Key points:

Bitcoin is heading further away from its latest all-time highs as US trade tariffs dictate the mood.

Traders are unfazed, arguing that BTC price action can retest even lower levels while maintaining its bull run.

Hyperliquid trader James Wynn goes short BTC after closing a long worth $1.25 billion.

Bitcoin (BTC) failed to maintain $108,000 into the May 25 weekly close as price action struggled to shake off new US trade war woes.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Trump “hot air” blamed as Bitcoin halts price discovery

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD staying near multiday lows.

After snap losses accompanied comments by US President Donald Trump over 50% tariffs on goods from the EU, crypto immediately felt the heat, and $112,000 remained Bitcoin’s latest all-time high.

Further episodes, this time involving goods from specific tech giants, continued the impact, leading market participants to complain about Trump’s hold over volatility.

Source: Truth Social

“More hot air from the Manipulator in Chief,” Keith Alan, co-founder of trading resource Material Indicators, wrote in part of a response on X.

Alan nonetheless had good news for Bitcoin bulls, arguing that price had more room to retest support without extinguishing the broader uptrend.

“The MACRO trend line and 2 key Moving Averages on the Bitcoin Daily chart currently have confluence with the Yearly Open,” he noted, referring to the BTC/USD 2025 opening level at around $93,500. 

“As long as BTC is trading above that zone, the Bull trend is still intact.”BTC/USD 1-day chart. Source: Keith Alan/X

Popular trader Crypto Tony held a similar view, suggesting that even another $4,000 drop from current levels by the weekly close would be acceptable.

$BTC / $USD – Update

A close above $108,000 this week would be perfect, but a close above $104,000 is equally as ok as we clear the resistance zone pic.twitter.com/f1jYRouinj

— Crypto Tony (@CryptoTony__) May 25, 2025

Fellow trader Merlijn eyed a classic short-term BTC price magnet in the form of a new “gap” on CME Group’s Bitcoin futures.

“$BTC just left a fresh CME Gap at $107,230,” he showed on the day. 

“These gaps don’t stay open for long. Expect price to come back and fill it. Eyes on that level.”BTC/USD 1-hour chart. Source: Merlijn The Trader/X

BTC trading giant Wynn flips short

In a move that quickly caught the attention of market observers, meanwhile, one large-volume trader suddenly flipped short on BTC this weekend.

Related: Bitcoin ‘looks exhausted’ as next bear market yields $69K target

As Cointelegraph reported, Hyperliquid trader James Wynn had previously opened a $125 billion long position but began losing money over the Trump volatility.

As noted by research firm Lookonchain, not only had Wynn closed his long but had replaced it with a new short position worth around $110 million.

Top trader @JamesWynnReal has flipped bearish on $BTC, switching from long to short.

He opened a $BTC short position of 1,038.7 $BTC($111.8M) at $107,711.1 an hour ago, with a liquidation price of $149,100.https://t.co/BMeuztgBNE pic.twitter.com/uLypq5kLTj

— Lookonchain (@lookonchain) May 25, 2025

“That’s a lot of trading for an illiquid choppy weekend,” trader Daan Crypto Trades wrote while reacting to the switch on X. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

A Manhattan crypto investor is facing serious charges after allegedly kidnapping and torturing an Italian man in a disturbing bid to extract access to digital assets.

John Woeltz, 37, was arraigned on Saturday in Manhattan criminal court following his arrest on Friday. He stands accused of holding a 28-year-old Italian man captive for weeks inside a luxury townhouse in Soho, reportedly rented for $30,000 per month.

According to police reports cited by The New York Times, the victim arrived in the US on May 6 and was allegedly abducted by Woeltz and an accomplice.

The attackers are said to have stolen the man’s passport and electronic devices before demanding the password to his Bitcoin (BTC) wallet. When he refused, the suspects allegedly subjected him to prolonged physical abuse.

Source: Mario Nawfal

Related: Violent crypto robberies on the rise: Six attacks that targeted investors

Crypto victim beaten, electroshocked

The victim described being beaten, shocked with electricity, assaulted with a firearm and even dangled from the upper floors of the five-story building.

