Crypto World
H100 Expands Bitcoin Holdings to 3,500 BTC Through Norwegian Acquisition
Key Highlights
- Share-based acquisition structure maintains proportional bitcoin exposure for all stakeholders.
- H100’s bitcoin treasury will grow to approximately 3,501 BTC upon deal closure.
- No shareholder dilution as transaction preserves bitcoin-for-bitcoin value.
- Acquisition adds systematic trading and hedge fund management expertise.
- Deal strengthens H100’s competitive position in European capital markets.
H100 has entered into a letter of intent for the acquisition of two Norwegian entities: Moonshot AS and Never Say Die AS. Under the terms of the agreement, H100 will issue new shares in exchange for the bitcoin assets held by both target firms. Once finalized, the transaction will bring H100’s total bitcoin holdings to roughly 3,501 BTC, reinforcing its status among Europe’s prominent publicly listed bitcoin treasury enterprises.
The agreement employs a bitcoin-for-bitcoin exchange mechanism, ensuring that existing shareholders maintain their proportional cryptocurrency exposure. This acquisition will provide H100 with an enhanced balance sheet and greater market significance. The strategic move is designed to advance H100’s presence in capital markets while safeguarding the fundamental bitcoin exposure across the shareholder base.
This deal introduces a seasoned team of technology and investment professionals to H100. Their specialized knowledge will integrate seamlessly with H100’s current treasury management and capital markets functions. The expanded network incorporates notable bitcoin industry veterans, strengthening H100’s strategic footprint within the cryptocurrency sector.
Deal Framework and Business Logic
The acquisition agreement between H100 and the Norwegian companies will be executed entirely through share issuance. Post-transaction ownership stakes in H100 will be determined solely by the amount of bitcoin each participating entity contributes. The structure ensures zero dilution of bitcoin exposure while simultaneously expanding the company’s financial scale.
Moonshot AS and Never Say Die AS collectively control approximately 2,450 bitcoin, whereas H100’s present holdings stand at roughly 1,051 BTC. The merged entity will command a bitcoin treasury exceeding 3,500 BTC, substantially enhancing H100’s asset base. This consolidation also positions H100 to access improved liquidity conditions and attract institutional investor interest.
H100 seeks to strengthen its operational capabilities in bitcoin acquisition and treasury oversight. With the addition of the target companies’ teams, the firm will advance its capital markets initiatives with enhanced resources. This acquisition strategy aligns directly with H100’s ambition to establish itself as the preeminent European publicly traded bitcoin treasury corporation.
Acquired Entities and Management Structure
Both Moonshot AS and Never Say Die AS specialize in bitcoin acquisition methodologies and investment portfolio management. These Norwegian firms are helmed by seasoned professionals who bring extensive experience in systematic trading operations and hedge fund administration. Their capabilities directly support H100’s extended-term bitcoin treasury objectives.
The target companies are owned by Geir Harald Hansen, who established the Bitminter mining pool. Throughout its operational history, Bitminter successfully mined more than 208,000 BTC, accounting for roughly 1% of bitcoin’s total circulating supply. This acquisition therefore imports substantial bitcoin market intelligence into H100’s organizational framework.
H100 will maintain its current management structure, with Johannes Wiik continuing as CEO and Sander Andersen remaining as Chairman. Key personnel from Moonshot AS and Never Say Die AS will join H100’s board of directors and management team. This organizational approach ensures business continuity while capitalizing on synergistic expertise to enhance the company’s competitive standing in the market.
Crypto World
United Parcel Service (UPS) Stock: $100M Taiwan Facility Targets Semiconductor Logistics
Key Highlights
- United Parcel Service inaugurated a $100 million distribution facility in Taoyuan, Taiwan — marking its biggest Asia Pacific investment
- The facility sits adjacent to Taiwan’s primary international airport, optimized for technology-related shipments
- Approximately 80% of cargo flowing through the center consists of high-technology products
- Applied Materials (AMAT) has designated this location as its primary Asian distribution point
- The company is exploring potential flight operations to Kaohsiung, near TSMC’s emerging manufacturing complex
United Parcel Service (UPS) has inaugurated a state-of-the-art $100 million distribution facility in Taoyuan, Taiwan, representing the company’s most significant infrastructure investment across the Asia Pacific region. This strategic facility aims to support surging requirements from technology manufacturers, especially within Taiwan’s globally dominant semiconductor sector.
