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## Understand the Reasons Behind the Cryptocurrency Market's Negative Response to Samourai Wallet News
As per reports from the cryptocurrency market, Bitcoin, Ether, and other major altcoins experienced a sudden decline following the news of the founders of the Samourai wallet being arrested by the US Department of Justice. Concurrently, escalating tensions in the Middle East and increased price volatility due to the halving further exacerbated the situation.
On April 24, 2023, Cointelegraph disclosed that Keone Rodriguez, the mastermind behind the cryptocurrency wallet platform Samourai Wallet, and its Chief Technology Officer, William Hill, are facing charges of conspiracy to commit money laundering and operate an unlicensed money transmitting business.
Shortly after this announcement, Bitcoin's price plummeted by 3.6%, breaching the crucial support level of US$63,710 before recovering slightly to US$64,546 according to Coinbase data.
In the same timeframe, Ethereum experienced a 2.51% drop, falling to US$3,158, followed by declines in other major altcoins. Pepes saw a 6.4% decrease, Shiba dropped by 2.7%, and Doge temporarily fell by 3.2%. The sudden and substantial price fluctuations in the top two cryptocurrencies triggered various margin calls across the market.
Data from CoinGlass revealed significant long liquidations in the past day, with Bitcoin at US$33.08 million, Ethereum at US$29.88 million, and nearly US$23 million in long liquidations across the crypto market.
The crisis in the cryptocurrency market coincides with heightened tensions in the Middle East, particularly due to the unrest in Syria. On April 24, reports emerged of the Israeli military targeting over 40 Hezbollah-linked locations in southern Lebanon, as reported by local media outlets.
Amidst this turmoil, the cryptocurrency community braces for short-term market fluctuations following the recent Bitcoin Halving event on April 20.
A notable crypto market trader, Rekt Capital, predicted on April 24 that the peak of the net crypto bull run market would likely occur no earlier than late 2025, approximately 546 days after the next halving.
Despite the prevailing optimism among crypto traders, the abrupt Bitcoin price drop raised concerns. The Fear and Greed Index, a sentiment indicator, showed a spike in greed, reaching 72, marking a 15-point increase from the previous week. Many in the cryptocurrency sphere criticized the arrests, viewing them as part of the US government's stringent crackdown on crypto activities.
Crypto analyst Ryan Adams expressed his dismay on April 24, stating, "These developers face up to 25 years in prison for coding. The US is signaling that no one engaging in private transactions is safe." Conversely, Fred Krueger earlier that day argued in a post that the arrests unjustly tarnished Bitcoin's reputation. Crypto writer Luke Mikic alerted his X enthusiasts, with a following of 26,800, that "the US government's action against Samourai Wallet carries more significant implications than perceived."
