Market Update by Solidecn.com

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SEC Crypto Regulation Challenged by Senator Lummis' Stand

Senator Cynthia Lummis from Wyoming is standing up to the Securities and Exchange Commission (SEC), which is really cracking down on crypto companies. Talking to Yahoo Finance, she made it clear she's not happy with how the SEC is handling things. She's especially against a new rule the SEC wants to make official without asking Congress first.


SEC's Tough Actions

Recently, the SEC has been really tough, taking legal action against big crypto companies like Coinbase and Binance. A rule from the SEC, made in March 2022, is getting a lot of attention from Senator Lummis. It says companies that look after crypto for customers have to show these in their financial reports and tell investors about the risks.

But, the Government Accountability Office (GAO) said the SEC should've asked Congress before making this rule. Senator Lummis is now working hard to stop this rule from being set in stone. She believes it's just too much and could be bad for people if a crypto company goes under.


Pushing for Clearer Rules

Senator Lummis is not just talking; she's doing things. With Senator Kirsten Gillibrand from New York, she's pushing a big crypto law to make things clearer. They're trying to sort out small differences between the Senate and House versions, mainly about stablecoins, which are a type of crypto. She's hopeful that by early 2024, they'll pass the law. They even got a part of it into a big defense spending bill to address terrorist groups using crypto.


Concerns Over SEC's Bulletin

Last week, a Democrat, Representative Wiley Nickel, called out the SEC for how it's managing the new rule. He's worried it could make digital assets less safe. Others in Congress are also worried. Representative Patrick McHenry thinks the rule could scare financial companies away from crypto.
In short, there's a lot of back and forth about the SEC's role in regulating crypto, and Senator Lummis is at the center, fighting for a balance that keeps everyone's interests in mind. (Source)

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MetaTrader 5: The Smart Choice for Serious Traders

If you're into trading stocks, CFDs, or futures, you might want to check out MetaTrader 5 (MT5). It's the new kid on the block and not just an update of the old MT4. It's made for people who really know their stuff when it comes to trading.

Lots of traders, both newbies and old hands, are switching to MT5, and here's why: It lets you look at the market in 21 different ways, while MT4 only gives you 9. You get more choices for setting up trades that aren't happening yet, with 6 options instead of MT4's 4 options. Plus, MT5 shows you how thick or thin the market is right on the chart, has a handy economic calendar built-in, and lets you choose if you want to hedge or net when you're setting up your trades.

MT5 also wins with lots of cool tools for analyzing the market and as many charts as you want to open. It's smarter about how it fills orders, and it can handle a bunch of tests on your trading strategies at the same time.

Since the company behind MT4 says they're not going to update it anymore, it makes sense to start using MT5. It's packed with features for people who take their trading seriously.

What's your go-to trading platform? And why do you like it? Drop a comment and let us know!
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SOLUSD

In October, Solana (SOLUSD) experienced a significant price surge, reaching a high of $47.5 before settling at $34.5. Currently, Solana is trading around $42.5. Our Solana Technical Analysis indicates that the RSI indicator has been in the overbought area since October 20. Despite this overbought condition, SOLUSD hasn't started correction yet, indicating a strong bullish bias and high volatility in the Solana market.


For a more detailed view of SOLUSD price action, let's zoom into the 4-hour chart. The crypto pair is trading within a bullish channel, appearing more organized than on the daily chart. At present, SOLUSD is testing the middle line of the bullish channel and is above the Kernel line of the Lorentzian Classification indicator. This supports the bullish scenario, suggesting that SOLUSD price may rise and test the October high of around $46.2.


The R2 level at 36.98 supports the bullish scenario in our Solana Technical Analysis. If SOLUSD closes below this level, the bullish scenario becomes invalid, and the next bearish target is the pivot.