United Parcel Service, Inc., UPS
Positioned strategically adjacent to Taiwan’s busiest international airport, the Taoyuan location offers optimal access for time-sensitive, high-value technology shipments. According to Lauren Zhao, who leads UPS Asia Pacific Supply Chain Solutions and Freight Forwarding operations, approximately 80% of cargo processed through this facility falls within the high-technology category.
Applied Materials (AMAT), America’s leading semiconductor equipment manufacturer, has selected this facility to serve as its central Asian distribution hub. Shares of AMAT climbed 3.37% following the announcement.
“Taiwan’s semiconductor sector stands unrivaled globally in terms of technological advancement,” Zhao stated during the facility’s opening ceremony. She emphasized that manufacturing capabilities associated with this industry represent areas where Taiwan maintains worldwide leadership.
TSMC, recognized as the planet’s leading contract chipmaker, serves as a primary catalyst for regional logistics demand. The company’s processors are integral to AI infrastructure development occurring across the globe, establishing Taiwan as an indispensable link in international supply networks.
Southern Taiwan Expansion Under Review
Sam Hung, who directs UPS operations across Japan, South Korea, and Taiwan, revealed that the logistics provider is evaluating flight service expansion to Kaohsiung in Taiwan’s southern region. This potential expansion hinges on demonstrated client requirements.
Kaohsiung hosts TSMC’s ongoing construction of a substantial new manufacturing facility, forming part of an expanding semiconductor industrial zone in Taiwan’s southern territory. Should this industrial cluster develop as anticipated, UPS may find compelling business justification for establishing operations there.
The substantial $100 million capital commitment demonstrates the extent to which logistics infrastructure is being developed to support Taiwan’s chip manufacturing ecosystem. With TSMC functioning as the nexus of AI hardware supply chains, rapid movement of equipment and materials has emerged as a strategic imperative for companies like Applied Materials.
Strategic Partnership with Applied Materials
Applied Materials selecting the Taoyuan center as its Asian operational headquarters provides UPS with a foundational client deeply embedded in chip production. AMAT produces the sophisticated machinery that fabricates semiconductors — meaning its logistics requirements directly correlate with semiconductor manufacturing timelines.
The UPS installation enables both organizations to react more rapidly to fluctuations in chip production requirements throughout the region. Such responsiveness proves critical when equipment delivery delays can potentially halt entire fabrication operations.
Currently, UPS maintains operations exclusively through Taoyuan airport within Taiwan. The Kaohsiung service expansion remains under active evaluation as of March 25, 2026.
By Omkar Godbole (All times ET unless indicated otherwise)
Bitcoin and the broader crypto market are holding firm alongside U.S. stock futures as oil prices, bond yields and the Dollar Index ease on signs that ceasefire talks between the U.S. and Iran could begin as early as Thursday.
Still, nothing is confirmed, and it may be too soon to position for a full return to normalcy, according to some observers.
“We are not geopolitical experts, but we would have thought Iran would have maximum leverage of high energy prices going into any negotiation,” analysts at ING said. “Thus, it is probably too early to expect any big drop in energy prices or a much softer dollar this week.”
Skepticism remains on the Iranian side as well. According to Axios, officials have told Pakistan, Egypt and Turkey that recent U.S. military movements have deepened suspicions that Trump’s peace proposal may be just a ruse.
Macro conditions are also turning less supportive. The U.S. money market curve has now priced out any Fed easing this year, a sharp shift from earlier expectations of at least two 25-basis-point cuts, which were seen as a key bullish catalyst for BTC and other risk assets.
On the crypto front, the news flow hasn’t helped either. Circle Internet’s (CRCL) stock slid Tuesday after a leaked draft of the Clarity Act suggested limits on paying interest on idle stablecoin balances. Meanwhile, Arkham Intelligence reported that Bhutan may be selling roughly $30 million worth of BTC, with the government still holding 4,453 coins valued at about $315.9 million.
Despite these headwinds, bitcoin continues to hold above $70,000, with dips proving short-lived. A market that refuses to fall on negative news often signals underlying strength, potentially setting the stage for a larger move higher. Dynamics of bitcoin’s impending options expiry on Friday point to a potential for a bounce to $75,000. Stay alert!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to Watch
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.
