ICYMI

Here are the top stories for the week

• US President Joe Biden vetoes SAB 121 repeal

• ARK Invest ends partnership with 21Shares on Ether ETF

• Bybit restructures executive team following $26M airdrop fiasco

📄 US President Joe Biden vetoes SAB 121 repeal

President Joe Biden vetoed a resolution to overrule an SEC accounting guideline, sparking criticism from the cryptocurrency sector and lawmakers, while emphasizing the importance of SEC authority and consumer protection.

• President Joe Biden vetoed a resolution that aimed to overrule the SEC’s Staff Accounting Bulletin No. 121, drawing immediate criticism from the cryptocurrency industry.

• The crypto community and lawmakers criticized the decision, arguing it stifles innovation and the broader crypto industry, with the House voting 228-182 and the Senate 60-38 to repeal the guidelines.

• Biden defended his veto, emphasizing the importance of SEC's authority and consumer protection, stating his administration will not support measures that jeopardize investor well-being.

🔚 ARK Invest ends partnership with 21Shares on Ether ETF

21Shares rebranded its Ethereum spot ETF to 21Shares Core Ethereum ETF after ARK Invest ended their partnership on this fund, though the firms continue to collaborate on other projects, and the SEC approved forms for eight Ethereum ETFs pending S-1 statement effectiveness.

• 21Shares rebranded its Ethereum spot ETF from Ark 21Shares Ethereum ETF to 21Shares Core Ethereum ETF, following ARK Invest's decision to end its partnership on this particular ETF.

• ARK Invest decided to withdraw from the Ethereum ETF to reassess its investment strategy but continues collaborating with 21Shares on other projects, including Bitcoin ETFs and a Blockchain and Digital Economy Innovation ETF.

• The SEC recently approved 19b-4 forms for eight Ethereum ETFs, though issuers must have their S-1 statements effective before trading can start.

🚧 Bybit restructures executive team following $26M airdrop fiasco

Bybit underwent leadership changes and compensated users $26 million following a flawed airdrop, while addressing insolvency rumors and facing regulatory challenges in France.

• Bybit executives shifted positions following a flawed airdrop of Notcoin, which led to $26 million in compensation to users due to delayed token distribution and balance reconciliation issues.

• The botched airdrop affected 320,000 users, prompting Bybit to reassign some leadership roles internally to ensure better role alignment and prevent future issues.

• Bybit also faced rumors of insolvency, which the CEO denied by sharing proof of reserves, and regulatory challenges in France, where the exchange is blacklisted.

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Notcoin (NOT)

Notcoin Price Prediction: Key Levels to Watch for the Next Big Move!

Price Movements: Notcoin has shown a gradual increase in closing prices, with the 9 EMA values slightly above these closing prices, indicating short-term bullish momentum. The 20 EMA is lower, suggesting the potential continuation of the upward trend if the 9 EMA remains above the 20 EMA.

Key Levels to Watch: Immediate resistance for Notcoin is at $0.012908. If it breaks higher, further significant levels are $0.014500 and $0.016000. On the downside, support is found at $0.00887, with stronger floors at $0.005454 and $0.005403.

Potential Trade Strategies: Traders might consider initiating long positions on pullbacks to the 9 EMA, especially if supported by rising volume. Exiting long positions could be considered if the price approaches the resistance at $0.012908 or if the RSI enters overbought territory. For short trades, entry points might be considered if the MACD signal remains bearish and the price fails to break above the resistance level. Exits for short positions could be set around the aforementioned support levels, ensuring traders lock in profits before any potential rebounds.

JasmyCoin (JASMY)

JasmyCoin Price on the Verge of a Breakout? Key Indicators Signal Major Gains Ahead!

Price Movements: JasmyCoin has exhibited a bullish trend, with prices consistently positioned above the 20 EMA, which has gradually increased. The MACD line remains above the signal line, indicating bullish market sentiment, but the RSI above 70 suggests a potential for overbought conditions and a possible minor pullback.

Key Levels to Watch: Immediate resistance for JasmyCoin is at $0.036711. If it breaks higher, further significant levels are $0.038000 and $0.040000. On the downside, support is found at $0.024476, with stronger floors at $0.022500 and $0.020864.

Potential Trade Strategies: Traders might consider initiating long positions if JasmyCoin surpasses and sustains above the $0.036711 resistance, using the 9 EMA as a trailing stop for dynamic support. Alternatively, a break below the $0.024476 support could signal an opportunity for short positions, aiming for lower support targets such as $0.022500 or $0.020864.

Stacks (STX)

Stacks Crypto in Freefall? Bearish Indicators Point to Steeper Declines Ahead!

Price Movements: Stacks crypto has exhibited a bearish trend, as evidenced by its consistent position below the 20 EMA, which has gradually decreased. The MACD line remaining below the signal line, along with increasing negative histograms, suggests that the bearish momentum is strengthening, and the overall market sentiment remains bearish.

Key Levels to Watch: Immediate support for Stacks crypto is at $1.816, with further significant levels at $1.800 and $1.750 if it breaks lower. On the upside, resistance is found at $1.973, with stronger barriers at $2.004 and $2.015.

Potential Trade Strategies: Traders might consider initiating long positions if Stacks crypto finds support and reverses around $1.816, using the 9 EMA as a trailing stop for dynamic support. Alternatively, a break below the $1.816 support could signal an opportunity for short positions, aiming for lower support targets such as $1.800 or $1.750.

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