Crypto News: FTX Hacker Makes a Move as Crypto Market Reacts to Supreme Court News

Bob Mason
Published: Oct 2, 2023, 04:07 GMT+00:00

With BTC rallying amid rumors of legal shifts, the crypto market stays alert as the alleged FTX Hacker strategically transfers substantial ETH assets.

Crypto News

In this article:

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.

BTC Daily Chart price signals are bullish.
BTCUSD 021023 Daily Chart

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.

ETH Daily Chart near-term price signals are bullish.
ETHUSD 021023 Daily Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

Did you find this article useful?