Crypto News: Singapore’s MAS Tightens the Screw as Kraken Co-Founder Powell Reflects

Key Insights:

• Kraken co-founder Jesse Powell shared his views on the SEC charges and Binance.
• HTX, formerly Huobi Global, became the victim of a hack.
• BTC and ETH price trends remain hinged on progress toward a crypto-spot ETF market.

HTX and Heco Cross-Chain Bridge Hacked

HTX, formerly Huobi Global and Heco Cross-Chain Bridge got hacked on Wednesday. Justin Sun eased market fears regarding a liquidity crunch, saying,

“HTX and Heco Cross-Chain Bridge undergo hacker attack. HTX will fully compensate for HTX’s hot wallet losses. Deposits and Withdrawals temporarily suspended. All funds in HTX are secure, and the community can rest assured. We are investigating the specific reason for the hacker attack. Once we complete the investigation and identify the cause, we will resume services.”

HTX announced a bounty to identify who hacked the platform.

Monetary Authority of Singapore Plans Strict Regulatory Measures

On November 23, 2023, the Monetary Authority of Singapore (MAS) introduced new measures to protect retail crypto investors.

According to the new measures, retail customers cannot purchase crypto with local credit cards. Significantly, crypto firms are not allowed to offer incentives to retail customers. Incentives could include free tokens. Crypto firms are also blocked from offering financing, leverage, or margin transactions.

The rules come into effect in mid-2024.

Kraken Co-Founder Jesse Powell Talks US Regulatory Landscape

Earlier this week, Kraken co-founder Jesse Powell shared his views on the SEC charges against Kraken, saying,

“USA’s top decel is back with another assault on America. The masochists haven’t been happy with the beatings they’ve been taking in NY and are shopping for a different flavor of RegDom in CA. I thought we settled all their concerns for $30m in Feb. Now they’re back for seconds?”

Powell added,

“Message is clear: $30m buys you about 10 months before the SEC comes around to extort you again. Lawyers can do a lot with $30m but the SEC knows that a real fight will likely cost $100m+, and valuable time. If you can’t afford it, get your crypto company out of the US warzone.”

On Thursday, Powell reflected on the change in the crypto landscape in the wake of the Binance news. Powell felt the game felt a bit fairer and highlighted two answered shareholder questions from the last 12 months: How are they going so fast, and how are they getting away with it?

On Monday, the SEC filed charges against Kraken for operating as a broker, dealer, exchange, and clearing agency for crypto asset securities. Additional charges related to commingling customer crypto and fiat with its own assets.

Technical Analysis

Bitcoin Analysis

BTC held above the 50-day and 200-day EMAs, sending bullish price signals.

A BTC break above the $37,600 resistance level would support a move to the November 9 high of $38,029.

The market focus remains on crypto-spot ETF updates and SEC activities.

A fall through the $37,000 handle would bring the $36,400 support level into play.

The 14-Daily RSI reading of 60.15 indicates a BTC break above the $37,600 resistance level before entering overbought territory.

Ethereum Analysis

ETH remained above the 50-day and 200-day EMAs, reaffirming bullish price signals.

An ETH return to $2,100 would support a break above the $2,143 resistance level.

However, a fall through the $2,021 support level would give the bears a run at the $1,926 support level.

The 14-period Daily RSI at 61.68 suggests an ETH break above the $2,143 resistance level before entering overbought territory.