Crypto News: MultiversX in Breakout Mode as John Reed Stark Slams Cryptos

Key Insights:

• Former SEC enforcer John Reed Stark reacts to the Sam Bankman-Fried ruling, lambasting the crypto industry.
• MetaversX leads the top 100 in a Sunday breakout to $56.
• BTC and ETH hold onto weekly gains as investors await crypto-spot ETF news updates.

Former SEC Official John Reed Stark Issues Post-SBF Warning

John Reed Stark, former SEC internet enforcer, reacted to the Sam Bankman-Fried (SBF) verdicts. Speaking to CNBC talked about his amazement over turncoats at FTX and Alameda Research.

Stark discussed senior executives and their willingness to work with the prosecution for a year to bring down SBF.

Talking about the impact of the SBF verdict on the crypto market, Stark had this to say,

“This is just the tip of the iceberg. People should not believe that it’s safe to go back in the water. It’s not safe. It’s a mammoth house of cards and if you look at crypto, web3, blockchain, it’s all a bunch of nonsense […].”

Discussing SBF and political donations, Stark added,

“There was more interest in this trial. The last trial I can think about it was OJ. So, if I’m a prosecutor and I’m thinking my job is to get the message out, you’re talking about spending money, you want to spend money on prosecutorial resources when it gets the message out. And campaign finance reform it’s a cesspool. It’s almost as bad as the crypto-verse.”

MultiversX Leads the Top 100 by Market Capitalization

On Sunday, multiversX (EGLD) erupted, surging by 40% in early trading. Significantly, EGLD struck a session high of $56.24, last visited in November 2022.

The surge in interest in AI-related cryptocurrencies likely contributed to the price gains during the session. In October, news hit the wires of Google Cloud partnering with MultiversX to focus on AI and web3.

Technical Analysis

Bitcoin Analysis

BTC held above the 50-day and 200-day EMAs.

A BTC break above the $35,265 resistance level would give the bulls a run at the Thursday high of $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 handle would support a move to the $32,436 support level.

The 14-Daily RSI reading of 76.32 indicates BTC sitting in overbought territory. BTC may face increasing selling pressure at the $35,265 resistance level.

Ethereum Analysis

ETH remained above the 50-day and 200-day EMAs.

An ETH move through the trend line would give the bulls a run at the $1,926 resistance level.

Failure to move through the trend line would support a fall to the $1,805 support level. A break below the $1,805 support level would bring sub-$1,800 and the $1,741 support level into view.

The 14-period Daily RSI, 70.08 shows ETH in overbought territory. Selling pressure could intensify without a crypto market-related catalyst.