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Crypto News Today: Crypto Crime was the Focal Point Mid Week

By:
Bob Mason

It is a positive start to the Friday session. SEC activity, US lawmaker commentary, and BTC-spot ETF-related news will need consideration on Friday.

Crypto News Today

In this article:

Key Insights:

  • BTC briefly fell below the $43,000 handle on Thursday as the spot-ETF-fueled rally took a breather.
  • Senator Elizabeth Warren reiterated crypto links to illicit financing.
  • Terraform Labs co-founder Do Kwon could be on the way to the US.

Bitcoin

On Thursday, bitcoin (BTC) fell by 1.07%. After a 0.71% loss on Wednesday, BTC ended the session at $43,323.

There were no significant updates on the BTC-spot ETF filings for investors to consider. However, the news wires filled the gaps. On Thursday, Reuters reported the SEC and issuers have begun discussing key details.

As per the below table, the ARK/21 Shares has the earliest deadline, January 10, 2024. However, industry experts expect the SEC to approve a batch of applications within a January 5-10, 2024, window.

BTC-spot ETF Approval Deadlines
BTC Spot ETF Deadlines

Senator Elizabeth Warren Talks About Crypto and Criminals

On Thursday, Senator Elizabeth Warren shared her latest views about crypto, saying,

“When it comes to banking policy, I don’t usually agree with the CEOs of multi-billion-dollar banks. But enforcing anti-money laundering rules against crypto to protect national security is common sense & critical. It’s time for Congress to act.”

The Senator also shared the footage from the Banking, Housing, and Urban Affairs Committee hearing, where JPMorgan Chase (JPM) CEO Jamie Dimon delivered his anti-crypto rant. Notably, the crypto community immediately highlighted JPMorgan fines totaling almost $39 billion.

On Wednesday, investors reacted to the Jamie Dimon rant. BTC declined by 0.71%, while JPM shares dropped by 1.05%. In contrast, Goldman Sachs (GS) rose by 0.05%, while Citigroup (C) rallied by 2.48%.

Terraform Labs Co-Founder Do Kwon Heading to the US

On Thursday, news hit the wires of Montenegro planning to extradite Terraform Labs co-founder Do Kwon to the US. Both South Korea and the US sought his extradition. However, Justice Minister Andrej Milovic will officially decide after Do Kwon exhausts his appeals. In November, Do Kwon agreed to return to South Korea.

According to the Wall Street Journal, the Justice Minister has privately revealed plans to send Do Kwon to the US. Do Kwon will face charges relating to the collapse of LUNA and UST.

In May and June 2022, the crypto market collapsed in response to the collapse of LUNA and UST, tumbling by over $800 billion to a June low of $763 billion. The total crypto market cap currently stands at $1,574 billion vs. an ATH of $3,009 billion.

Crypto market cap
CMC 081223 Monthly Chart

Technical Analysis

Bitcoin Analysis

BTC sat above the 50-day and 200-day EMAs, with the EMAs sending bullish price signals.

A BTC move through the Tuesday high of $44,529 would bring the $46,400 resistance level into play.

BTC-spot ETF-related updates and crypto-related news will impact buyer demand.

However, a fall through the $42,900 support level would give the bears a run at the $41,585 support level.

The 14-Daily RSI reading, 75.89, shows BTC in overbought territory. Selling pressure may intensify at $44,000.

BTC Daily Chart EMAs send bullish price signals.
BTCUSD 081223 Daily Chart

Ethereum Analysis

ETH remained above the 50-day and 200-day EMAs, with the EMAs affirming bullish price signals.

An ETH break above the Friday morning high of $2,386 could support a move through the $2,457 resistance level to target $2,500.

However, a fall through the $2,300 support level would bring the $2,143 support level into view.

The 14-period Daily RSI at 73.05 shows ETH in overbought territory. Selling pressure will likely intensify at $2,400.

ETH Daily Chart EMAs send bullish price signals.
ETHUSD 081223 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.

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