance computing infrastructure firm, partnered with Eric Trump and Donald Trump Jr. to establish American Bitcoin Corp.
The company aims to become the largest and most efficient pure-play Bitcoin mining operation globally while building a strong strategic Bitcoin reserve. This move highlights the increasing interest from US institutional investors in the competitive mining 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 Conditions, Privacy Policy, and Disclaimers have been updated.
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