Key Takeaways
- The crypto market suffers more setbacks to the upside with the recent LIBRA token rug pull as Argentine President Javier Milei gets involved.
- Javier Milei could suffer sanctions as Argentine lawyers drag the President to court based on corrupt crypto involvement.
- Bitcoin’s (BTC) price needs to break above $107,000 to $109,000 for the price to resume the strong bullish uptrend.
LIBRA token, a memecoin thought to be legit and endorsed by Argentine President Javier Milei, turns out to be one of the biggest rugpulls in crypto in the past few days, making a lot of headlines with over $5 billion lost due to insider traders and its team catering away with a large return on investment.
This rugpull by the LIBRA team has left its community in losses, with close to 100% of its liquidity drained a few hours after its launch, with the price of the LIBRA token pulling an incredible rally of over 3000%; thus was soon found out that the liquidity of LIBRA token was drained of liquidity to push its price higher.
Source – LIBRA Token Incident From Lookonchain On X
On-chain data from Lookonchain analyzed the current incident with LIBRA token rugpull, with the token hitting a high of $4.5 before suffering massive rugpull with top influential figures and crypto KOLs affected, leading to one of the biggest memecoin rugpull in crypto ever witnessed.
Lookonchain has analyzed how many traders invested millions of dollars with insider information but ended up losing a large chunk of such funds as LIBRA token team cashed out over $107 million, leaving others stranded with little to no liquidity for degen trading.
These crypto scandals have impacted the Argentine crypto community negatively, with President Javier Milei in the headline, and they could face possible charges for corruption with huge involvement in the cryptocurrency space.
The issue of the LIBRA token has also affected the general crypto space, with altcoins and Bitcoin (BTC) struggling to find liquidity following a strong bullish uptrend in the early hours of Friday. This uptrend was followed by a price drop in crypto assets across the market.
State Of The Crypto Market
Source – Coin360 Crypto Market Overview
Following the recent crypto scandal for LIBRA token memecoin, this has taken more liquidity from the crypto space as altcoins and Bitcoin continue to struggle to find strong price action to the upside after breaking out of its bullish price action on the four hours timeframe the price of Bitcoin suffered price retracement towards $95,900 following LIBRA token scandal.
If Bitcoin (BTC) shows some price gain to the upside towards a high of $98,800 to $100,000, we could see the price show a strong uptrend, which could boost altcoins’ rally to the upside after a prolonged downtrend with market uncertainties setting in for the past few weeks.
The price of Bitcoin could face key resistance around $107,000 to $ 109,000, where the price failed to form support in previous weeks after creating new all-time highs. With price looking to attempt price to the upside, we could see the price of Bitcoin (BTC) try to break this key resistance, preventing the market from trending to the upside.
