Ethena&#8217;s daily revenue has surpassed PancakeSwap and Jupiter, trailing only behind Tether and Circle. Following this achievement, ENA rose 4%. According to data from DeFi Llama, Ethena (ENA) rose through the ranks to become the third largest protocol by daily…

Ethena overtakes PancakeSwap and Jupiter with $3.28m daily revenue

Ethereum (ETH) has been stuck in a tight range, trading below $1,900 and above 
$1,750 after days of heavy selling pressure. The broader crypto market remains 
under stress, with fear dominating sentiment and keeping ETH from regaining 
momentum. Related Reading: Dogecoin Network Activity Surges 47% In A Month – 
What’s Next for DOGE? The downturn is largely driven by macroeconomic 
uncertainty and escalating trade war fears, which have shaken both crypto and 
the U.S. stock markets. As investors brace for further volatility, some fear 
that the market is setting up for a deeper correction. However, not all 
analysts are bearish. Some believe that a recovery could be on the horizon in 
the coming months, especially if technical indicators begin to show strength. 
Top analyst Daan shared insights on X, revealing that Ethereum has been 
consolidating since the major sell-off and has formed a falling wedge 
pattern—a bullish formation that could indicate a local trend reversal. For 
now, ETH remains at risk of further declines, but if this pattern plays out, 
Ethereum could soon break out of its consolidation range and start building 
momentum for a recovery. The next few weeks will be crucial in determining 
whether ETH can stabilize or if more downside is ahead. Ethereum Falling Wedge 
Could Signal a Reversal Ethereum has lost over 57% of its value, creating a 
challenging environment for bulls as selling pressure continues. ETH is now 
trading below a multi-year support level, which has flipped into strong 
resistance. As long as Ethereum remains below the $1,900–$2,000 range, bulls 
will struggle to regain momentum, keeping bearish sentiment intact. The entire 
crypto market has mirrored this weakness, experiencing a significant breakdown 
alongside the U.S. stock market. Global trade war fears and uncertainty 
surrounding U.S. President Trump’s policies have further fueled the sell-off 
in risk assets. Since the U.S. elections in November 2024, macroeconomic 
volatility and rising uncertainty have driven markets lower. With the U.S. 
stock market hitting its lowest levels since September 2024, investors remain 
on edge, questioning if Ethereum has further downside ahead. Despite this 
bleak outlook, there is some optimism. Daan&#8217;s insights suggest that Ethereum 
has been consolidating since the major drop and has formed a falling wedge 
pattern. This bullish formation could lead to a local trend reversal if ETH 
breaks out and holds above resistance. For this potential recovery to 
materialize, ETH must break above the white zone and reclaim $2,000. If this 
happens, bulls could start testing higher levels and build momentum for a 
broader market recovery. However, the ETH/BTC ratio remains near multi-year 
lows, showing only minor resilience in recent days. Sustained strength is 
needed before a real reversal can take place. Related Reading: Ethereum Net 
Taker Volume Signals Huge Selling Pressure – Can Bulls Hold Key Levels? With 
Ethereum still struggling, the next few weeks will be crucial in determining 
whether this falling wedge breakout can lead to a meaningful rally or if the 
downtrend will continue. Bulls Struggle Around $1,900 Ethereum is currently 
trading at $1,900, after days of struggling below the crucial $2,000 mark. 
Bulls have lost control, and ETH is now at its lowest levels since October 
2023, reflecting the broader market uncertainty and ongoing bearish sentiment. 
With macroeconomic volatility and trade war fears weighing heavily on risk 
assets, Ethereum continues to face selling pressure, making it difficult for 
bulls to build momentum for a recovery. The longer ETH stays below $2,000, the 
stronger the resistance at this level becomes, pushing buyers further out of 
the market. For Ethereum to avoid deeper losses, bulls must reclaim the $2,000 
mark as soon as possible and establish it as a new support level. A break and 
hold above this threshold could trigger a recovery rally, allowing ETH to test 
higher resistance zones. However, losing current levels would leave ETH 
vulnerable to another drop, potentially retesting support near $1,750 or 
lower. Related Reading: Bitcoin Lost And Retested The 200-Day MA As Resistance 
– Here’s What Happened Last Time The next few days will be critical, as bulls 
need to step in and defend current demand to prevent further downside. If they 
fail to do so, Ethereum could extend its bearish trend into deeper territory. 
Featured image from Dall-E, chart from TradingView

Ethereum Consolidates Since ‘The Big Dump’ – Local Trend Reversal Or Continuation?

Sources disclose that U.S. Representative Byron Donalds (R-FL) plans to 
introduce legislation on March 14, 2025, to permanently establish President 
Donald Trump&#8217;s Strategic Bitcoin Reserve and Digital Asset Stockpile, aiming 
to shield the initiative from reversal by future administrations. U.S. Could 
Anchor Crypto Leadership as Donalds Seeks to Codify Bitcoin Reserve The bill 
seeks to […]

US Lawmaker Plans to Introduce Bill to Permanently ‘Cement’ Trump’s National Bitcoin Reserve

North Korea-linked Lazarus Group transferred 400 ETH (worth $750,000) to 
Tornado Cash on March 12, 2025, likely laundering proceeds from the record 
$1.5 billion Bybit hack, blockchain researchers report. ZachXBT: Tornado Cash 
Demix Exposes North Korea&#8217;s $3.1M PEPE Token Purchase The Lazarus Group, a 
North Korean state-sponsored hacking collective, transferred 400 ETH to 
privacy tool […]

