The press release followed news of Israeli authorities ordering Binance to freeze over 100 Hamas-linked crypto accounts.
While Coinbase took a proactive step, crypto advocates raised concerns about links between crypto and Hamas.
A bipartisan letter to the Biden Administration, calling on the Administration to tackle crypto-financed terrorism, justified the concerns.
According to the letter,
“Hamas and Palestinian Islamic Jihad (PIJ) raised millions of dollars via crypto, evading US sanctions to fund their operations. The lawmakers are asking the Biden administration to provide information about how it plans to prevent crypto-financed terrorism.”
The letter went on to say,
“Congress and this Administration must take strong action to thoroughly address crypto illicit finance risks before it can be used to finance another tragedy.”
Coinbase shares slid by 4.56% on Wednesday compared with a 1.62% loss for the Nasdaq Composite Index.
BTC-Spot ETFs: The Latest News
CEO of crypto asset management firm Galaxy Digital, Mike Novogratz, predicted the approval of a BTC-spot ETF in 2023.
Novogratz shared his views on Squawk Box, saying,
“We think a Bitcoin ETF will be approved this year in 2023. All the indications of dealing seem to be heading in the right direction. There’s a tremendous amount of pressure to do something that is rational. The American public want this.”
Bloomberg Intelligence ETF analyst James Seyffart recently put the chances of the SEC approving the Ark BTC-spot ETF application at 90%.
Amidst all the hype of an SEC approval, SEC Chair Gary Gensler had this to say,
“ We have not one, but multiple, I think its eight or ten filings that the staff, and ultimately the commission, is considering for, what’s called, exchange-traded products for bitcoin to be in a security. So the bitcoin would be held, and there would be something called an exchange-traded product and that would trade on various stock exchanges. And those filings are in front of us. I can’t prejudge any one of them but there’s eight or ten that we’re looking at.”
While acknowledging the review process is ongoing, the SEC Chair refrained from commenting on the level of progress and whether there would be a single or a group approval.
BTC held above the 50-day and 200-day EMAs, sending bullish price signals.
A BTC move through $28,500 would give the bulls a run at the $29,193 resistance level. Positive SEC updates on the BTC-spot ETF approval process would signal a BTC return to $30,000.
However, the Middle East conflict and increased scrutiny of the US crypto space could test buyer appetite. A break below the $28,187 support level would give the bears a look at the EMAs.
The 14-Daily RSI reading of 63.05 suggests a BTC return to $29,000 before entering overbought territory.