$51M wiped as Fartcoin crashes

April 09, 2026

 

Reading time: 5 minutes

No proof yet? Hayes challenges Iran’s Bitcoin toll claims

Key points:

  • Arthur Hayes questioned Iran’s reported Bitcoin toll system, citing no verifiable on-chain transactions tied to oil shipments.

  • Iran’s crypto use for sanctions evasion is established, but the current toll narrative remains unproven.

News - As reported on Unhashed yesterday, Iran’s proposal to introduce Bitcoin-based tolls for oil tankers passing through the Strait of Hormuz has drawn global attention. The latest developments, however, have shifted the focus toward verification.

BitMEX co-founder Arthur Hayes challenged the claims, stating he would only believe them once a Bitcoin transaction can be directly linked to a vessel’s toll payment. So far, no such on-chain evidence has surfaced, despite reports suggesting fees of around $1 per barrel, potentially reaching $2M per tanker.

Adoption or untraceable design? - Iranian officials indicated that payments could be made in Bitcoin, stablecoins, or Chinese yuan, with transactions expected to be completed within seconds to avoid tracking under sanctions. This has split opinion. Some argue that sovereign crypto use would not leave traceable links, while others see the lack of data as a credibility gap.

A familiar sanctions workaround - Data from Chainalysis shows Iran has long used crypto networks, especially stablecoins, to facilitate cross-border oil trade. One IRGC-linked financier tied to Houthi networks moved over $178M in crypto within a year, while a broader sanctions designation later covered activity nearing $1B, reinforcing the scale of these systems.

Meanwhile, shipping through the Strait remains heavily restricted, with hundreds of vessels waiting and no confirmed Bitcoin-linked payments recorded.

Markets react, proof still missing - Bitcoin rose on the initial headlines, but skepticism persists. Without verifiable transactions, Iran’s Bitcoin toll narrative remains caught between geopolitical signaling and unproven execution.

Tom Lee’s ‘bottom’ call meets Fed uncertainty as Bitcoin eyes next move

Key points:

  • Tom Lee’s call for a market bottom and easing war tensions could support Bitcoin, while Fed and inflation uncertainty remain key risks.

  • Traders remain cautious, with weak volume and muted volatility signaling limited conviction in BTC’s recent rebound.

News - Macro signals are increasingly shaping Bitcoin’s outlook, with Fundstrat’s Tom Lee arguing that markets may have already found a bottom following signs of de-escalation in the Iran conflict.

Lee pointed to equities holding steady despite rising oil prices and geopolitical stress, suggesting resilience that could extend to risk assets like Bitcoin. If sustained, this shift could ease some of the macro pressure that has kept BTC range-bound in recent weeks.

Fed path remains unclear - At the same time, the Federal Reserve’s next move remains uncertain. Recent meeting minutes showed officials split on rate cuts, with some signaling easing later this year, while others warned that persistent inflation could require tighter policy.

Upcoming U.S. inflation data is expected to reflect energy-driven price pressures, yet Bitcoin traders are pricing in only a modest 2.5% move, indicating limited expectations for near-term volatility.

Oil holds the key - Oil prices have become a central variable. A sustained decline could revive rate-cut expectations and push Bitcoin toward $80K, while renewed tensions around the Strait of Hormuz risk driving oil higher, reinforcing inflation and delaying policy easing.

Bitcoin still lacks follow-through - Despite rebounding above key technical levels, Bitcoin’s move toward $72K appears to be cooling, with analysts noting resistance in the $72K–$73K range. Onchain transfer volume has dropped by over 50%, and spot activity remains subdued, suggesting limited participation.

Until demand strengthens and macro clarity improves, Bitcoin’s next move remains closely tied to broader market conditions.

Fartcoin crash exposes altcoin fragility as liquidations spike

Key points:

  • Fartcoin plunged sharply after a leveraged bet unraveled, triggering millions in liquidations and exposing thin liquidity risks.

  • Broader altcoins followed with losses as volatility surged across derivatives markets, led by activity on Hyperliquid.

News - Altcoin volatility surged this week, led by a sharp reversal in Fartcoin after a rapid price rally unraveled into heavy liquidations.

The Solana-based memecoin dropped as much as 28% from its recent peak after climbing nearly 45% in just two days. The move wiped out roughly $51M in positions within 24 hours, marking one of its largest liquidation events in months.

Whale trade triggers cascading liquidations - Onchain data pointed to a highly leveraged long position built across multiple wallets, totaling over 145M tokens. As prices reversed, the position was forcefully liquidated in large blocks, contributing to a rapid decline that saw the token fall as much as 50% in a single move.

The scale of the unwind triggered Hyperliquid’s auto-deleveraging system, which forcibly closed profitable short positions after the order book could not absorb the liquidation cleanly. Short traders still realized about $849K in gains through this mechanism.

Hyperliquid dominates liquidation activity - The bulk of the liquidation activity occurred on Hyperliquid, which recorded around $84M to $85M in 24-hour liquidations, surpassing major centralized exchanges. Similar patterns were observed across other altcoins, including Enjin Coin, which saw sharp gains followed by liquidations.

Analysts noted that shallow liquidity and concentrated holdings continue to amplify these boom-and-bust cycles, especially during periods of reduced market participation.

Altcoins weaken as Bitcoin holds steady - While altcoins faced steep losses, Bitcoin remained relatively stable above $70K, suggesting a divergence in market behavior.

With geopolitical uncertainty still shaping sentiment and liquidity conditions tightening, recent price action highlights how quickly speculative momentum in altcoins can reverse under pressure.