He also told police that Woeltz used a saw to cut his leg and forced him to smoke crack cocaine. Threats were also reportedly made against his family.

Photographic evidence found inside the property, including Polaroids, appears to support claims of sustained abuse. The victim managed to escape on Friday and alert authorities, leading to Woeltz’s arrest.

Woeltz was charged with four felony counts, including kidnapping for ransom, and entered a plea of not guilty. Judge Eric Schumacher ordered him to be held without bail. He is expected back in court on May 28.

A 24-year-old woman was also taken into custody on Friday in connection with the incident. However, she was seen walking freely in New York the next day, and no charges against her were found in the court’s online database.

Authorities have yet to clarify the relationship between the suspect and the victim or whether any cryptocurrency was ultimately stolen.

Related: Crypto crime goes industrial as gangs launch coins, launder billions — UN

Crypto executives turn to bodyguards

Executives and investors in the crypto industry are increasingly seeking personal security services as kidnapping and ransom cases surge, especially in France.

On May 18, Amsterdam-based private firm Infinite Risks International reported a rise in requests for bodyguards and long-term protection contracts from high-profile figures in the space.

French authorities have responded by introducing enhanced protections for crypto entrepreneurs and their families, including security briefings and priority access to police assistance.

This comes amid a recent surge in kidnappings and ransom attempts. David Balland, the co-founder of hardware wallet company Ledger, was kidnapped in January 2025 and held for ransom for several days before being rescued by French police.

In May 2024, the father of an unnamed crypto entrepreneur was freed from a ransom attempt after French law enforcement officials raided the location in a Paris suburb where the individual was being held hostage by organized criminals.

Magazine: Bitcoiner sex trap extortion? BTS firm’s blockchain disaster: Asia Express

Australian Senator Gerard Rennick has drawn criticism from the Bitcoin community following his remarks referring to Bitcoin as a Ponzi scheme and questioning the asset’s value because it isn’t digestible.

“You can’t eat Bitcoin,” Rennick said in a May 23 X post, responding to an X user who questioned his stance after Bitcoin hit a new all-time high of $111,970 on May 22.

Rennick says Bitcoin will go to $1 million but is a “Ponzi Scheme”

“Bitcoin will ultimately go to $1 million dollars. Why because it’s a Ponzi scheme whereby BlackRock will pump more and more dollars into a supply constrained product,” Rennick said.

“What exactly will this product produce?” Rennick said. He added that Bitcoin (BTC) will produce “absolutely nothing” and Australia “needs real engineers not financial engineers.”

Source: Gerard Rennick

Bitcoiners across the world were quick to respond to Rennick’s comments. The Australian Bitcoin Industry Body (ABIB) said Rennick’s remarks about “Bitcoin reveal a deep misunderstanding.” The ABIB added:

“This matters, because misunderstanding leads to misrepresentation. And misrepresentation leads to bad policy.”

Unchained podcast host Laura Shin said, “You also can’t eat the internet, so do you oppose that too?” Bitcoin Marathon team lead Jimmy Kostro said, “This is definitely going to age well. Please enlighten us with more of your deep and nuanced understanding of Bitcoin.”

Source: Coinvision

Rennick responded to the criticism and said he doesn’t “need to explain anything.”

“It’s pathetic how the Bitcoin community needs reassurance from a politician – the very people they claim they want to be free from,” Rennick said.

The Bitcoin community has frequently spoken out when prominent individuals have expressed anti-Bitcoin views.

Related: Bitcoin inflows projected to reach $420B in 2026 — Bitwise

Only a few weeks ago, Arizona Governor Katie Hobbs experienced backlash from the Bitcoin community after her decision to veto a bill that would have allowed the state to hold Bitcoin as part of its official reserves.

Casa co-founder and cypherpunk Jameson Lopp said, “This will age poorly.” Meanwhile, Bitcoin entrepreneur Anthony Pompliano said, “Imagine the ignorance of a politician to believe they can make investment decisions.” Crypto lawyer Andrew Gordon said, “We need more elected officials who understand that Bitcoin and crypto are the future.”

Similar backlash was seen by the Bitcoin community when the US government decided to transfer $1.9 billion of Bitcoin to Coinbase in December 2024.

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