Cryptocurrency
Nigeria Drops Tax Evasion Charges Against Binance Executives

Events in the saga between Nigeria and Binance continue to unfold. This time, the country dropped tax charges against the exchange’s executives.
According to a tweet by Nigerian journalist Alexander Onukwue, the Federal Inland Revenue Service (FIRS) of Nigeria has withdrawn the tax evasion charges against Tigran Gambaryan, Binance’s head of financial crime compliance, and Nadeem Anjarwalla, the exchange’s director for Africa operations.
Binance Execs Free From Tax Charges
In late March, the FIRS charged Binance with four counts of tax evasion, naming Gambaryan and Anjarwalla as second and third defendants. The charges were filed on the same day that Anjarwalla escaped from the custody of the Economic and Financial Crimes Commission (EFCC).
Before Anjarwalla’s escape, he had been detained alongside Gambaryan in a heavily guarded guest house since February. The duo had come to Nigeria for talks with the government and were held back from leaving, with their passports and travel documents seized. Since Anjarwalla escaped during the Ramadan fast, authorities moved Gambaryan to the Kuje prison in Abuja and have kept him there since.
The tax evasion charges against Binance and its executives include failure to register with the FIRS to pay all relevant taxes incurred from offering services, failure to deduct value-added taxes (VATs) from crypto trades on its platform, refraining from using VAT invoices to ensure users make appropriate tax payments, and aiding and abetting users to neglect their taxes.
Since Gambaryan and Anjarwalla have been let off the hook in the tax evasion case, the former, who is still detained in Nigeria, would no longer be required to appear in court for the hearing, as Binance is now the sole defendant. However, the executives are still defendants in a money laundering case brought by the EFCC.
Nigerian Binance Saga Deepens
Recall that the saga between Binance and Nigeria began when the naira experienced a massive devaluation against the dollar. The latter blamed the former for contributing to the forex crisis by allowing traders to use its platform for market manipulation and currency speculation.
Binance CEO Richard Teng revealed that Nigerian government officials had demanded a $150 million bribe to settle the criminal charges; however, the country called the claims a diversionary tactic and an attempted act of blackmail.
Meanwhile, U.S. lawmakers have asked the president to secure the release of the detained Binance executive due to his failing health.
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Cryptocurrency
Ethereum Price Analysis: Is There More Trouble Ahead for ETH After 14% Weekly Drop?

Ethereum’s price has been dropping consistently over the past couple of weeks and is yet to show any sign of recovery.
As things stand, a deeper decline could be expected in the coming weeks.
Technical Analysis
By Edris Derakhshi (TradingRage)
The Daily Chart
On the daily chart, the asset has gradually decreased after breaking the 200-day moving average, located around the $3,000 mark, to the downside.
The $2,700 level has also been lost, and the market could now target the $2,350 support zone. Yet, with the RSI entering the oversold region, a bullish pullback might occur soon, which could even put an end to the downtrend if the market can recover above the 200-day moving average.
The 4-Hour Chart
Looking at the 4-hour timeframe, it is evident that the price has been consolidating inside a tight descending channel around the $2,700 level. Currently, the market is testing this level from below, and if it gets rejected, a breakdown of the channel and a drop toward the $2,350 level would be imminent.
However, if the opposite scenario occurs and the $2,700 level is reclaimed, a rally toward the key $3,000 area would be likely.
On-Chain Analysis
By Edris Derakhshi (TradingRage)
Exchange Reserve
While Ethereum’s price has been experiencing an aggressive downtrend, things might be looking attractive for long-term investors who like to buy the dip. This is somehow evident when looking at the Ethereum exchange reserve.
The metric measures the total amount of ETH that is held in exchange wallets. It is considered a proxy for supply, as these coins can be quickly sold and add to the overall selling pressure.
As the chart suggests, however, the exchange reserve has recently taken a nose dive following the recent market crash. This indicates that some investors are aggressively accumulating during this correction, and the subsequent supply shrink could lead to a recovery.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
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Cryptocurrency
3 Bullish Signs for Bitcoin Following Recent Crash

