Weekly Crypto Recap with NewsCrypto
Welcome back, NewsCrypto enthusiasts! It's time for another edition of the NewsCrypto newsletter.
Today we are going to talk about crypto courtroom drama starring Sam “SBF” Bankman-Fried and a Bitcoin TA so you know what to prepare for.
This week, SBF took the stand, weaving a narrative that left many in disbelief. From denying any wrongdoing between FTX and Alameda Research to justifying the use of customer funds.
What's on the menu today?
1. Breaking Crypto News
2. BTC TA Analysis
3. Did SBF Really Just Say That?
4. Funniest Meme of the Week
News Recap
· Anthony Scaramucci believes that if the SEC approves Blackrock’s spot bitcoin ETF, the value of bitcoin could surge significantly.
· The securities regulator and the central banking institution of Hong Kong have updated the region’s crypto policy.
· According to the on-chain analyst Zachxbt, 4,800 bitcoins taken from the now-defunct darknet marketplace Abraxas were just transferred to a bitcoin mixing service.
· Mexican billionaire Ricardo Salinas sees bitcoin as a way to protect against inflation.
· Prosegur, a Spain-based security company, will build a secure bunker to offer custody services for institutional crypto users in Brazil.
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Bitcoin TA Analysis
· Crypto Fear and Greed Index update
· Bitcoin Daily Time Frame
BTC/USD is facing resistance at $35k on the other hand BTC/USDT perp. is facing resistance at $36k. Both are currently sitting above support at around $33.5k.
Although BTC just pumped it doesn’t necessarily mean it has to come down before going up again but we think it’s likely. A confluence of support zones at ≈$32k seems like a likely stop.
Zooming in on the price action we can see on the 4h chart that the price is currently forming a bit of an uptrend, we will see if this is sustainable or not.
RSI on the 4h chart already came down a bit but on a daily chart it’s still in the overbought zone (above 70 level), signaling it has to cool down a bit before continuing the move higher.
Did SBF Really Just Say That?
Sam “SBF” Bankman-Fried took the stand this week. In a dramatic turn of events, he denied any wrongdoing between FTX and Alameda Research, while acknowledging some "big mistakes" during the company’s meteoric rise and fall.
Politician Donations
In a plot twist worthy of a political thriller, Bankman-Fried refuted claims that he directed his inner circle to make millionaire political donations in 2021. Despite data from OpenSecret showing significant contributions from his associates, SBF insists that lobbying in Washington, D.C., was more about pushing a regulatory framework for crypto firms rather than playing political puppet master. It's like claiming you bought a sports car because you liked the cup holders.
The New York Times Test
SBF introduced the court to his unique guideline for employees’ communication: The New York Times test. Essentially, don't write anything you wouldn't want on the front page of the newspaper. While this sounds like sage advice, it also highlights the autodelete policy on Signal that permanently deletes messages after a week.
Alameda's Unique Role on FTX
Bankman-Fried shed light on Alameda’s multifaceted role with FTX, serving as a payment provider, liquidity provider, market maker, and client. This complex relationship led to custom features in FTX’s code, including the ability for Alameda to go negative via a line of credit without triggering the risk engine. For the cherry on top SBF said he thought taking FTX’s customer funds through Alameda was LEGAL!
Clawback Provision
Bankman-Fried pointed to FTX’s terms of use, which include a clawback provision that could socialize losses among customers using margin trade and futures contracts. It's a safety net, but one that might feel more like a spider's web to unsuspecting traders.
Funniest Meme of The Week