- Crypto
- Macro
- March 25, 8:30 a.m.: U.S. Import Prices MoM for February est. 0.2% (Prev. 0.2%); Export Prices MoM (Prev. 0.6%)
- Earnings (Estimates based on FactSet data)
Token Events
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.
- Governance votes & calls
- Unlocks
- March 25: Humanity (H) to unlock 4.19% of its circulating supply worth $10.1 million.
- Token Launches
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.
Market Movements
- BTC is up 2.21% from 4 p.m. ET Tuesday at $71,509.33 (24hrs: +0.68%)
- ETH is up 2.99% at $2,184.78 (24hrs: +1.43%)
- CoinDesk 20 is up 2.73% at 2,065.01 (24hrs: +0.93%)
- Ether CESR Composite Staking Rate is down 7 bps at 2.74%
- BTC funding rate is at 0.0005% (0.4960% annualized) on Binance
- DXY is down 0.15% at 99.29
- Gold futures are up 3.13% at $4,536.90
- Silver futures are up 4.38% at $72.31
- Nikkei 225 closed up 2.87% at 53,749.62
- Hang Seng closed up 1.09% at 25,335.95
- FTSE 100 is up 0.85% at 10,049.44
- Euro Stoxx 50 is up 1.39% at 5,658.96
- DJIA closed on Tuesday down 0.18% at 46,124.06
- S&P 500 closed down 0.37% at 6,556.37
- Nasdaq Composite closed down 0.84% at 21,761.89
- S&P/TSX Composite closed up 0.18% at 31,941.59
- S&P Latin America 40 closed up 0.43% at 3,480.97
- U.S. 10-Year Treasury rate is up 6 bps at 4.39%
- E-mini S&P 500 futures are up 0.68% at 6,651.25
- E-mini Nasdaq-100 futures are up 0.86% at 24,422.75
- E-mini Dow Jones Industrial Average futures are up 0.67% at 46,727.00
Bitcoin Stats
- BTC Dominance: 58.97% (0.16%)
- Ether-bitcoin ratio: 0.03055 (-0.04%)
- Hashrate (seven-day moving average): 977 EH/s
- Hashprice (spot): $33.72
- Total fees: 2.5 BTC / $175,777
- CME Futures Open Interest: 116,345 BTC
- BTC priced in gold: 15.7 oz.
- BTC vs gold market cap: 4.77%
Technical Analysis
- The chart shows daily swings in the bitcoin-gold ratio since July last year.
- The ratio has bounced 23% this month, signaling bitcoin’s outperformance relative to gold.
- However, the broader bitcoin bear market is still intact and the ratio had yet to top the trendline representing the slide since August 2025.
Crypto Equities
- Coinbase Global (COIN): closed on Tuesday at $181.04 (-9.76%), +2.94% at $186.36 in pre-market
- MARA Holdings (MARA): closed at $8.25 (-7.41%), +3.52% at $8.54
- Riot Platforms (RIOT): closed at $14.33 (-0.28%), +2.72% at $14.72
- Core Scientific (CORZ): closed at $16.85 (+1.63%), +2.43% at $17.26
- CleanSpark (CLSK): closed at $9.58 (-4.01%), +2.61% at $9.83
- Exodus Movement, Inc. (EXOD): closed at $7.20 (-11.33%), +6.39% at $7.66
- CoinShares Bitcoin Mining ETF (WGMI): closed at $38.87 (-1.35%)
- Circle Internet Group (CRCL): closed at $101.17 (-20.11%), +3.04% at $104.25
- Bullish (BLSH): closed at $37.37 (-5.51%), +1.61% at $37.97
Crypto Treasury Companies
- Strategy (MSTR): closed at $136.25 (-1.41%), +2.97% at $140.29
- Sharplink (SBET): closed at $7.17 (-4.53%), +3.63% at $7.43
- Galaxy Digital (GLXY): closed at $21.30 (-1.84%), +2.58% at $21.85
- Strive Asset Management, LLC (ASST): closed at $9.93 (-4.89%), +2.01% at $10.13
- Upexi (UPXI): closed at $1.11 (-5.13%), +2.70% at $1.14
- Lite Strategy (LITS): closed at $1.20 (+1.69%)
ETF Flows
Spot BTC ETFs
- Daily net flows: -$66.6 million
- Cumulative net flows: $56.31 billion
- Total BTC holdings ~1.29 million
Spot ETH ETFs
- Daily net flows: -$40.7 million
- Cumulative net flows: $11.7 billion
- Total ETH holdings ~5.79 million
Source: Farside Investors
While You Were Sleeping
As the chart shows, Alphabet (GOOGL) shares have dropped to their lowest level of 2026, with trading closing well below the psychological $300 per share mark.