February began on the wrong foot, even though it’s historically a highly positive month for bitcoin. This time, though, the cryptocurrency plunged last Sunday and Monday by $15,000 within days.
Although the asset has failed to recover most of the losses since the end of January, the overall bullish sentiment remains strong on several fronts.
Fear Is Good
The aforementioned crash took bitcoin down hard as its price stood above $106,000 last Friday before it dumped toward $91,000 on Monday morning during the US tariffs-induced collapse. Such substantial price movements in either direction tend to influence the overall market sentiment, and this correction was no exception.
Popular crypto analyst Ali Martinez pushed a chart indicating that the crowd has turned negative toward BTC. Moreover, the Fear and Greed Index also went from ‘greed’ to ‘fear’ for the first time since the US elections in November. However, both of those could actually be a blessing in disguise for the largest crypto asset as “the best buying opportunities often come when crowd sentiment toward bitcoin is negative,” said Martinez.
Let’s not forget Warren Buffett’s timeless advice, suggesting that investors should be fearful when people are greedy and vice versa.
Critical Support and Buying Pressure
Martinez further highlighted $92,800 as the critical support that showcases whether the ongoing bull run is intact or not. If BTC maintains it, the MVRV pricing bands show that the bull case is still active, while a drop below it could spell trouble for the asset.
The cryptocurrency has slipped beneath that line on several occasions in the past few months but has managed to bounce above it almost immediately after each correction.
#Bitcoin $BTC holding above $92,800 keeps the bull case intact, according to the MVRV Pricing Bands. pic.twitter.com/ICB14eJEHT
— Ali (@ali_charts) February 9, 2025
Lastly, the analyst asserted that investors operating on two of the biggest crypto exchanges – HTX and BitMEX – have gone on an accumulation spree as the buying pressure on both had gone through the roof in the past day or so.
A surge in buying pressure for #Bitcoin $BTC was just recorded on @HTX_Global and @BitMEX! pic.twitter.com/zfjKLgdsGm
— Ali (@ali_charts) February 8, 2025
Bonus: February
Although BTC is currently down by over 5% since the start of February, the second month of the year is historically a highly bullish one for the asset. This is particularly true for Februaries, which come after a halving year, such as the current one.
In 2021, BTC soared by nearly 37% in February; in 2017, its gains were a bit more modest at 23%, while in 2013, the cryptocurrency jumped by almost 62%.
Still, history is no indication of future price performances, but it does tend to rhyme sometimes.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
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Cryptocurrency
Binance Coin Soars by Double Digits, Bitcoin Taps $97K (Weekend Watch)

Bitcoin managed to defend the $96,000 level during yesterday’s correction, and the asset now sits above a grand higher in a calm weekend landscape.
The altcoins have bounced off, and Binance Coin leads the pack with a substantial increase, followed by SOL, AVAX, SUI, and others.
BTC Back to $97K
The previous weekend went badly for the primary cryptocurrency as US President Trump began a trade war with China, Canada, and Mexico. The tariffs he imposed on those countries led to an immediate crash in the crypto market, with BTC slumping from $106,000 on Friday to $97,000 on Sunday.
The correction worsened on Monday morning as the asset fell below $92,000 for the first time in a few weeks. However, the bulls finally stepped up at this point and didn’t allow a further breakdown beneath $90,000. Just the opposite, bitcoin recorded another ten grand move, this time in the opposite direction, and tapped $102,000.
It couldn’t maintain its run, though, and returned to five-digit price territory almost immediately. The second attempt to break above $100,000, which came on Friday, was also stopped in its tracks, and the subsequent rejection pushed BTC south to $96,000 yesterday.
It defended that line and now sits around $97,000 following a minor daily increase. Its market cap has gone up to $1.925 trillion on CG, but its dominance over the alts has taken a hit and is down to 58.2%.
BNB on the Run
Most altcoins have turned red today after yesterday’s crash. Ethereum is above $2,650 once again after a minor 2% increase. XRP is heading toward $2.5, following a 3.5% rise. Similar price pumps are evident from DOGE, LINk, ADA, and XLM. Solana, Avalanche, SUI, HBAR, and SHIB have recorded more impressive gains.
Binance Coin has stolen the show today. BNB has soared by nearly 12% in the past 24 hours and now trades at a multi-day peak of $645.
Other impressive gainers from the top 100 alts include FLOKI (14%), IMX (13%), FET (12%), TIA (11%), and RENDER (10%).
The total crypto market cap has added around $80 billion and is above $3.3 trillion now.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
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