FTX Crypto, Pi Network News, Crypto Market Crash

An Ethereum whale, a long-time holder since its ICO, made headlines by moving 7,000 ETH valued at $13.8 million to Kraken. The transfer occurred as Ether’s price dropped to $1,760 amid U.S. recession fears, triggering volatility. Analysts say large exchange inflows typically signal plans to liquidate or use the crypto as collateral for derivatives trading. Despite the sale, the whale still holds 30,070 ETH worth over $50 million.

Cathie Wood stated that the market is now absorbing the final stage of a rolling recession. She believes this situation will offer more policy flexibility for both a potential Trump administration and the Powell-led Federal Reserve than investors currently expect. According to Wood, this extra flexibility could help drive the U.S. economy into a “deflationary boom” in the second half of the year, potentially leading to lower prices and an overall improvement in economic conditions.

The crypto market is under significant pressure, with the total market cap dropping by $57 billion in the past 24 hours to $2.55 trillion amid concerns over the US economy. Bitcoin led the decline, falling to an intraday low of $76,600, while altcoin FET plunged 15%. The downturn coincides with news that President Trump will reverse Biden-era crypto debanking regulations, and the SEC is pulling back on its proposal to expand oversight of crypto exchanges. Traders remain cautious, watching key support levels for signs of a recovery.

According to Fortune, former FTX CEO Sam Bankman-Fried (SBF) is seeking a pardon from President Trump. SBF has launched a series of high-profile campaigns, including an unauthorized appearance on the Tucker Carlson Show, which reportedly led to him being put in solitary confinement. However, political insiders believe that his chances of receiving a pardon are extremely low, given the current political climate and the ongoing controversies surrounding his case.

Trump’s tariff uncertainty continues to fuel market sell-offs, wiping $1.7 trillion from US stocks and triggering $940 million in crypto liquidations. Bitcoin has slipped below $80K, while Ethereum trades near its 2022 bear market lows. Meanwhile, tokens like $OM, $IP, and $MOVE are holding strong amid the downturn. Overall, the crypto market cap stands at $2.74 trillion, with BTC dominance at 58.10% and the Fear & Greed Index at 24, signaling extreme fear among investors.

The crypto market took a hit on March 11 as Bitcoin slid to a low near $80K and Ethereum dropped 10% below $2K, with XRP and SOL also falling by 6-10%. Overall market sentiment is grim, with a nearly 4% market cap drop to $2.58 trillion and over $900M in liquidations. Despite pro-crypto moves like Trump’s executive order on a BTC reserve, fear of recession and escalating trade tensions is keeping prices under pressure.