Bessent presses Congress on CLARITY Act, U.S. crypto leadership at risk

Key points:

  • Treasury Secretary Scott Bessent urged Congress to fast-track the CLARITY Act, warning regulatory delays are pushing crypto innovation overseas.

  • New stablecoin rules under the GENIUS Act signal tighter oversight, while lawmakers remain divided over key parts of the broader crypto framework.

News - U.S. Treasury Secretary Scott Bessent has intensified calls for Congress to pass the Digital Asset Market Clarity (CLARITY) Act, framing it as critical to maintaining U.S. leadership in digital finance.

In a recent op-ed, Bessent urged the Senate Banking Committee to act quickly, noting the bill passed the House in July 2025 but remains stalled over disagreements on stablecoin yield provisions and broader regulatory scope. With midterm elections approaching and limited Senate floor time, the window for action is narrowing.

Regulatory gaps and global competition - Bessent warned that ongoing uncertainty is already pushing crypto development to jurisdictions like Abu Dhabi and Singapore. The bill would define digital asset classifications, clarify SEC and CFTC roles, and establish registration pathways for trading platforms.

Stablecoin rules advance separately - While the CLARITY Act stalls, regulators are moving ahead with the GENIUS Act. Treasury proposals would require stablecoin issuers to implement anti-money laundering and sanctions compliance programs, allowing transactions to be blocked or frozen under legal requirements.

Policy divide remains - Despite progress on stablecoin yield discussions, disagreements persist. With unresolved issues around DeFi protections and illicit finance rules, the timeline for the CLARITY Act remains uncertain.

The 15-Minute Retirement Plan

Retirement savings face two quiet threats: cash flow gaps and inflation eroding purchasing power over time. The 15-Minute Retirement Plan helps investors with $1,000,000 or more account for both and build a portfolio designed to last the distance.

Interesting facts

  • Crypto isn’t just for trading anymore, it’s quietly entering everyday spending: A recent report found that 40% of millennials use crypto for travel and large purchases, while 39% of Gen Z use it for gaming and 35% for gifting and daily spending, signaling a shift toward real-world utility.

  • Crypto firms aren’t waiting for banks, they’re building their own access to the system: Custodia Bank operates as a Wyoming-chartered special purpose depository institution (SPDI), a structure that allows it to custody digital assets while enabling real-time U.S. dollar settlement, effectively bridging crypto with traditional banking rails.

  • Nigeria’s crypto crackdown didn’t slow adoption, it strengthened it: Despite tighter regulations and new rules targeting illegal trading, Nigeria still ranked #2 globally in crypto adoption in 2024, highlighting how usage continues to grow even under regulatory pressure.

Trade from the subway, golf course, or toilet

Liquid enables users to go long or short on any market from your phone or desktop 24/7.

No matter what time of day it is or where you are, you can monitor the situation with Liquid.

Top 3 coins of the day

Siren (SIREN)

Key points:

  • SIREN traded near $0.60 after rebounding from sub-$0.25 lows, with price now pressing into a $0.62–$0.65 resistance zone.

  • Momentum stabilized as RSI recovered toward neutral levels, while the 9-day SMA supported price and volume cooled after earlier spikes.

What you should know:

SIREN’s rebound began to lose pace as price approached a key supply band near $0.62, where candles started clustering instead of extending higher. The recovery followed a steep 90%+ drop, fueled by short covering and renewed attention around its SirenAI agent narrative on BNB Chain. On the chart, price held just above the rising 9-day SMA, reflecting short-term support, while RSI hovered in the mid-range after recovering from oversold levels. Volume, which surged during the initial bounce, eased during this consolidation phase, suggesting reduced urgency from buyers. A sustained push through $0.65 would signal renewed demand, while repeated rejection here could rotate price back toward the $0.50–$0.55 support zone.

Fartcoin (FARTCOIN)

Key points:

  • FARTCOIN’s rally unraveled after a sharp rejection near $0.24, with price sliding back toward the $0.17 region.

  • The Supertrend flipped to a sell signal above price, while EWO stayed positive but began losing upward momentum after the spike.

What you should know:

The move higher was driven by a Hyperliquid-led short squeeze, where forced liquidations pushed price vertically before sellers stepped in aggressively near $0.24. Additional speculative interest followed its listing on JUICE Perps v2, expanding leveraged trading access. However, the rally failed to hold, and the Supertrend shifted back to bearish, placing dynamic resistance above current price. Volume surged during both the breakout and reversal, signaling strong participation but also distribution at higher levels. EWO remained in positive territory, though histogram strength started easing. For now, $0.16 acts as immediate support, while reclaiming $0.20 is needed to regain upward traction.

World Liberty Financial (WLFI)

Key points:

  • WLFI broke down from its prior range, slipping toward $0.091 after losing the $0.095 support zone.

  • The 9-day SMA trended lower above price, while the Squeeze Momentum histogram deepened in red, reflecting sustained selling pressure.

What you should know:

Selling pressure intensified after WLFI’s treasury move drained liquidity from the USD1 lending pool on Dolomite, triggering withdrawal constraints and damaging user confidence. This was compounded by reports linking a partner entity to fraud-related investigations, which weighed further on sentiment. On the chart, price fell below its recent range and failed to reclaim the 9-day SMA, leaving short-term control with sellers. The Squeeze Momentum Indicator continued expanding in red, showing no clear shift in momentum yet. Volume spiked during the drop, confirming strong participation behind the move. The $0.088 zone is now being tested as support, while any rebound faces resistance near $0.095.

How was today's newsletter?

Login or Subscribe to participate in polls.