SYCHTE

The cryptocurrency world has witnessed numerous ups and downs, with projects soaring to incredible heights only to crash just as quickly. One of the latest tokens to experience a dramatic decline is PIXEL, which has lost over 93% of its value from its all-time high. The controversy surrounding the project has been fueled by a viral Discord message allegedly from pixel_luke, a key figure in the project, joking about a "rug pull."
Discord Controversy: Developer's Statement Sparks Fear
A screenshot circulating online shows a message from pixel_luke stating: "Yes, 3 years into this after all the suffering and actually building a game, now it is the time for me to pull the rug." While some argue that this was merely sarcasm, investors have not taken it lightly, leading to panic selling and further price depreciation.

Market Performance and Price Crash
At its peak, PIXEL reached an impressive valuation, trading above $1.03. However, as of today, the token has plummeted to $0.034, marking a 93.24% decline. The trading chart exhibits a steep downtrend, with significant volatility, suggesting mass liquidation events and a loss of confidence in the project.

Market Cap: $64.56 million (+30.52% daily growth)24H Trading Volume: $16.69 million (+48.91%)Circulating Supply: 1.88 billion PIXELTotal Supply: 5 billion PIXEL
The sharp price drop has been compounded by massive token unlocks, with the next scheduled unlock event set for March 19, 2025, when 89.37 million PIXEL tokens ($3.08 million worth) will be released into circulation. Such events typically create selling pressure, further raising concerns about future price stability.
Liquidation and Leverage Trading Impact
On Binance, the PIXEL/USDT perpetual contract has seen a significant 38.35% daily drop. The open interest remains high at $1.8 million, indicating that leveraged traders are still actively betting on the price direction. Given the massive drawdown, the possibility of cascading liquidations cannot be ruled out, further exacerbating the sell-off.

Conclusion: Is PIXEL a Rug Pull?
While the Discord message sparked fears, there is no concrete evidence confirming an actual "rug pull." The decline in price may be attributed to broader market conditions, early investor profit-taking, and the upcoming token unlock event. However, the lack of confidence from the community and the rapid depreciation of PIXEL highlight the importance of due diligence in the volatile crypto landscape.

Investors should closely monitor the project's developments and any official statements from the team before making further investment decisions.
#USStocksPlunge #MtGoxTransfers #ETHWhaleLiquidation #MarketPullback #BBVABitcoinGreenlight

For months, crypto enthusiasts poured billions into leveraged strategies, banking on President Donald Trump’s promise to deregulate the cryptocurrency industry and ignite a new era of digital wealth. However, the optimism that fueled post-election gains has given way to a sobering reality. Day traders betting heavily on cryptocurrencies are now reeling from a brutal Wall Street selloff, driven by fears over Trump’s unpredictable policy agenda and unmet expectations for the crypto sector.