Why Have Alphabet (GOOGL) Shares Declined?
The bearish move is driven by a combination of factors, including:
→ Escalating geopolitical tensions. With the prospect of a prolonged US conflict with Iran becoming more relevant, market participants may be reducing exposure to risk assets, favouring stability instead. Technology stocks are particularly vulnerable in such an environment.
→ In March, it was reported that Alphabet plans to allocate $175–185 billion to AI infrastructure this year. These expenditures could weigh on profit margins, while a quick return on investment is far from guaranteed.
In addition, media reports point to pressure from antitrust regulators, downward revisions to price targets by analysts, and share sales by GOOGL executives. Meanwhile, the chart and volume analysis highlight a significant shift in market sentiment.
Technical Analysis of GOOGL Shares
Note the price behaviour during periods of exceptionally high trading volumes. The arrows indicate:
→ A move above the $300 psychological level accompanied by a bullish gap — a sign of emotional buying momentum that gradually faded.
→ A sharp decline in February on very high volumes, suggesting that bears attempted to seize control. The formation of lower highs and lower lows confirms their success.
Yesterday, GOOGL opened with a bearish gap and closed at the low of a wide candle — a clear sign that sellers are strengthening their grip.
Bulls need to regain control quickly; otherwise, if bearish dominance persists:
→ Alphabet (GOOGL) shares may continue to decline within the red descending channel;
→ The $300 level could act as psychological resistance during any recovery attempts;
→ A move towards the $250 level cannot be ruled out.
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Memecoin launchpad Pump.fun introduced a new restriction on creator fee settings, limiting token deployers to a single post-launch change in how fees are distributed on the platform.
In a post on X, Pump.fun co-founder Alon Cohen said the update aims to reduce “griefing” — where creators alter fee recipients after a token gains traction — and other forms of manipulation tied to fee redirection, where token creators can alter who receives fees after a coin gains traction.
Under the change, each token will have one opportunity to redirect creator fees to a different wallet, after which the configuration becomes permanently locked.
Pump.fun’s latest update follows a broader overhaul announced in January, when the platform acknowledged that its creator-fee model had skewed incentives by disproportionately rewarding token deployers over traders.
Pump.fun’s broader attempts to shift incentives to traders
On Jan. 10, the platform introduced changes like multi-wallet distribution and post-launch controls, aiming to improve transparency and better align rewards with trading activity.
On Feb. 17, Pump.fun introduced “Cashback Coins,” requiring creators to choose at launch whether fees go to themselves or are redirected to traders, with that high-level model locked in once selected.
The change aimed to rebalance the distribution of rewards between token deployers and traders. However, while the overall fee model was fixed at launch, creators or coin admins could still adjust the specific wallets receiving those fees and how they were distributed after a token went live.
Related: ‘Hawk Tuah’ girl Haliey Welch says memecoin implosion ‘traumatized’ her
This meant that even if the model didn’t change, the underlying recipients could, creating potential trust issues for traders. The latest update narrows that flexibility by allowing only a single post-launch change to fee recipients, after which the configuration is permanently locked.
Early community reactions suggest the change may do little to address broader trading dynamics on the platform. X user gake said the change might not help much, while another user, tom, described it as a “drop in the bucket” that shows the team is at least acknowledging the issue.
Pump.fun activity drops as fees and volume fall year over year
Pump.fun’s shift in its incentive structure comes as its fees have declined from their peak. DefiLlama data shows that in January 2026, the platform recorded $31.8 million in fees, down about 75% from $148 million in January 2025, its best-performing month to date.
In February 2026, the platform recorded $25 million in revenue, down 66% from nearly $75 million in February 2025.
The platform’s trading volume has followed a similar pattern. According to DefiLlama, Pump.fun recorded monthly volume of over $11.6 billion in January 2025, which fell to about $2.1 billion in January 2026, a decline of roughly 81%.
In February 2026, monthly volume totaled about $1.91 billion, down 68% from $6.1 billion in February 2025.