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EURUSD

The EURUSD has made a significant move, breaking out of the range trading box during the recent currency session. This development was anticipated as the pair had previously exited the bearish channel on the daily chart, forming a hammer candlestick pattern in the process. This pattern emerged near the 1.0493 support level in the daily timeframe, signaling a potential shift in momentum.




If the EURUSD can maintain its position above the pivot point, it could indicate a bullish trend. The next target for the EURUSD bulls is the R2 level at 1.082. This could be a key resistance level to watch for traders following the EURUSD.

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EURNZD Outlook: Downward Momentum Gains Traction

The EURNZD currency pair is currently facing a challenge at the 1.798 pivot point, having already descended below the Kernel line on the daily chart. The RSI's crossing of the middle line signals an intensifying bearish outlook for the EURNZD.



Detailed Analysis on the 4-hour Chart

For a more detailed view, we shift our focus to the 4-hour chart. Here, the market trend is clearly bearish, with EURNZD trading under the Ichimoku cloud. The pair is currently challenging the 0.382 Fibonacci retracement level. If it falls below this level, we might witness the fall extend to the 50% and subsequently the 61% Fibonacci retracement levels.




The Ichimoku cloud poses a resistance. To counter the bearish forecast, EURNZD bulls would have to achieve a close above the cloud. (source)

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Sam Bankman Fried Verdict: The Fall of a Crypto Titan


In the wake of a highly publicized legal battle, Sam Bankman Fried, once hailed as a whiz kid of the crypto world, has been found guilty on multiple charges, including fraud, as per the recent verdict. The trial, which drew significant attention from the finance sector, ended with the jury convicting Bankman Fried on seven counts, effectively concluding a chapter that has riveted industry watchers.

The prosecution painted Bankman-Fried as a master of deceit, whose actions were not just misleading but also criminally fraudulent. The defense, on the other hand, tried to salvage his image by highlighting his precocious talent and attributing the financial fiasco to naïve mistakes rather than calculated fraud. They pointed to his unique upbringing and the relentless drive for efficiency that often led him to make decisions that prioritized cost over other considerations.

However, the jury was not swayed by the defense's narrative. Bankman Fried's demeanor, which showed a lack of regard for emotion and cultural values — including his disinterest in art and even his preference for cold food — might have painted him as out of touch with societal expectations, influencing the jury's decision.

This verdict against Bankman Fried is a watershed moment for the cryptocurrency industry, signaling a crackdown on illicit activities. The repercussions of this judgment are expected to resonate through the crypto markets and could shape the regulatory landscape for other prominent figures in the space. (source).

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LUNA Coin Analysis Amidst Market Turbulence




Despite the unpredictable nature of Bitcoin, which has sent shockwaves through the cryptocurrency market, there remains a resilient sense of optimism among crypto investors. LUNA coin, in particular, has come under the spotlight as it faces the brunt of Bitcoin's price swings. The analysis reveals that LUNA coin has tested the critical support level of $0.437 on multiple occasions, leading to a complete reversal of its previously secured gains. This has raised pertinent questions about the coin's durability in the face of short-term market speculation.


The trading volume for LUNA coin has seen a downturn, a factor that could compel crypto exchanges to undertake significant strategic decisions regarding the coin's listing and trading mechanisms. This shift is noticeable as the market progresses towards a post-2024 era, anticipated to be free from the burden of insolvent tokens—a stark contrast to the volume-centric bear markets and their accompanying regulations.


Should LUNA coin's valuation slide below the crucial threshold of $0.437, the analysis suggests that it could enter a precarious phase, potentially leading to further devaluation towards the $0.387 level, having to first breach intermediary resistances at $0.412 and $0.405. Such a downturn would mark unprecedented low points for the coin, challenging the fortitude of investors.


