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The post LIBRA Meme Coin Crashes 42.7%: Argentina’s Milei Faces Backlash appeared first on Coinpedia Fintech News LIBRA, a meme coin supported by Argentinian president Javier Gerardo Milei, has experienced a sharp drop of 42.7% in the last seven days. An on-chain data by Nansen, a leading on-chain analytics platform, shows that a significant number of traders have suffered huge losses. Though Milei has deleted the post published in support of the meme coin, the opposition has demanded the initiation of the impeachment procedure against the president, terming the action of the leader of the country as an international embarrassment. LIBRA Meme coin’s Rapid Rise and Fall At one point, the market cap of LIBRA touched as high as $4.5 billion. Notably, it happened shortly after President Milei published an X post supporting the meme coin. Milei originally projected the project backing the meme coin as the one that would support the growth of the Argentinian economy and business landscape. It was the primary reason why the coin received unusual attention from the crypto community. Reports indicate as many as 40,000 crypto traders jumped into the market during this stage. However, the market cap of the token dropped sharply by over 90%, when insiders offloaded huge numbers of tokens, as per reports. By the time Milei realised his huge mistake and deleted his message from X, traders suffered huge losses. According to the Nansen data, at least 70% of wallets trading the LIBRA meme coin token from February 16 to 18 suffered huge losses. Reports show that on February 18 the number of token holders declined from 50,000 to 35,770. Also Read : Pi Coin Launch Sparks Wild Price Swings – Sell or Hold? , Dark Reality of Political and Celebrity-Backed Meme Coins The LIBRA meme coin scandal serves as a cautionary tale about political and celebrity-backed meme coins. Investors, regulators, and governments must be wary of such hype-driven projects to avoid massive financial losses. LIBRA Market Overview The current market cap of LIBRA stands at $439,032 and its 24-hour trading volume at $154,858. In the last 30 days, the market has seen a drop of 65.1%. The price of LIBRA has declined by nearly 44.2% in the last 24 hours alone. As of now, the LIBRA price stands at $0.0004564. Never Miss a Beat in the Crypto World! Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. Subscribe to News

Aptos research director Alexander Spiegelman criticized Monad for plagiarizing Aptos' open source code. Monad co-founder James Hunsaker responded that BlockSTM is a simple extension of these things and has never seen any Aptos code. In 2024, Monad completed a $225 million…

