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Nvidia investor class cleared in crypto revenue suit

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Nvidia investor class cleared in crypto revenue suit

Nvidia now faces a certified investor class in a long-running securities case tied to the 2017-2018 crypto mining boom. 

Summary

  • Judge certified investors as a class in Nvidia’s lawsuit over crypto-linked gaming revenue disclosures today.
  • Nvidia faces claims it misled shareholders about mining-driven GPU sales during the 2017 boom period.
  • The case now moves forward after courts let investors pursue the securities claims together formally.

A California federal judge ruled on March 25 that shareholders who bought Nvidia stock during a defined period can pursue their claims together, while the case moves into its next stage.

US District Judge Haywood S. Gilliam Jr. certified a class covering investors who acquired Nvidia common stock from August 10, 2017, through November 15, 2018. The ruling focused on whether the alleged statements may have affected Nvidia’s share price, which is a key issue in class certification.

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The order does not decide whether Nvidia or Chief Executive Jensen Huang committed fraud. It allows investors to press the case together instead of filing separate lawsuits.

Investors allege that Nvidia and Huang misled the market about how much gaming revenue came from GPU sales tied to cryptocurrency miners. Current reporting says the plaintiffs claim Nvidia concealed more than $1 billion in crypto-related GPU sales during that period.

The complaint links the case to two market reactions in 2018. Court filings cited in the Supreme Court record say Nvidia stock fell 4.9% after the company’s August 16, 2018 earnings update, and then dropped 28.5% over two trading days after its November 15, 2018 revenue warning.

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Moreover, the dispute has already survived several legal tests. In December 2024, the US Supreme Court dismissed Nvidia’s appeal and left in place a lower court ruling that allowed the shareholder suit to continue.

The case also follows Nvidia’s 2022 settlement with the US Securities and Exchange Commission. The SEC said Nvidia failed to give investors proper disclosure about the effect of cryptomining on its gaming business, and the company agreed to a cease-and-desist order and a $5.5 million penalty without admitting or denying the findings.

Nvidia prepares for the next stage

Nvidia has continued to reject the claims. After the Supreme Court decision in 2024, a company spokesperson said Nvidia was “fully prepared to continue our defense,” while maintaining that clear standards in securities litigation matter for shareholders and the market.

The court has scheduled a case conference for April 21, 2026, as the lawsuit moves forward after class certification. With that step complete, the case now shifts from the fight over procedure to the evidence that investors and Nvidia will present in court.

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Bitcoin near $68K as fear spikes: Santiment sees buy signal

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Bitcoin price outlook: buy signals appear
Bitcoin Price
  • Bitcoin price hovers near $68,500 but saw intraday lows of $68,000.
  • Analysts say a textbook buy signal is flashing.
  • Bulls could target $75,000-$80,000 next.

Bitcoin continues to face headwinds, with ongoing tensions in the Iran conflict and the macro outlook key.

Despite the cryptocurrency dipping to near $68,000 amid stock market declines, analysts are pointing to a potential contrarian signal as they forecast a new leg up for BTC.

The bellwether digital asset traded around $68,500 in early trading on Friday, with slight gains coming amid relief for US stock futures.

An uptick in risk assets came after President Donald Trump extended a deadline for potential strikes on Iran’s energy infrastructure by ten days.

BTC now eyes a push back toward $69,000, signaling potential stabilization.

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Santiment says BTC is flashing a textbook buy signal

Bitcoin’s retest of $68,000 aligns with what on-chain analytics firm Santiment highlights as a surge in retail bearishness.

Yet it’s this outlook that analysts say could count as a classic contrarian indicator.

Social media chatter shows the crowd amplifying fear, uncertainty, and doubt (FUD) around Bitcoin and altcoins, with sentiment hitting lows not seen recently.

Why does this matter?

According to Santiment, cryptocurrency prices often defy public narratives.

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“Historically, prices move opposite to the crowd’s narrative,” the firm notes.

This means that the current spike in pessimism could read as a robust buy signal.