North Korea’s Lazarus Group Moves 400 ETH to Tornado Cash Following $1.5B Bybit Hack

An Argentine prosecutor has requested a judge to issue an Interpol “Red 
Notice” for Hayden Davis, an American citizen allegedly involved in the launch 
of the controversial LIBRA memecoin that has entangled Argentine President 
Javier Milei in a dramatic political scandal. LIBRA Memecoin Scandal The 
request, made by prosecutor Gregorio Dalbón, reviewed by Fortune, accuses 
Davis of being a key figure behind the LIBRA memecoin. The token gained 
significant attention after President Milei endorsed it on Valentine’s Day. 
Following Milei&#8217;s endorsement, LIBRA&#8217;s market capitalization soared to over 
$4.5 billion. However, its value quickly collapsed, plummeting by more than 
99% to approximately $18 million. Blockchain analysts later revealed that 
certain insiders sold large amounts of the token shortly after Milei publicly 
supported it. Related Reading: Solana Price Crash To $90? Why A 26% Decline 
Could Rock This Crypto In his request for the Red Notice, Dalbón expressed 
concerns that Davis might evade justice, citing his financial resources that 
could facilitate his flight or concealment. “The possibility that Davis will 
abandon his country of residence or hide to avoid answering for his alleged 
acts appears to be aggravated by the economic resources he possesses,” Dalbón 
stated, emphasizing the urgency of the situation. Interpol, the International 
Criminal Police Organization, facilitates international cooperation among law 
enforcement agencies in its 196 member countries, including the US and 
Argentina. A Red Notice serves as a request for member countries to locate and 
provisionally arrest individuals pending extradition. Federal Investigation 
Launched Into Javier Milei&#8217;s Endorsement Davis has not publicly responded to 
the allegations, nor have his family members, including his brother Gideon and 
father Charles, who are involved in their family crypto venture, Kelsier 
Ventures, Fortune reported. Yet, the controversy surrounding LIBRA is further 
complicated by its connection to former President Donald Trump, who recently 
launched his own memecoin named TRUMP. Trump&#8217;s endorsement of cryptocurrency 
has been characterized as part of his broader strategy to position himself as 
a pro-crypto advocate. Related Reading: Bitcoin Bottom Confirmed? Data Shows 
87.5% Chance The Worst Is Over Following Milei&#8217;s endorsement, Davis openly 
acknowledged his role as an advisor to the Argentine president, stating, &#8220;I am 
indeed Javier Milei’s advisor.&#8221; He also claimed responsibility for the launch 
of a separate memecoin associated with Melania Trump. The fallout from the 
LIBRA launch has prompted legal inquiries, including a federal investigation 
into Milei’s actions. Both Milei and Davis have denied any wrongdoing, but the 
political implications of this incident are significant, as it raises 
questions about the accountability and regulation of cryptocurrencies in 
Argentina. At the time of writing, the memecoin is trading at $0.060, down 
over 90% from its all-time high reached on Valentine&#8217;s Day. Featured image 
from DALL-E, chart from TradingView.com

Hayden Davis Faces Interpol Alert For Role In LIBRA Memecoin

The cryptocurrency trader whose ultra-leveraged Ether (ETH) trade tested 
Hyperliquid&#8217;s limits on March 12 has entered another multimillion-dollar 
position, this time in Chainlink (LINK), onchain data shows.
On March 14, the anonymous whale, referred to on X as &#8220;ETH 50x Big Guy,&#8221; took 
out long positions in LINK worth approximately $31 million with 10 times 
leverage, according to Lookonchain, a Web3 analytics service.
He placed the bets on Hyplerliquid and GMX, two popular perpetuals exchanges, 
Lookonchain said in a March 14 X post. Additionally, the whale accumulated 
roughly $12 million in spot LINK.
In the ensuing hours, the whale gradually reduced his LINK holdings through 
small swaps back into stablecoins, as per onchain data.
_Source:__Lookonchain_
 _**Related:**__**Hyperliquid ups margin requirements after $4 million 
liquidation loss**_
## Massive trading gains
On March 12, the unidentified trader intentionally liquidated a roughly $200 
million ETH long position, causing Hyperliquid&#8217;s liquidity pool, HLP, to lose 
$4 million. The trader&#8217;s profits topped roughly $1.8 million.
According to Lookonchain, the trader has earned nearly $17 million in the past 
month on Hyperliquid.
The incident highlighted the challenges facing perpetual trading platforms 
such as Hyperliquid, which enable traders to take long or short positions many 
times larger than their deposited capital.
Hyperliquid said the trader&#8217;s actions did not qualify as an exploit and were 
instead a predictable consequence of the mechanics of its trading platform 
under extreme conditions.
In response to the losses, Hyperliquid announced on March 13 revised 
collateral rules for traders with open positions to guard against similar edge 
cases in the future.
Launched in 2024, Hyperliquid&#8217;s flagship perpetuals exchange has captured 70% 
of the market share, surpassing rivals such as GMX and dYdX, according to a 
January report by asset manager VanEck.
Chainlink, the most popular decentralized oracle service, saw the price of its 
native LINK token increase by more than 150% in the weeks after President 
Donald Trump prevailed in the US election.
It has since given up much of those gains, declining from highs of nearly $30 
per token in December to less than $14 as of March 14, according to data from 
CoinGecko.
Chainlink&#8217;s market capitalization is currently around $8.7 billion.
_**Magazine:**__**&#8217; Hong Kong&#8217;s FTX&#8217; victims win lawsuit, bankers bash 
stablecoins: Asia Express**_