Crypto exchange Bybit suspended UK services in response to the new UK Financial Conduct Authority (UK FCA) crypto regulations. In September, The FCA
Crypto exchange Bybit suspended UK services in response to the new UK Financial Conduct Authority (UK FCA) crypto regulations. In September, The FCA extended the deadline for crypto firms to meet the new measures designed to protect consumers. Measures included the option of a 24-hour cooling-off period and banning incentives, including refer-a-friend bonuses.
The FCA issued a warning list of 143 unauthorized firms on October 8. Huobi/HTX and KuCoin were among the names.
FTX Trial Continues: Co-Founder Gary Wang Under Scrutiny
On Monday, Sam Bankman-Fried lawyers sought permission from Judge Kaplan to elicit evidence about council involvement in structuring Alameda Research loans to Gary Wang.
Gary Wang received personal loans worth $200-$300 million from Alameda Research to fund FTX investments and purchase his Bahaman house. The defense team may have a strategy to lay the blame at the feet of Gary Wang and Caroline Ellison.
Testimony on Tuesday will likely garner plenty of interest, with Caroline Ellison ready to take the stand. The trial may see twists and turns before a clear direction is apparent.
Ethereum Offloads Leave ETH on the Back Foot
News of the Ethereum Foundation selling 1,700 ETH added to the negative sentiment toward ETH. According to WuBlockchain, the Ethereum Foundation sold the ETH on Uniswap.
Ethereum co-founder Vitalik Buterin has also been selling ETH, contributing to the ETH return to below $1,600.
Technical Analysis
Bitcoin Analysis
BTC remained above the 50-day and 200-day EMAs, sending bullish price signals. The 50-day EMA continued to pull away from the 200-day EMA, reaffirming a bullish trend.
A BTC break above the $28,187 resistance level would bring the October high of $28,593 into play.
However, a fall below the EMAs would support a break below the $26,755 support level.
SEC activity, crypto-spot ETF-related news, and SEC v Coinbase (COIN) and Ripple case-related updates need consideration. Beyond the crypto market, news updates from the Middle East will also move the dial.
The 14-Daily RSI reading of 56.38 supports a BTC break above the $28,187 resistance level before entering overbought territory.
Ethereum Analysis
ETH remained below the 50-day and 200-day EMAs, reaffirming bearish price signals.
An ETH break above $1,626 resistance level would support a move to the 50-day EMA. A breakout from the 50-day EMA would give the bulls a run at $1,700.
However, a failure to retake the $1,600 handle would leave the $1,502 support level in play.
The 14-Daily RSI reading of 41.83 supports an ETH fall to the $1,502 support level before entering oversold territory.
amp.fxempire.com