Market Turmoil Hits Leveraged ETFs
Exchange-traded funds (ETFs) designed to amplify returns on cryptocurrencies and related assets have been among the hardest hit. On Monday, two ETFs tied to Strategy—formerly MicroStrategy, a prominent Bitcoin-holding company—plunged over 30%. Another fund, doubling the daily returns of Robinhood Markets Inc., a popular brokerage among crypto traders, cratered by 40%. Leveraged Bitcoin and Ether funds also saw steep declines of approximately 20% and 26%, respectively, amid a broader selloff in digital tokens.
These losses reflect a sharp reversal for a crypto-trading ecosystem that surged after Trump’s return to the White House. The president’s pro-crypto rhetoric, including pledges for a national strategic reserve of digital tokens and the launch of his own memecoin, had initially sent Bitcoin and other cryptocurrencies soaring. Yet, recent developments have dampened the enthusiasm.
Disappointment in Trump’s Crypto Vision
Industry insiders are voicing growing unease about the administration’s early moves. The inclusion of lesser-known tokens like XRP, SOL, and ADA in the proposed cryptoreserve has sparked dismay. A highly anticipated White House crypto summit last Friday further disappointed observers, with Blockworks’ Donovan Choy and Macauley Peterson describing it as “big on optics, light on substance.” As one analyst noted, “We’re still very much in wait-and-see mode.”
Compounding the uncertainty, Trump’s broader policy shifts—such as fluctuating trade threats and Elon Musk’s aggressive push to slash federal spending—have rattled investors. The S&P 500 has erased all gains since the election, with speculative “Trump trade” assets suffering even steeper declines.
Recession Fears Amplify the Pain
Economists are increasingly sounding the alarm about a potential downturn. A JPMorgan Chase & Co. model pegged the market-implied recession probability at 31% earlier this month, while Goldman Sachs Group Inc.’s metrics also signal rising risks. In this climate, high-risk, leveraged ETFs tied to crypto and speculative tech names are becoming less appealing. “You’re not going to want too much exposure to high-beta names like these,” warned Todd Sohn, senior ETF strategist at Strategas.
President Trump has suggested that current market turbulence may be a “transition” as his policies take effect. Michael O’Rourke, chief market strategist at JonesTrading, agrees that speculative assets are being “aggressively unwound.” He added, “These are leveraged wagers—literal gambling on the most speculative parts of the equity market. Their sharp rise should have signaled they could collapse just as quickly, if not faster.”
Performance Snapshot of Key Funds
Leveraged Strategy ETFs: Down approximately 45% year-to-date.GraniteShares 2x Long COIN Daily ETF (CONL): Tied to Coinbase Global Inc., down over 55% since December 2024.Double-Leveraged Bitcoin Fund (BITX): Lost 35%, mirroring Bitcoin’s 16% drop.iShares Bitcoin Trust ETF (IBIT): Recorded $2.6 billion in inflows in early December but saw outflows of nearly $800 million in February, with an additional $130 million withdrawn in March.Direxion Daily TSLA Bull 2X Shares (TSLL): Down more than 70% this year amid Tesla’s struggles.ARK Innovation ETF (ARKK): Lost 16% year-to-date, with $240 million in outflows following two years of nearly $4 billion in redemptions.High-octane tech funds tied to Elon Musk and Palantir Technologies Inc. also saw significant losses, with some dropping 20% on Monday alone.
A Sentiment-Driven Market
Despite the pro-crypto leanings of the Trump administration, experts caution that cryptocurrencies remain high-risk assets heavily influenced by sentiment rather than fundamentals. “There are long-term growth drivers for crypto, but its pricing is still built on faith,” said Roxanna Islam, head of sector and industry research at TMX VettaFi. “It’s hard to stay confident in crypto when broader market concerns are mounting.”
Conclusion
The crypto day-trading faithful who once saw Trump’s presidency as a golden opportunity are now grappling with a starkly different landscape. As leveraged funds hemorrhage value and recession fears loom, the promise of a deregulated crypto paradise remains elusive—for now.
#BTC #BBVABitcoinGreenlight #WhaleAccumulation #StablecoinGoldRush #MarketPullback

On March 9, 2025, the Liberal Party of Canada announced Mark Carney as the country’s new Prime Minister, replacing Justin Trudeau after more than seven years in office. Carney, who won the party’s internal election in a landslide, brings extensive experience as the former Governor of the Bank of Canada (2008–2013) and the Bank of England (2013–2020). However, his views on Bitcoin and cryptocurrencies have drawn attention, particularly due to his past statement that Bitcoin has "serious deficiencies."

Background of Carney’s Bitcoin Critique
Mark Carney first voiced his critical stance on Bitcoin as early as March 2, 2018, while serving as Governor of the Bank of England. In one of his remarks, he highlighted Bitcoin’s fixed supply cap—limited to 21 million coins—as a fundamental flaw. Carney argued that this rigidity creates what he termed a "criminal act of monetary amnesia," drawing a parallel to the historical global gold standard. He suggested that recreating such an inflexible monetary system in the modern era was unwise.
Carney compared Bitcoin to the gold standard, asserting that its fixed supply prevents it from adapting to the dynamic needs of an economy. In his view, a currency that cannot be managed by a monetary authority to regulate inflation or ensure economic stability suffers from inherent weaknesses as a medium of exchange, unit of account, or store of value.

