Fake News and Banking Regulations for Crypto in Focus
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.