Magazine: Animoca teams up with Ava Labs, Shrapnel on Steam: Web3 Gamer
Bhutan transferred more Bitcoin from a state-linked wallet on Wednesday, continuing a series of March outflows tied to its sovereign holdings.
Summary
- Bhutan moved 519.7 BTC on Wednesday, marking its third large sovereign wallet transfer this month.
- Arkham data showed Bhutan still held 4,453 BTC after the latest state-linked outflow this month.
- Bhutan continues expanding mining and reserve plans while trimming Bitcoin holdings through repeated March transfers.
Meanwhile, the latest move came as the country kept building its broader Bitcoin strategy through mining, infrastructure, and reserve planning. Arkham data showed that a Bhutan government-linked wallet moved about 519.7 BTC on Wednesday. The amount was worth about $36.7 million at the time of transfer. The funds went to two separate wallets.
Onchain Lens said one of the recipient wallets was linked to trading firm QCP Capital. The transfer added to market attention around Bhutan’s Bitcoin activity, as traders and analysts tracked movements from the country’s known sovereign wallet.
The latest transaction marked the third large Bitcoin move from the Bhutan-tagged wallet in March. It followed a $72 million transfer spread across six transactions in the 24 hours before March 18. The wallet also moved $11.8 million on March 9.
This recent pattern stood out against February activity. During that month, Bhutan moved just over 284 BTC. Arkham data showed the wallet still held 4,453 BTC worth around $315 million after the latest transfer. That total was down from more than 13,000 BTC recorded in October 2024.
As of March 12, Bhutan ranked as the fifth-largest country by Bitcoin holdings, based on an Arkham report. It trailed the United States government, the United Kingdom government, El Salvador, and the United Arab Emirates Royal Group.
The ranking kept Bhutan in focus because of its early and direct involvement in Bitcoin mining. Unlike many governments that acquired Bitcoin through seizures or law enforcement actions, Bhutan built part of its position through mining activity tied to state-backed operations.
Bitcoin strategy supports mining and development plans
Bhutan began adopting Bitcoin mining in 2019. Since then, it has developed mining operations powered by hydroelectric energy from its glacial river systems. The country has used its natural energy resources to support low-cost power generation for mining.
In May 2023, Bhutan’s sovereign wealth fund, Druk Holding and Investments, announced a $500 million partnership with Bitdeer to expand Bitcoin mining capacity. The strategy later expanded beyond mining. In December 2025, Bhutan said it would use part of its Bitcoin holdings to support construction in the Gelephu Mindfulness City.
That plan formed part of the country’s wider Bitcoin Development Pledge. On Jan. 8, 2026, Gelephu Mindfulness City also announced plans for a strategic crypto reserve that would include Bitcoin, Ether, and BNB. The latest wallet transfer came as Bhutan continued balancing asset movements with longer-term digital asset plans.
Solana price is fighting to hold crucial ground, currently trading between $90 and $ 93 as traders watch for a definitive directional move and a bullish prediction. Despite a sharp contraction in DEX volumes, technical structures against Bitcoin are flashing potential outperformance signals.
There is a tightening wedge pattern on the SOL/BTC pair, with the asset pushing against horizontal resistance while respecting a rising trendline. This setup, often a precursor to volatility, coincides with the anticipated Alpenglow consensus upgrade targeting sub-second finality. The market now faces a binary decision point: reclaim $100 or surrender the $80 psychological floor.
As liquidity rotates across the meme coin sector, Solana’s ability to maintain its position as the premier casino chain is under scrutiny due to contracting on-chain activity.
Discover: The best pre-launch token sales
Solana Price Prediction: Can SOL Reclaim $100 Before Month End?
The technical landscape for Solana remains precarious yet opportunistic. Currently hovering near $91, SOL faces immediate resistance at the Bollinger upper band of $92. A confirmed close above this level exposes the next targets at $98, effectively invalidating the bearish pressure accumulating since the January peak of $148.
Conversely, the downside carries significant risk; a head-and-shoulders pattern is also identified at 4 hours chart, and it suggests a breakdown below the $80 critical support could trigger a slide toward $59.
Momentum indicators offer little clarity, with the RSI oscillating between 51 and 55, a classic neutral consolidation signal. However, the SOL/BTC pairing tells a different story. A breakout attempt from a multi-month ascending triangle, suggesting capital may rotate back into Solana’s ecosystem if Bitcoin stabilizes above $72k.
