Former SEC Official John Reed Stark Issues Post-SBF Warning
John Reed Stark, former Internet head of the SEC, reacted to the Sam Bankman-Fried (SBF) verdicts. Speaking to CNBC he spoke of his shock at the traitors at FTX and Alameda Research.
Stark talked about top executives and their willingness to work with prosecutors for a year to take down SBF.
Speaking about the impact of the SBF verdict on the cryptocurrency market, Stark had this to say: say,
"This is just the tip of the iceberg. People shouldn't believe it's safe to go back in the water. It's not safe. It's a gigantic house of cards and if you look at cryptocurrencies, web3 and blockchain, it's all a bunch of nonsense. [โฆ].โ
Speaking about SBF and political donations, Stark added:
โThere was more interest in this trial. The last trial I can think of was OJ. So if I'm a prosecutor and I think my job is to spread the message, we're talking about spending money, we want to spend money on prosecutorial resources to spread the message. And campaign finance reform is a cesspool. โItโs almost as bad as the cryptoverse.โ
MultiversX leads the Top 100 by market capitalization
On Sunday, multiversX (EGLD) broke out, rising 40% in early trading. Significantly, EGLD reached a session high of $56.24, last visited in November 2022.
Rising interest in AI-related cryptocurrencies likely contributed to the price gains during the session. In October, news came that Google Cloud had partnered with MultiversX to focus on AI and web3.
Technical analysis
bitcoin analysis
btc maintained above 50 and 200 days It's not.
A BTC break above the $35,265 resistance level would give the bulls a run towards Thursday's high $36,024 and the $36,400 resistance level.
Crypto-spot ETF news and updates related to SEC cases remain focal points.
A BTC drop below the $34,000 level would support a move to the $32,436 support level.
The 14-day RSI reading of 76.32 indicates that BTC is in overbought territory. BTC may face increasing selling pressure at the $35,265 resistance level.
Ethereum Analysis
ETH it remained above the 50 and 200 day EMAs.
An ETH move through the trendline would give the bulls a run towards the $1,926 resistance level.
Failure to break above the trend line would support a drop to the $1,805 support level. A break below the $1,805 support level would leave below $1,800 and the $1,741 support level in sight.
The 14-period daily RSI, 70.08, shows ETH in overbought territory. Selling pressure could intensify without a catalyst related to the crypto market.