It’s a textbook contrarian outlook where bearish chatter highlights potential bottoms, while bullish retail discourse often marks tops.

Santiment says optimistic terms like bounce, recovery, accumulating, or buying typically signal a sell opportunity.

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Meanwhile, crowd chatter dominated by words such as dip, pullback, or bloodbath often signal buying opportunity.

Bitcoin price technical analysis

Over the past 24 hours, Bitcoin’s price action has mirrored broader market volatility.

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The asset plunged to intraday lows near $68,500, retracing to weekly support levels and transforming the $72,000–$75,000 band into a formidable supply zone.

Current price levels mark a 4% weekly decline, reflecting investor caution.

From a technical perspective, Bitcoin presents a bullish setup amid the pullback.

The weekly RSI has dipped into oversold territory, hinting at exhaustion selling. Support at $68,000 aligns with the 200-week EMA, a prior accumulation and resistance zone.

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The MACD indicator shows the histogram is flattening and there’s a hint of a bullish crossover.

On the upside, a retest of $70,000 brings $72,000 into view.

Short-term, the $75,000 supply zone could cap bulls’ move – unless they breach the level on increased volume amid de-escalation news. Broader forecasts point to $80,000 as a target for bulls.

On the downside, bears may fancy $65,000. However, they face a robust support base near the $60,000 mark.

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Why is the crypto market dropping today? (March 27)

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Why is the crypto market dropping today? (March 27)

The crypto market continued its downtrend on Friday as hopes of peace in the U.S. and Iran faded following a breakdown in diplomatic talks.

Summary

  • Crypto market extended losses as fading U.S.–Iran peace hopes pushed Bitcoin below key support and triggered nearly $300 million in liquidations.
  • Escalating Middle East tensions and surging oil prices fueled inflation fears, raising expectations of tighter Federal Reserve policy.
  • Investors rotated into safe-haven assets like gold while equities and crypto-related stocks declined amid a broader risk-off sentiment.

Bitcoin (BTC), the world’s largest crypto asset, lost the $70,000 psychological support, falling to $68,560 at press time, down 2.8% over the day. Ethereum (ETH) fell 3.9% to $2,050 while other major cryptocurrencies such as BNB (BNB), XRP (XRP), Solana (SOL), and Dogecoin (DOGE) posted losses between 2% and 4% respectively.

Some of the top laggards of the day were Siren (SIREN), Rain (RAIN), and Provenance Blockchain (HASH), which recorded double-digit losses of 42%, 13%, and 10%. The total crypto market cap fell 1.6% over the day to $2.43 trillion.

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As crypto prices fell, the market suffered nearly $300 million in liquidations over the past 24 hours, with $254 million coming from long liquidations, reflecting the dominance of sellers. The Crypto Fear and Greed Index reading fell to 28, reflecting fear amidst investors who seem to be taking a risk-off stance amid market uncertainty.

The crypto market continued to remain bearish amid reports that the United States could be considering deploying 10,000 additional troops in the Middle East to bolster defenses against Iran. This followed after Tehran rejected the latest ceasefire proposal to end hostilities, as it called it an infringement on their sovereignty.

The ongoing geopolitical friction between the two nations has led to a blockade at the Strait of Hormuz, a key maritime choke point, leading to significant oil supply chain disruptions. This has resulted in soaring crude oil prices, sparking concerns of runaway inflation across the globe.

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Notably, WTI crude oil prices soared by over 31.6% the past month to over $93, while Brent oil surged 38% to over $107. Iranian officials have even threatened to push prices as high as $200. 

Expectations of sky-high inflation as a result of the energy war could force the U.S. Federal Reserve to take on stricter monetary policies as they pivot back to data-dependent decision-making on interest rate cuts.

While the Fed decided to keep interest rates unchanged at 3.50% to 3.75% during the March meeting, growing concerns of higher inflation could shift the odds in favor of a rate hike, a U-turn from the narrative observed before the Middle East war erupted.