Discover: The best crypto to diversify your portfolio with
Bitcoin Hyper Targets Early Mover Upside as Solana Tests Key Levels
While Solana battles strictly defined resistance levels with limited immediate upside, smart money is increasingly hunting for infrastructure plays with higher aggressive growth potential. The market’s appetite for speed is shifting toward the Bitcoin ecosystem itself.
Why settle for Solana’s volatility when you can access similar speeds on the world’s most secure blockchain?
From a humble beginning… — Bitcoin Hyper (@BTC_Hyper2) March 23, 2026
To Hyper Scale. 
https://t.co/VNG0P4GuDo pic.twitter.com/TTkNzelKN3
Enter Bitcoin Hyper ($HYPER), the first-ever Bitcoin Layer 2 utilizing the Solana Virtual Machine (SVM). This project aims to solve Bitcoin’s notorious latency issues by delivering sub-second transaction speeds directly on the Bitcoin network, effectively bringing Solana’s programmability to Bitcoin’s security.
The presale data reflects massive institutional interest, with more than $32 million raised from early backers. Priced at just $0.0136, $HYPER offers a low-entry alternative and a 36% APY staking rewards.
With features like a Decentralized Canonical Bridge and significant staking APY, it targets the liquidity trapped in the BTC ecosystem.
Research the Bitcoin Hyper Presale
Disclaimer: This article is not financial advice. Cryptocurrency markets are highly volatile. Always do your own research (DYOR) before investing.
The post Solana Price Prediction: Is SOL Done? Will Memecoin Season Back to Solana? appeared first on Cryptonews.
- $90 acts as crucial support for a potential Solana price upward move.
- Rising short-term momentum supports a possible rebound.
- Breaking $100 could open the path toward $120.
Solana (SOL), currently trading at around $91.90, has been under immense bear pressure in recent months.
The token has seen a steady decline from its previous highs, but recent technical signals suggest a rebound could be in play.
The $90 level is emerging as a key support level, which, if held, could trigger a strong upward move.
Technical analysis
The immediate support level at $90 has been tested several times in recent weeks, and every time Solana approaches it, buyers have stepped in to prevent further declines.
Technical charts show that holding this level is critical since a break below it could lead to a pullback toward $77.
On the other hand, maintaining $90 provides a foundation for bulls to push higher.
Momentum indicators show a mixed picture, with shorter timeframe charts indicating growing strength, although some oscillators are still signalling caution.
This suggests that while there is potential for upward movement, the market is waiting for confirmation.
Trading volume has also picked up slightly in the past month, showing renewed interest among traders.
Yet, on-chain activity has dropped, indicating fewer transactions on the network.
This combination of higher trading volume and lower on-chain use points to speculative interest driving the short-term rally.
Why a rebound to $120 is possible
The combination of technical support, rising volume, and potential bullish momentum makes the $120 target realistic if $90 holds.
If Solana holds $90, the path to $96.47 is relatively clear.
Once $96.47 is broken and sustained, a move toward $120 becomes plausible.
This would represent a nearly 30% gain from current levels, making it an attractive scenario for bullish traders.
Historical patterns also support this possibility.
In previous cycles, Solana has seen rapid rallies after establishing such strong support levels.
Short-term momentum is improving, and daily momentum indicators such as Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are turning more positive.
The MACD histogram is above the middle line, and the signal line has moved above the main MACD line, and the RSI has rebounded above 50 after a slight dip, signalling a possible rebound in the near term.
These suggest that buyers are gaining control, at least for the near term.
However, caution still remains since any failure at the resistance at $96.47 could lead to sideways trading or a complete collapse.
In addition, the market is sensitive to broader cryptocurrency trends, and a strong rebound in Bitcoin (BTC) and Ethereum (ETH) could further lift Solana’s price, while weakness in these coins could cap Solana’s gains.
A Thane magistrate court in India has granted bail to CoinDCX co-founders Sumit Gupta and Niraj Khandelwal after a 71 lakh rupee cheating complaint tied to a fake trading platform impersonating the Indian crypto exchange. The March 23 common order found no prima facie case against the founders, who were questioned and remanded over the weekend amid allegations they defrauded an investor. The court noted that the informant had admitted in court that another person, not the applicants, was involved in the fraudulent scheme and that an amicable settlement had been reached in the matter.
