Crypto News: FTX Hacker Makes a Move as Crypto Market Reacts to Supreme Court News
Key Insights:
- Overnight, the FTX Hacker moved 7,500 ETH, totaling transfers to 22,500 ETH in just 48 hours.
- Sunday saw a crypto market surge; BTC lept 2.95% in an hour, hitting $28,173.
- Supreme Court news may have fueled the broad-based crypto market rally.
FTX Hacker Continues ETH Transfers Ahead of the SBF Trial
The FTX Hacker was in action overnight, transferring 7,500 ETH ($12.62 million). According to crypto analytics firm Lookonchain, the FTX Hacker transferred 22,500 ETH ($38 million) over the last two days and has 163,235 ETH ($275 million) remaining.
The identity of the FTX hacker remans unknow, though speculation of the identity continues to do the rounds.
The Sam Bankman-Fried (SBF) trial starts on Wednesday, and the US Department of Justice (DoJ) aims to lock him up and throw away the key. SBF faces a maximum statutory jail term of 110 years if found guilty on all seven counts.
This weekend, the DoJ submitted a letter motion in limine, advising the court of its intentions to call FTX customers, shareholders, and cooperating witnesses. Turned state/cooperating witnesses include former Alameda Research CEO Caroline Ellison.
BTC, ETH, and the Broader Crypto Market Spike on Possible Law Change
The Crypto market enjoyed a late Sunday breakout, with BTC rallying 2.95% in a single hour to strike a session high of $28,173.
Reports of the US Supreme Court plans to end the Chevron Deference Doctrine supported a broad-based crypto rally.
Significantly, an end to the Chevron Deference Doctrine would give powers to the courts to address issues where multiple interpretations of a statute exist. Possible outcomes include ending the regulation by enforcement era and a US regulatory framework to fill the current regulatory void.
Ripple Chief Legal Officer Stuart Alderoty shared the title of a Wall Street Journal article from Saturday, saying,
“Unelected bureaucrats – get back in your lane.”
Alderoty posted the title of the WSJ article on X – formerly Twitter – shortly before the crypto market breakout. There were no other apparent crypto news stories to fuel a crypto breakout.
Technical Analysis
Bitcoin Analysis
BTC held above the 50-day and 200-day EMAs, sending bullish price signals. Significantly, the 50-day EMA converged on the 200-day EMA, signaling a possible bullish cross.
A bullish cross of the 50-day EMA through the 200-day EMA would support a BTC break above the $28,187 resistance level to target $28,500.
However, a fall below $27,500 would bring the 200-day and 50-day EMAs into play.
BTC movement will likely hinge on crypto-spot ETF news and updates from the ongoing SEC cases against Ripple and Coinbase (COIN).
The 14-Daily RSI reading of 66.32 supports a BTC break above the $28,187 resistance level before entering overbought territory.
Ethereum Analysis
ETH sat above the 50-day EMA while remaining below the 200-day EMA, sending bullish near-term but bearish longer-term price signals.
An ETH break above the 200-day EMA and $1,746 resistance level would bring $1,800 into play.
However, a fall below $1,700 would support an ETH move to the 50-day EMA. A break below the 50-day EMA would indicate further downside.
ETH will also respond to updates from the ongoing SEC cases against Ripple and Coinbase and ETH-spot ETF-related chatter.
The 14-Daily RSI reading of 66.42 indicates an ETH break above the 200-day EMA and $1,746 resistance level before entering overbought territory.
