Breaking Crypto Stories

Here are the top stories today:

• Congressman Ritchie Torres Calls for Regulation, Not Ban, on Election Betting Contracts

• Tether Appoints Former PayPal Executive Jesse Spiro to Lead Government Affairs

• Sam Bankman-Fried Appeals Conviction, Claims Bias in FTX Trial

Question of the Day

Will BTC keep climbing after reclaiming the $60K support?

📜Congressman Ritchie Torres Calls for Regulation, Not Ban, on Election Betting Contracts

Congressman Ritchie Torres urged U.S. regulators to focus on creating a regulatory framework for election betting contracts rather than banning them, arguing that regulation could protect consumers and strengthen election integrity.

• Congressman Ritchie Torres believes regulating election betting contracts is a better approach than banning them, as it can protect consumers and election integrity.

• Torres offered to collaborate with the CFTC to ensure proper resources and address concerns, warning that unregulated markets may gain traction without regulations.

• The push for regulation comes amid opposition from figures like Cameron Winklevoss, who also advocate for decentralized prediction markets as a way to enhance market fairness.

🤝Tether Appoints Former PayPal Executive Jesse Spiro to Lead Government Affairs

Tether has appointed Jesse Spiro, former PayPal executive, as its new head of government affairs to lead regulatory and policy efforts as the company faces scrutiny over its reserve transparency and potential legal challenges.

• Tether announced the appointment of Jesse Spiro, former head of regulatory relations for PayPal’s blockchain business, as its new head of government affairs.

• Spiro’s role will involve working with lawmakers and regulators to support Tether’s policy and engagement efforts, aligning with the company's focus on responsible innovation.

• The hiring comes as Tether faces criticism for its reserve transparency and amid ongoing regulatory discussions on stablecoins, including the Lummis-Gillibrand Payment Stablecoin Act.

🧑‍⚖️Sam Bankman-Fried Appeals Conviction, Claims Bias in FTX Trial

Former FTX CEO Sam Bankman-Fried has filed an appeal against his conviction and 25-year sentence, arguing that the trial was unfairly biased, with the jury only seeing a partial view of the facts surrounding FTX’s collapse.

• Sam Bankman-Fried’s legal team filed an appeal claiming that the trial was biased and that the jury was only presented with a misleading narrative about the loss of FTX user funds.

• The appeal argues that the U.S. government collaborated too closely with FTX debtors, and that the full financial picture, showing FTX was not insolvent, was withheld from the jury.

• Bankman-Fried is requesting a new trial with a different judge, while other former FTX executives, including Caroline Ellison and Gary Wang, are awaiting sentencing.

Meme of the Day

Potential Trade Opportunities

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Pepe (PEPE)

PEPE Coin Poised for a Breakout as Bulls Eye Key Resistance Level

Price Movements: PEPE Coin has been moving within a tight range, showing signs of consolidation after minor upward momentum. The price recently fluctuated between $0.00000756 and $0.00000803, with bullish efforts struggling to break through resistance. While technical indicators like the exponential moving averages (EMAs) suggest short-term bullishness, the price's proximity to overbought levels hints at a potential stall in the current trend.

Key Levels To Watch: The key resistance level for PEPE Coin sits at $0.00000804, a crucial barrier that the price has yet to overcome. Support levels to monitor include $0.00000773 and $0.00000766, with $0.00000756 acting as a deeper support if the price experiences a downward pullback. A breakout above $0.00000804 could signal further upside, while a dip below these support levels may indicate bearish pressure.

Trade Strategies: Traders looking to go long should watch for a confirmed breakout above $0.00000804, which could provide an opportunity to target $0.00000830. On the flip side, short-sellers may look for signs of weakness at the current resistance level or a bearish shift in momentum indicators, with a breakdown below $0.00000766 offering a potential entry for short trades targeting $0.00000756.

Bittensor (TAO)

Will TAO Price Hold Support or Push to New Highs?

Price Movements: TAO has been in a steady uptrend, with its price climbing from $299.9 to a recent close at $323.5. This momentum signals strong bullish sentiment in the market, pushing the asset closer to a key resistance level. The upward movement is supported by the convergence of technical indicators like the 9-day and 20-day EMAs, reflecting the continuation of the bullish trend.

Key Levels to Watch: The critical resistance to monitor is at $327.3. A breakout above this level could lead TAO toward its next target range between $343.7 and $344.5. However, if TAO fails to break through, it may retrace to support levels at $321.6, $318.8, and potentially deeper at $316.3. These support levels could offer a regrouping point for buyers, signaling potential price stabilization.

Trade Strategies: For long traders, a breakout above $327.3 could present an ideal entry opportunity, with potential upside targets in the $343.7-$344.5 range. On the other hand, short traders might consider entering positions if TAO fails to clear the $327.3 resistance, targeting exits near the $321.6-$318.8 support zone. Managing risk with stop-losses placed strategically below support or above resistance will be key to navigating this setup.

TRON (TRX)

TRX Poised for a Major Breakout: Is Now the Time to Buy?

Price Movements: TRX has been consolidating in a tight range, with prices hovering around key support and resistance levels. The current price action shows bearish momentum, but the overall movement lacks aggressive selling pressure. The 9-day and 20-day EMAs are aligned in a bearish crossover, hinting that sellers are maintaining control for now, although the gap between the moving averages is narrow, signaling potential indecision. Additionally, the MACD suggests bearish momentum as it remains below the signal line, reinforcing the idea that a clear reversal hasn’t formed yet.

Key Levels to Watch: The critical resistance for TRX is currently at $0.1511, with higher resistance levels around $0.1542 and $0.1547. These levels are likely to act as barriers if the price attempts a rally. On the downside, $0.1478 remains a crucial support level, and should the price break below this, a further decline towards $0.1374 could be expected. Traders should watch for whether TRX can maintain these support levels, as a break could trigger more selling pressure.

Trade Strategies: For long traders, entering near the $0.1478 support zone could offer a favorable risk-reward opportunity, especially if bullish signals like an oversold RSI and MACD crossover begin to emerge. Short traders might look for failed breakouts above $0.1511 as an entry opportunity, with targets around $0.1374 if selling pressure intensifies. Monitoring the interaction between the moving averages and MACD could provide further confirmation for either side, allowing traders to adjust their strategies accordingly.

ICYMI:

• Starknet Community Approves New Dynamic Staking Mechanism with 98.94% Support

• Utonic Receives $100 Million Institutional Commitment for Restaking Protocol on The TON Blockchain

• MicroStrategy Expands Bitcoin Holdings with $1.11 Billion Purchase

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