Crypto News: Fake News and Banking Regulations for Crypto in Focus

Key Insights:

• Fake news continues to hit the crypto market, creating confusion after the fake news of the SEC approving the Blackrock BTC-spot ETF.
• The Basel Committee takes strides in introducing global banking regulations for crypto activity and exposure.
• BTC and ETH need a catalyst for a breakout, with investors focusing on crypto-spot ETFs.

Banking Regulator Rolls Out Crypto Asset Disclosure Rules

On Tuesday, the Basel Committee on Banking Supervision released a consultation paper on bank disclosure of crypto exposures.

The Committee aims to standardize the disclosure of crypto asset exposures, with a proposed implementation date of January 1, 2025.

According to the press release, the Basel Committee requires comments on the consultation paper by January 31, 2024.

Banks would need to disclose qualitative information relating to crypto asset activity, exposures to crypto assets, and the related capital and liquidity requirements. Additionally, the new rules would require banks to detail accounting classifications of crypto assets and liabilities.

The Basel Committee is responsible for improving the quality of banking supervision globally. In response to the 2007-09 financial crisis, the Basel Committee introduced Basel III, aimed at tackling poor governance and risk management.

Fake News Hit the Crypto Markets for a Second Session

On Wednesday, Roblox reportedly denied claims that Roblox is partnering with BitPay to allow gamers to use XRP. However, there was no formal announcement from Roblox to verify the denial.

Earlier this week, news spread across social media and news portals of the new partnership before Roblox refuted the claims. There were no tweets on #BitPay to collaborate news of the partnership despite news portals referencing a BitPay tweet.

There was no apparent XRP reaction to the announcement or the denial, with XRP tracking the broader crypto market.

It was the second fake news story hitting the crypto market in the same number of days. However, the fake news of the SEC approving the Blackrock BTC-spot ETF had a more significant impact on the crypto market. BTC broke resistance at $30,000 before retracing gains.

The SEC responded to the Blackrock ETF fake news story, saying,

“Careful what you read on the internet. The best source of information about the SEC is the SEC.”

Technical Analysis

Bitcoin Analysis

BTC remained above the 50-day and 200-day EMAs, affirming bullish price signals. Significantly, the 50-day EMA pulled further away from the 200-day EMA, a bullish price signal.

A BTC move to $28,500 would give the bulls a run at the $29,193 resistance level. BTC-spot ETF-related news remains the focal point. However, investors should monitor news updates on the Middle East conflict. An escalation could pressure buying appetite.

A BTC break below the $28,187 support level would give the bears a run at the 50-day and 200-day EMAs.

The 14-Daily RSI reading of 64.45 indicates a BTC move to the $29,193 resistance level before entering overbought territory.

Ethereum Analysis

ETH sat below the 50-day and 200-day EMAs, affirming bearish price signals.

An ETH return to $1,600 would support a break above the $1,626 resistance level and the 50-day EMA. However, selling pressure will likely intensify at $1,630. The 50-day EMA is confluent with the $1,626 resistance level.

ETH-spot ETF-related news and regulatory scrutiny also warrant consideration.

A drop below $1,550 would give the bears a run at the $1,502 support level.

The 14-Daily RSI reading of 44.18 suggests an ETH break below the $1,502 support level before entering oversold territory.