Sharp sell-off sinks stocks 📉

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Here’s what moved the market today.

Markets 📈

The market stumbled on Tuesday and retreated back into negative territory for the month of April. The Nasdaq sold off for more than a two-point loss, while the S&P and Dow trailed close behind.

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Market-Moving News 🔎 

🚨 Roger "Bitcoin Jesus" Ver: Busted for Tax Evasion

Over the weekend, Roger Ver, a high-profile advocate for Bitcoin Cash and a figure famously dubbed "Bitcoin Jesus," found himself in legal hot water. Spanish authorities arrested Ver on allegations of tax evasion and mail fraud, as detailed in a statement from the U.S. Department of Justice. The charges suggest that Ver is accused of defrauding the U.S. Internal Revenue Service (IRS) out of a staggering $48 million.

Sketchy Past 📜 
This isn't Ver's first brush with the law. Back in 2002, he faced legal consequences for selling explosives on eBay, resulting in a 10-month prison sentence. Following his release, Ver relocated to Japan in 2006, where he has since been a vocal and divisive figure in the cryptocurrency world. His latest legal challenges stem from actions dating back to at least October 2012 through December 2018, during which time he allegedly engaged in a scheme to defraud the U.S. Department of the Treasury.

Indictment 📑 
The indictment, which was recently unsealed, paints a picture of a prolonged and calculated attempt by Ver to mislead the U.S. government. According to the document, Ver's actions were not only premeditated but also part of a broader scheme to deceive the Treasury about significant financial matters, highlighting the severity of the charges against him.

Implications & Repercussions 🌐 
Ver's arrest sends shockwaves through the cryptocurrency community, where he has been a polarizing figure due to his staunch support for Bitcoin Cash over Bitcoin. The legal developments raise questions about the broader implications for other cryptocurrency advocates and the potential for increased regulatory and legal scrutiny in the sector.

Looking Ahead 🚀 
As Roger Ver faces these serious charges, the cryptocurrency world watches closely to see how this case might influence the debate over regulation and the transparency of crypto-related activities. The outcome of this case could set precedents for how legal systems worldwide handle the complexities of cryptocurrency and financial regulations.

Canopy Growth [CGC] $14.88 (+78.8%)
boomed on rumors that the Biden Administration is pushing to loosen federal restrictions on cannabis.

Global Mofy [GMM] $1.48 (+59.0%)
said its Gauss AI subsidiary has teamed up with Heartdub to develop a generative artificial intelligence platform.

Cyclacel Pharma [CYCC] $2.12 (+55.8%)
announced an $8.0 million private placement priced at-the-market under Nasdaq rules.

Pegasus Digital SPAC [PGSS] $6.00 (42.2%)
filed a Form 8-K that revealed shareholders voted to approve its merger with TopCo on April 22nd.

Cemtrex [CETX] $1.14 (35.9%)
filed for a $9 million public offering of its common shares and accompanying warrants.

Bakkt [BKKT] $6.71 (32.6%)
fell after scheduling a conference call to discuss its Q1 results.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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