In a move that underscores the ongoing risk of impersonation in the crypto space, CoinDCX responded on March 24 via X (formerly Twitter), saying the proceedings reinforced a third‑party impersonation scenario. The firm emphasized that the fraud occurred on a counterfeit site, coindcx.pro, which has no connection to CoinDCX. The company urged users to verify domains and interact only with the exchange’s official platform and social profiles.
Key takeaways
- The Thane court granted bail to CoinDCX co-founders Sumit Gupta and Niraj Khandelwal after ruling there was no prima facie case, based on the information available at the initial stage of the investigation.
- The alleged fraud involved a lookalike site, coindcx.pro, described by CoinDCX as unaffiliated with the company, illustrating a broader impersonation risk facing Indian crypto platforms.
- Judges noted that the informant had filed an affidavit stating another accused, Rana, had repaid the cheated amount, and that the founders were not present at the café in Mumbra where the deal occurred. The matter was described as amicably settled, reducing the likelihood of evidence tampering claims.
- CoinDCX publicly framed the incident as a case of third‑party impersonation, reinforcing the need for users to verify domains and interact only with official channels to curb phishing and scam risk.
- The case highlights the ongoing tension between fast‑moving crypto‑sector growth in India and the persistent risk of brand impersonation, phishing, and counterfeit platforms targeting investors and users.
Legal framing: What the bail order reveals
The court’s order indicates that the investigation officer had “no objection” to releasing Gupta and Khandelwal on bail, a procedural signal often used when authorities see insufficient immediate evidence to justify continued detention. The magistrate also observed that the accused were not present at the location of the alleged offense and that the informant acknowledged in court that another individual could have represented themselves as the accused to defraud the investor. The “amicable settlement” between the informant and the principal accused further complicated the prosecution’s case, suggesting a potential resolution that could limit the scope of trial proceedings.
Both founders were released on bail upon a bond of 50,000 Indian rupees (about $530) with conditions to cooperate with the investigation and stand trial if required. While bail offers temporary relief from detention, it does not conclude the merits of the underlying allegations, and the case could proceed if prosecutors pursue further charges or uncover new evidence.
Impersonation, phishing, and the risk to users
The broader context of this episode is the rising incidence of impersonation and phishing aimed at India’s crypto ecosystem. CoinDCX’s statement frames the incident as part of a pattern in which fraudsters mimic well-known brands and create lookalike platforms to deceive investors. The company urged users to validate domain names, avoid responding to offers from unverified sources, and rely on the exchange’s official channels for trading and communications. For readers watching regulatory developments, this case underscores why incident‑response and security best practices are increasingly central to crypto firms’ operating models.
The incident also resonates with a wider industry concern: how to differentiate legitimate platforms from counterfeit sites, especially when the lookalikes copy branding and user interfaces with alarming fidelity. For investors and traders, the episode reinforces the practical need to scrutinize URLs, bookmark official sites, and remain vigilant against phishing attempts that can surface even when a high‑profile exchange is involved. CoinDCX’s emphasis on third‑party impersonation will likely feed into ongoing industry conversations about brand protection and user education as structural responses to fraud risk.
For those seeking more background on security best practices in crypto, industry observers often highlight the importance of confirming site authenticity and using hardware wallets for large holdings, in addition to platform‑level protections and verifications. As fraud schemes evolve, platforms may increasingly adopt stricter identity checks, domain monitoring, and rapid takedown processes to reduce exposure to impersonation. Readers can follow updates through official exchange communications and regulatory disclosures as the case unfolds.
Impact on CoinDCX and market trust
From a market trust perspective, the bail decision points to the complexity of policing a fast‑growing crypto landscape in which legitimate ventures are sometimes entangled with opportunistic fraud. While the court’s ruling removes a layer of immediate personal risk for the founders, the broader case keeps investors’ attention on the structural challenges of brand protection and consumer safety in crypto. CoinDCX’s public response—framing the incident as impersonation—seeks to reassure users while spotlighting the need for robust checks beyond a single exchange’s controls.
The case also intersects with ongoing regulatory discourse in India about crypto activity, consumer protection, and enforcement. As authorities sharpen their focus on compliant operations and risk controls, exchanges may face increased expectations to demonstrate transparent incident handling, rigorous verification processes, and proactive user education. For now,CoinDCX’s stance emphasizes that users should treat only official nodes of communication as authoritative and stay vigilant against lookalikes and spoofed platforms.
