ICYMI

Here are the top stories for the week

• Crypto Ignored in First Biden-Trump Debate Despite Major Lobbying Efforts

• SEC Sues Consensys Over Unregistered Crypto Transactions and Staking Services

• IRS Finalizes New Crypto Broker Reporting Requirements with Key Exemptions

🎤 Crypto Ignored in First Biden-Trump Debate Despite Major Lobbying Efforts

In the first debate between President Joe Biden and former President Donald Trump, neither candidate mentioned cryptocurrency, despite significant financial contributions from crypto lobbyists.

• The 90-minute debate covered economic plans, abortion rights, immigration, and foreign policy, with no mention of cryptocurrency.

• Crypto-backed PACs raised $202.8 million and spent $93.6 million to influence the 2024 elections, but this did not translate into debate discussion.

• National polls show Trump slightly leading Biden, with crypto not being a top concern for voters; Robert F. Kennedy Jr., a pro-crypto candidate, was excluded from the debate.

🧑‍⚖️ SEC Sues Consensys Over Unregistered Crypto Transactions and Staking Services

The SEC has filed a lawsuit against Consensys, the parent company of MetaMask, alleging unregistered brokerage activities and the illegal sale of securities through MetaMask Swaps and staking services since 2020.

• The SEC claims Consensys has operated as an unregistered broker and engaged in the unregistered sale of securities through MetaMask Swaps, collecting over $250 million in fees since 2020.

• The complaint alleges Consensys facilitated investments in Lido and Rocket Pool’s staking programs without proper registration, classifying these as unregistered securities transactions.

• Consensys, which previously sued the SEC over similar regulatory issues, argues that the SEC is overreaching and lacks the authority to regulate software interfaces like MetaMask, and plans to continue its legal battle.

📜 IRS Finalizes New Crypto Broker Reporting Requirements with Key Exemptions

The IRS has released its final draft of crypto broker reporting requirements, exempting decentralized exchanges and self-custody wallets while imposing new rules on stablecoins and tokenized assets.

• Decentralized exchanges and self-custody wallets are exempt from the new IRS reporting rules, acknowledging the complexity and nuances of decentralized networks.

• Stablecoins and tokenized real-world assets are included in the new reporting requirements, treated the same as other digital assets.

• The IRS aims to reduce tax evasion and improve compliance among high-net-worth individuals, despite concerns from industry advocates about the regulatory burden and privacy issues posed by the new rules.

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Lido DAO(LDO)

LDO Crypto Price Indicators Send Mixed Signals, What You Need To Know

Price Movements: The price of LDO crypto has exhibited range-bound behavior over the past 48 hours, reflecting fluctuations between $2.328 and $1.984 in recent closing prices. This indicates a market sentiment that has been somewhat indecisive, with neither bulls nor bears firmly in control during this period.

Key Levels to Watch: Currently, LDO faces immediate resistance at levels around $2.028, with further resistance zones identified at $2.036 and $2.046. On the downside, crucial support levels are observed near $1.974, followed by $1.972 and $1.951. These levels are pivotal as they could dictate the next major movements in LDO's price trajectory.

Potential Trade Strategies: Traders considering long positions may find opportunities if LDO maintains support above key levels, confirmed by bullish reversal patterns or a crossover in the MACD indicating a potential upward trend. Conversely, short-term traders could explore short positions if LDO breaches critical support levels, especially with confirmation from bearish technical indicators. It's crucial for traders to exercise caution, considering the mixed signals from technical indicators, and implement robust risk management strategies to navigate the uncertain market conditions effectively.

Bitcoin(BTC)

Bitcoin Price Technicals Flag Bearish, Will BTC Lose $60K?

Price Movements: The Bitcoin price has shown a range-bound movement over the past 48 hours, reflecting indecision in the market. Closing prices have oscillated between $60,123.73 and $60,820.0, indicating a struggle between bulls and bears around the key psychological level of $60,000. The 9 and 20 Exponential Moving Averages (EMA) have converged around $60,931.13 and $61,231.60 respectively, suggesting a lack of strong trend momentum in either direction.

Key Levels to Watch: Bitcoin faces immediate resistance at $61,174.18, followed by stronger resistance levels at $61,828.17 and $61,975.46. On the downside, support is seen near $60,794.01, with further support levels at $60,684.01 and $60,304.95. The narrow trading range suggests that a breakout above resistance or below support could signal the next directional move.

Potential Trade Strategies: Traders can consider entering long positions if Bitcoin breaks above $61,174.18 with confirmation. The resistance levels at $61,828.17 and $61,975.46 can then be targeted. Place a stop-loss below the nearest support level to manage risk. For short positions, traders might want to wait for a breakdown below $60,794.01 with confirmation, aiming for support levels at $60,684.01 and $60,304.95. A stop-loss above the nearest resistance level can then be used to mitigate potential losses.

Quant(QNT)

Quant Crypto Price Prediction Might Soar as Bullish Signs Emerge

Price Movements: Quant crypto has shown varied movements based on recent price actions and technical indicators. Closing prices have fluctuated between $72.7 and $78.7, indicating moderate volatility within the past 48 hours. The Exponential Moving Averages (EMA) highlight a slight upward trend, with the 9 EMA consistently above the 20 EMA, suggesting potential bullish sentiment in the short term.

Key Levels to Watch: Quant crypto faces immediate resistance at $79.0, followed by stronger resistance at $79.9. A breakthrough these levels could pave the way towards significant resistance near $83.0. On the downside, support levels are noted at $75.1, $74.9, and $74.5, critical zones for potential rebounds or consolidation.

Potential Trade Strategies: For traders eyeing long positions, entering near current support levels around $74.9 and $74.5 could offer favorable risk-reward ratios. Bullish traders may target resistance levels at $79.0 and $79.9. Alternatively, a breakout above $79.9 could signal strong bullish continuation towards $83.0. Short traders might consider cautious entries near resistance levels, with exit strategies aligned around support zones to manage downside risks in case of a reversal.

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