Michael Saylor’s Strategy is going all in—again. The company announced on Tuesday that it is raising $2 billion in 0% convertible senior notes to buy more Bitcoin, betting even bigger on the long-term value of its holdings. The debt offering, open only to qualified institutional buyers, includes an option to raise an extra $300 million if demand is high. The notes mature in 2030, won’t pay interest, and won’t increase in value over time, according to Strategy’s announcement. Investors can convert them into cash or shares of Strategy’s stock, depending on what the company decides. The notes are redeemable starting in 2027, but only if Strategy’s stock price surpasses 130% of the conversion price for a set period. If that happens, Strategy can buy back the notes at face value plus any special interest owed, per the announcement. If Strategy faces a fundamental change, such as a major acquisition or restructuring, investors can demand repayment on March 1, 2028. The conversion rate and final terms will be determined at pricing, based on Strategy’s stock performance on the day the deal is finalized. Bitcoin acquisition and debt strategy Strategy has been using debt to buy Bitcoin for years, and this latest one actually follows a pattern: raise cash, buy Bitcoin, and wait for the price to rise. The company plans to use the $2 billion for general corporate expenses, but its real focus is accumulating more Bitcoin. In 2024, Strategy bought 258,320 BTC for $22.07 billion, paying an average of $85,447 per Bitcoin, including fees. The company didn’t sell a single Bitcoin, despite price fluctuations. As of December 31, 2024, Strategy held 447,470 BTC, valued at $23.9 billion. But its outstanding debt hit $7.27 billion, with $35.1 million in annual interest costs. The company posted a net loss for 2024, mostly due to $1.79 billion in Bitcoin impairment losses. If Bitcoin’s market price crashes, Strategy’s ability to meet financial obligations could be at risk. The company warned in a 10-K SEC filing that it “may not be able to regain profitability” if Bitcoin’s fair value continues to drop. Strategy has been dealing with old accounting rules that force companies to write down Bitcoin losses, but never adjust gains unless sold. That changes in January 2025 with new FASB fair-value accounting rules. Gains and losses will now be recorded in net income each quarter, creating massive fluctuations in reported profits. The new rules will immediately apply a $12.75 billion adjustment to Strategy’s retained earnings. But there’s a catch: tax liabilities could surge. The company warned that unrealized Bitcoin gains might trigger the 15% Corporate Alternative Minimum Tax (CAMT) under the Inflation Reduction Act of 2022. “If we become subject to the CAMT, it could result in a material tax obligation that we would need to satisfy in cash,” Strategy said. The tax applies to companies with over $1 billion in annual adjusted financial income, and unless the law is amended, Strategy could owe huge taxes by 2026. The company also faces tax risks across multiple jurisdictions, with uncertainty around deferred tax assets and liabilities, as selling Bitcoin at higher prices than its cost basis will likely trigger some serious capital gains taxes. Strategy’s debt offering is private—only qualified institutional buyers under Rule 144A can participate. The notes won’t be registered with the SEC and can’t be publicly sold without an exemption. Investors interested in the deal must attend a live webinar on February 19, 2025, where the company will go over terms, risks, and expectations. “Access to the Video Webinar and completion of the investor survey does not mean you will receive an allocation in this proposed convertible notes offering,” Strategy clarified today. Cryptopolitan Academy: How to Write a Web3 Resume That Lands Interviews - FREE Cheat Sheet

Bitcoin’s fundamentals are looking increasingly bullish despite the recent bearish sentiment surrounding the cryptocurrency. Adoption sentiments heightened with the latest development from the search engine giant Google. Reports indicate Google is planning an integration program to simplify users’ Bitcoin use. On February 18, Google’s Web3 specialist Kyle Song revealed during the Hong Kong Bitcoin tech carnival that the firm is exploring ways to lower entry barriers for Web2 users interested in using Bitcoin. According to Song, Google has worked on the integration program for about a year since the SEC approved Bitcoin ETFs. Related: Bitcoin Price Takes a Hit as Investment Products See $430 Million Outflow After Fed’s ‘Hawkish’ Comments Meanwhile, Song’s explanation highlighted Google’s intention to create a simple, in-use solution for seamless cryptocurrency integration into the Google ecosystem. Considering the billions of people who use Google’s solutions worldwide, such a move would boost cryptocurrency awareness and potentially increase its global adoption. Focusing on the details of Google’s Bitcoin solution, Song stated that the search engine giant will embed Bitcoin wallets into the Web2 interface. That would allow users to log into their BTC wallets using Google accounts. Furthermore, Google would simplify crypto payments, making them as intuitive as existing Web2 payment solutions. Analysts believe that the Google Bitcoin integration hinted by Song could become the most significant adoption propeller for cryptocurrency. Given Google’s worldwide adoption, seamlessly onboarding those users by allowing them to use their Google accounts to carry out crypto operations would remove the entry barriers and promote adoption in a way the industry has never experienced. Related: Bitcoin Whales Go On a Buying Spree: 28,000 BTC Moved Into ‘Accumulation’ Song’s recent statement boosted users’ sentiment toward Bitcoin amid increasing bearish pressure, which saw the cryptocurrency slip below $94,000 on Tuesday. The flagship crypto found support at $93,340 while the struggle between the bulls and the bears continues. Most Bitcoin proponents remain adamant about the cryptocurrency’s potential to climb higher. Analysts predict the next crypto market rally will propel BTC to $150,000. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

GM If you don't have faith in the Bullrun to happen in the coming months, just sell everything and never come back pls We don't need all the bearish negativity Bull sentiment only !