Readers should monitor subsequent updates from the court regarding the status of the investigation and any further filings. While the bail order provides temporary clarity on the personal risk to the founders, it does not close the door on potential civil or criminal follow‑ups, nor does it diminish the ongoing need for improved security protocols across the sector. The event serves as a reminder that, in crypto’s rapid expansion, legitimacy and trust hinge as much on governance and consumer safeguards as on product innovation.
CoinDCX’s March statements and the court’s March order together illustrate a broader narrative: as crypto platforms scale in India, the risk environment for users grows more complex, demanding heightened scrutiny of websites, vigilant due diligence, and continuous investor education. The industry will likely watch closely how enforcement bodies evolve their investigations and what technical and regulatory measures exchanges adopt to prevent impersonation and safeguard user funds.
What remains uncertain is how the case will proceed beyond the bail stage—whether prosecutors will pursue further charges or whether the amicable settlement will influence future proceedings. Investors and users should stay tuned for continued coverage of the investigation’s trajectory and any policy developments that could shape brand protection standards across India’s crypto landscape.
Bhutan moved more Bitcoin from its state-linked wallet on Wednesday, extending a March drawdown in its sovereign holdings.
Arkham data showed a Bhutan government-linked wallet transferred about 519.7 BTC, worth roughly $36.7 million, to two wallets on Wednesday. Onchain Lens said one of the destination wallets was linked to trading firm QCP Capital.
The move marked the Bhutan-tagged wallet’s third large Bitcoin transfer in March, following the $72 million moved in six separate transactions in the 24 hours leading up to March 18, and the $11.8 million moved on March 9.
The latest transfer adds to a heavier March outflow pattern after Bhutan moved just over 284 BTC in February. The wallet still holds 4,453 BTC worth around $315 million, down from over 13,000 BTC in October 2024, according to Arkham.
As of March 12, Bhutan was the fifth-largest country by Bitcoin holdings, behind the US government, the United Kingdom’s government, El Salvador, and the United Arab Emirates Royal Group, according to a report by Arkham.
Related: Bhutan deepens green Bitcoin strategy with Cumberland-backed infrastructure
Bhutan leverages Bitcoin mining to support its economic growth
Bhutan was among the earliest countries to adopt Bitcoin mining in 2019 and has since constructed multiple hydroelectric power plants along its glacial rivers to harness cheap hydroelectric power.
In May 2023, Bhutan’s sovereign wealth fund, Druk Holding and Investments, announced a $500 million partnership with Bitdeer to expand its Bitcoin mining operations.
In December 2025, Bhutan said it will tap into BTC from its stash to help build its special administrative region, the Gelephu Mindfulness City (GMC). The initiative is part of the wider national Bitcoin Development Pledge, which aims to support Bhutan’s long-term economic development through its Bitcoin holdings and mining operations.
On Jan. 8, 2026, Bhutan’s GMC revealed plans to set up a strategic cryptocurrency reserve comprising major tokens, including Bitcoin, Ether (ETH) and BNB (BNB).
Magazine: Big questions: Would Bitcoin survive a 10-year power outage?
Today, the USD/CAD currency pair climbed above the 1.3787 level for the first time since late January.
→ Demand for the US dollar is being supported by concerns over escalating tensions in the Middle East. Market participants are favouring the USD as a safe-haven asset.
→ The Canadian dollar is under pressure due to domestic economic concerns. According to media reports, recent data point to weak GDP growth and a soft labour market. This increases the likelihood that the Bank of Canada will cut interest rates, while the Federal Reserve is expected to keep them unchanged.
Technical Analysis of USD/CAD
On 23 February, when the pair was trading around the 1.3700 level, we:
→ highlighted the ongoing long-term descending channel and the key support at 1.3500;
→ noted similarities with a rounding top pattern;
→ suggested a scenario in which bears might attempt to regain control and resume the longer-term downtrend.
Indeed, in the following sessions, USD/CAD showed signs of strong selling pressure, with the most pronounced move occurring on 9 March, when the pair dropped below 1.3530.
However, the onset of the Middle East conflict and other factors have significantly shifted market sentiment. The long-term descending channel has now been broken, suggesting that:
→ bulls have regained control of the market;
→ the pair may continue to develop within a newly formed ascending channel (shown in blue);
→ the 1.3700 level, which previously acted as resistance, may now serve as support going forward.
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