Carney’s Stance on Digital Currencies and CBDCs
While critical of Bitcoin, Carney is not entirely opposed to digital currency innovation. During his tenure at the Bank of England, he expressed support for the development of Central Bank Digital Currencies (CBDCs)—digital currencies issued and regulated by central banks. He views CBDCs as a natural evolution of monetary systems, enabling central banks to maintain price stability and control inflation, something he believes Bitcoin cannot achieve due to its decentralized nature.

In a 2021 lecture at the Bank for International Settlements, Carney stated that unregulated digital tokens like Bitcoin would only hold "token value" and could not serve as the core of a programmable financial network. This reinforced his preference for a monetary system under centralized oversight.

Comparison with Predecessor Justin Trudeau
Carney’s stance on Bitcoin appears more stringent than that of his predecessor, Justin Trudeau. In September 2022, Trudeau criticized opposition leader Pierre Poilievre’s pro-crypto platform, calling it "irresponsible leadership" for encouraging people to escape inflation by investing in cryptocurrencies. Carney, however, goes further with a monetary policy-based critique, signaling a deeper skepticism about Bitcoin’s legitimacy as an economic tool.

Carney’s Financial Sector Experience and Stripe
Interestingly, Carney also has experience in the payment technology sector. From February 2021 to January 2025, he served on the board of Stripe, a payment processing company that began integrating crypto payment solutions between 2022 and 2024. Despite this, his time at Stripe does not appear to have softened his views on Bitcoin as a monetary asset; rather, it may have reinforced his belief in innovations that remain within a tightly regulated framework.

Current Political and Economic Context
Carney’s appointment as Prime Minister comes amid significant economic challenges for Canada, including responding to new tariffs imposed by U.S. President Donald Trump. In his victory speech on March 9, 2025, Carney denounced Trump for "attacking Canadian families" with what he called unfair tariffs, asserting that Canada "will never be any part of America in any way, shape, or form." This focus on economic sovereignty may also reflect his cautious approach to monetary innovations like Bitcoin.

Potential Impact on Canada’s Crypto Policy
With Carney now leading Canada’s $1.9 trillion economy, his views on Bitcoin and crypto could shape future policies. His critique of Bitcoin suggests he may push for stricter regulations on decentralized crypto assets while accelerating the Bank of Canada’s exploration of a CBDC. This contrasts with the ambitions of figures like Conservative Party leader Pierre Poilievre, who once pledged to make Canada the "blockchain and crypto capital of the world."

Public Sentiment on Social Media
Sentiment on X reflects concern over Carney’s stance on Bitcoin. A user, @syntoshidog, posted on March 10, 2025, "Canada’s new PM Mark Carney once called Bitcoin’s supply cap a criminal act of monetary amnesia while backing CBDCs, now steering policy for a $1.9T economy." Another user, @EdGeraldX, quoted Carney’s remark that recreating a virtual gold standard is "criminal," highlighting unease within the crypto community about his leadership direction.

Conclusion
Mark Carney, Canada’s new Prime Minister, brings a critical perspective on Bitcoin rooted in his extensive experience as a central banker. His assertion that Bitcoin has "serious deficiencies" and his analogy of "monetary amnesia" underscore his preference for centralized, controllable monetary systems. While his tenure as leader will be tested by economic and political challenges, his stance on crypto is likely to influence Canada’s approach to financial innovation in the coming years. For the crypto community, Carney’s leadership could signal tighter regulations ahead, while the door for CBDCs may swing wider open.
#Canada #CryptoNews #news #bitcoin #MarketPullback