Crypto News Today: Coinbase Responds to Senator Warren Accusations

Key Insights:

• BTC ended a three-day winning streak, closing the Saturday session down 0.20% to $43,983.
• Progress toward a BTC-spot ETF market remained a tailwind.
• However, increasing regulatory scrutiny is a headwind for the crypto market.

Bitcoin Ends Three-Day Winning Streak

Bitcoin (BTC) declined by 0.20% on Saturday. Partially reversing a 0.40% gain from Friday, BTC ended the session at $43,983. Significantly, BTC gave up the $44,000 handle. However, progress toward a BTC-spot ETF market remains a tailwind for BTC and the broader market.

Year-to-date, BTC is up 163%.

Coinbase Responds to Senator Elizabeth Warren’s Accusations

On Friday, Coinbase (COIN) Chief Policy Officer Faryar Shirzad posted an update on X, saying,

“We responded to Senator Warren’s letter accusing Coinbase of hiring national security veterans as a way to fight bipartisan legislation.”

Shirzad shared the content from the response. These included,

• We are very proud of our record of rooting out illicit activity on our platform, and of our deep partnership with law enforcement in going after bad guys
• Our success stems from hiring national security and law enforcement veterans who help us do everything we can to protect the American people.
• Any suggestion that we are hiring these people to stop legislation is ridiculous.

The Coinbase Chief Policy Officer also shared a link to the letter for interested parties.

Coinbase hired four national security experts to beef up its global advisory council.

The Senator Warren Press Release

Senator Elizabeth Warren reacted to the Coinbase move by issuing a press release targeting Coinbase and the crypto market. Senator Warren titled the press release, “Warren Demands Answers from Crypto Firms on Abuse of the Revolving Door to Undermine Bipartisan Efforts to Rein in Crypto Terrorist Financing.”

The press release stated

“New reporting found that the crypto industry is employing former defense, national security, and law enforcement officials to undermine efforts to address crypto’s use in terrorist financing: “Coinbase, the largest U.S. crypto exchange, announced this month that former Defense Secretary Mark Esper and other national security experts had joined its ‘global advisory council,’ which also includes Bush counterterrorism adviser Frances Townsend.”

The press release went on to say,

“A letter signed by 40 former military officials, ex-intelligence officers and nat sec [National Security] professionals…. downplayed illicit activity in crypto relative to traditional finance and argued against policies that would drive digital asset players overseas — a frequent industry talking point.”

Senator Warren continues her anti-crypto campaign after the recent Banking Committee hearing on Capitol Hill.

The anti-crypto rhetoric from Capitol Hill has tested bullish sentiment in recent weeks.

Technical Analysis

Bitcoin Analysis

BTC remained above the 50-day and 200-day EMAs, affirming bullish price signals.

A BTC move to the $44,000 handle would give the bulls a run at the $44,690 resistance level and the December 8 high of $44,747.

On Sunday, US regulatory chatter will be a focal point for investors.

However, a break below the $42,968 support level would bring the $39,661 support level into view.

The 14-Daily RSI reading, 61.50, indicates a BTC move to the $44,690 resistance level before entering overbought territory.

Ethereum Analysis

ETH sat above the 50-day and 200-day EMAs, affirming bullish price signals.

An ETH move through the $2,300 resistance level would bring the $2,456 resistance level into view.

However, a fall through the $2,250 handle would support a drop toward the $2,143 support level.

The 14-period Daily RSI at 56.83 suggests an ETH move to the $2,400 handle before entering overbought territory.