“We need to stop elevating politics over sound policy in the US and look to the way that Singapore, UK, EU, & Dubai have set clear frameworks and licenses. No wonder crypto innovation is thriving in these regions.”
Coinbase also has a favorable view of the Singapore regulatory landscape. Coinbase received a Major Payment Institution license from the Monetary Authority of Singapore (MAS) in October.
Ripple and Coinbase are in the middle of lawsuits with the SEC. Judge Analisa Torres denied the SEC motion for interlocutory appeal in October, shifting the market focus to the ongoing SEC v Coinbase case. Investors, Coinbase, and the SEC await a Court ruling on the Coinbase motion to dismiss.
This week, Coinbase Chief Legal Officer Paul Grewal responded to the news of Hamas accessing crypto, calling on the US government to roll out crypto legislation, saying,
“[…] we need sensible crypto legislation passed here in the United States without further delay. We need this industry flourishing in nations committed to the rule of law, not driven to places where human rights and public safety mean much less.”
US CPI Report Reignites Bets on a Fed Rate Hike
A hotter-than-expected US CPI Report sent BTC, ETH, and the broader market into negative territory.
The total crypto market cap slid by $11 billion to a Thursday low of $1,017 billion in response to the CPI Report. Earlier in the session, the total crypto market cap rose to a Thursday high of $1,033 billion.
Crypto Market Cap 131023 Daily Chart
BTC hovered below the 50-day and 200-day EMAs, sending bearish price signals. A bearish cross of the 50-day EMA through the 200-day EMA would signal further losses.
A BTC break below the $26,755 support level would bring the trend line into play.
SEC activity, SEC vs. crypto case-related updates, and crypto-spot ETF-related news will be likely focal points.
A BTC move through the 200-day and 50-day EMAs would support a BTC move to $27,500. A breakout from $27,500 would give the bulls a run at the $28,187 resistance level.
The 14-Daily RSI reading of 45.89 supports a BTC drop to the trend line before entering oversold territory.
BTCUSD 131023 Daily Chart
ETH remained below the 50-day and 200-day EMAs, sending bearish price signals.
An ETH breakout from $1,550 would support a move toward the $1,626 resistance level.
ETH-futures ETF inflows and progress toward the launch of an ETH-spot ETF will be additional drivers.
However, a break below the $1,502 support level would leave ETH at risk of a drop to $1,450.
The 14-Daily RSI reading of 36.25 supports an ETH fall to the $1,502 support level before entering oversold territory.
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.