Despite these separate reports suggesting that US President Donald Trump is prepared to extend the current pause on military action by another 10 days amid shaky peace negotiations, the market remains on edge.

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Capital rotation to traditional safe-haven assets

Crypto prices dropped as investors seem to be rotating their capital into gold, which is touted as the ultimate safe-haven asset. After falling below key levels on Thursday, gold prices rebounded back above $4,400, up nearly 2% today. In comparison, silver outperformed with gains of 3% during the same period.

Several Asian tech stocks, such as Japan’s Nikkei, South Korea’s Kospi, and Hong Kong’s Hang Seng, also slumped as investor appetite for risk assets was severely dampened. Cryptocurrencies share a high correlation with these traditional equity indices.

Outside of the crypto market, several top tech companies such as Nvidia, Microsoft, and Amazon saw their valuations trimmed. Crypto-related stocks such as Coinbase (COIN), Circle (CRCL), and Strategy (MSTR) also faced selling pressure.

However, the deepest impact was felt by bitcoin miners such as Marathon Digital and Riot Platforms, which have seen their margins squeezed by rising energy costs and the broader market retreat.

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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UK Sanctions Xinbi to Isolate It From the Legitimate Crypto Ecosystem

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UK Sanctions Xinbi to Isolate It From the Legitimate Crypto Ecosystem

The UK government is cracking down on a $20 billion Chinese-language crypto guarantee marketplace, with sweeping sanctions aimed at cutting the platform off from crypto access.

The UK’s Foreign, Commonwealth & Development Office said in a statement Thursday that Xinbi provides crypto-based services, scam-enabling tools and other illicit services to bad actors and plays a central role in scam centers operating across Southeast Asia.

“The UK’s sanctions will isolate the platform from the legitimate crypto ecosystem, significantly disrupting its operations by affecting its ability to send and receive cryptocurrency transactions,” the agency said.

While the sanctions mainly target the crypto ecosystem, the latest wording from the UK government highlights a separation between legitimate and illicit crypto ecosystems rather than lumping them together — a positive direction for the industry’s reputation.

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Under the sanctions, any UK assets connected to Xinbi will be frozen, and the platform will be barred from the country’s financial, trade and travel networks. UK-based businesses, including banks, crypto firms and individual citizens, are prohibited from providing goods, services, loans or investments to Xinbi.

Source: Foreign Commonwealth & Development Office

Key infrastructure targeted in crackdown

Chainalysis estimates Xinbi processed more than $19.9 billion between 2021 and 2025 and is deeply interconnected with a range of other illicit services.

The department’s recent sanctions include Thet Li, who allegedly managed the international financial network of Prince Group, a Cambodia-based company accused of orchestrating large-scale crypto fraud schemes.

Hu Xiaowei, who is allegedly involved in the Prince Group’s financial network and #8 Park, a scam compound linked to the group, was also sanctioned.

Blockchain analytics company Chainalysis said in a report Thursday that the sanctions target the scam ecosystem’s on- and off-ramps that enable large-scale fraud and are “exploiting the efficient, borderless nature of crypto rails.”

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“By blacklisting a well-known Chinese-language guarantee marketplace, the FCDO is addressing the commercial marketplaces that sustain scam operators with payment facilitation and marketing services,” it said.

Related: There’s more to crypto crime than meets the eye: What you need to know

Traditional financial systems, such as wire transfers, have long been exploited for money laundering and fraud, largely because of their scale and global reach.

The Financial Action Task Force estimates that 2% to 5% of global GDP is laundered through traditional financial systems, whereas Chainalysis estimates that less than 1% of crypto transactions are linked to illicit activity.

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The US has also intensified sanctions targeting illicit crypto operations. Earlier this month, the Treasury Department sanctioned six individuals and two entities for their alleged roles in an IT worker fraud scheme orchestrated by North Korea, a state actor that frequently targets the crypto industry.

Magazine: Big Questions: Can Bitcoin save you from the dreaded Cantillon Effect?