This article underscores the inherent hope that continues to fuel crypto investors' enthusiasm, even as they weather the storm of Bitcoin volatility and its cascading effects on altcoins, including LUNA coin. The analysis serves to equip investors with insights into the coin's performance and prospects within the volatile crypto market. (source)

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FTX Bitcoin Theft: New Movement Detected

A new chapter unfolds in the ongoing FTX Bitcoin theft saga. Blockchain analysis group PeckShield has alerted the community with a recent discovery. They've traced another batch of Bitcoin, which was part of the assets stolen from the now-defunct FTX.
The FTX Bitcoin theft has seen the hacker orchestrate a move of about 288.8 Bitcoin, currently valued at nearly $10 million.


Evaluating the Extent of the FTX Bitcoin Theft

Looking back, the once-prominent cryptocurrency exchange FTX crumbled in November last year. Amidst the chaos, an anonymous hacker seized the moment, orchestrating a heist that resulted in the loss of roughly $500 million in cryptocurrencies. This individual didn’t waste time, quickly converting the stolen assets into 180,000 Ethereum, which were then scattered to 12 separate wallets. At the time of this distribution, the Ethereum amassed was worth about $200 million.

The aftermath of the FTX Bitcoin theft turned the hacker into a significant Ethereum stakeholder. In a strategic move later that November, the hacker converted 50,000 ETH to Ren Bitcoin (RenBTC), a variant of Bitcoin on the Ethereum network.


Recent Attempts to Liquidate Stolen Ethereum

U.Today has reported on attempts made this year to launder the stolen Ethereum. The FTX Bitcoin theft perpetrator tried to exchange the Ethereum for tBTC on the ThorSwap DeFi platform in early October. The platform promptly shut down to prevent this, highlighting the vulnerability of DeFi systems to such exploitation.

Undeterred, the hacker pivoted to the Threshold Network, successfully transferring the Ethereum into the Bitcoin network. At that point, the FTX Bitcoin theft culprit had approximately 110,000 ETH in their possession, worth about $180 million.
Following the suspension of ThorSwap, Bitcoin advocate Max Keiser took the opportunity to critique DeFi for being "heavily centralized," in contrast to his views on the decentralization of Bitcoin.


Substantial Ethereum Shifts to US Exchanges

In a related development, cryptocurrency tracking firm Whale Alert has noted large Ethereum movements. In recent activity linked to the FTX Bitcoin theft, substantial sums of Ethereum were transferred to major US exchanges such as Coinbase and Kraken.
Despite the tumultuous market, Ethereum showed impressive growth of 18.14% from October 20 to October 26, reaching a high of $1,848. This increase paralleled Bitcoin's climb above $34,000. Post-surge, Ethereum recorded a modest 2.84% decrease but continues to maintain its strength around the $1,800 threshold, still feeling the ripples of the FTX Bitcoin theft.a

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EURAUD Forecast

The EURAUD pair is trading within a weekly bullish channel and above the Ichimoku cloud. This indicates that the trend is bullish, and we should look for buying opportunities in this currency pair.




When we zoom into the EURAUD 4H chart, we see that the bulls added buying pressure when the pair's decline reached the 1.6455 resistance level. Currently, it is testing the 1.6563 resistance level. With the RSI indicator increasing in value and the Awesome Oscillator showing a green bar, if the pair can close above 1.6563, it will pave the way for EURAUD to reach 1.6700. This level aligns with the upper band of the young bearish channel.




The 1.6455 level serves as support for this bullish scenario. If it breaks, the bullish scenario becomes invalid. (source)

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EURJPY Technical Analysis

The EURJPY currency pair is trading within a daily bullish channel and it tested the middle line of the channel in the previous day’s candle. Today, the EURJPY had a pullback to the pivot. With the RSI indicator hovering above the 50 level, it is likely that the bulls will push the EURJPY price to R1 (162.7), followed by the upper line of the channel or R2 (165.0).




The main support for our bullish EURJPY forecast is S1 (156.28). If this level breaks, the uptrend is likely to end and we might see a trend reversal. However, this is unlikely due to the Bank of Japan’s current interest policy. (source)