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The Sam Bankman-Fried (SBF) trial starts on Wednesday, and the US Department of Justice (DoJ) aims to lock him up and throw away the key. SBF faces a maximum statutory jail term of 110 years if found guilty on all seven counts.
This weekend, the DoJ submitted a letter motion in limine, advising the court of its intentions to call FTX customers, shareholders, and cooperating witnesses. Turned state/cooperating witnesses include former Alameda Research CEO Caroline Ellison.
BTC, ETH, and the Broader Crypto Market Spike on Possible Law Change
The Crypto market enjoyed a late Sunday breakout, with BTC rallying 2.95% in a single hour to strike a session high of $28,173.
Reports of the US Supreme Court plans to end the Chevron Deference Doctrine supported a broad-based crypto rally.
Significantly, an end to the Chevron Deference Doctrine would give powers to the courts to address issues where multiple interpretations of a statute exist. Possible outcomes include ending the regulation by enforcement era and a US regulatory framework to fill the current regulatory void.
Ripple Chief Legal Officer Stuart Alderoty shared the title of a Wall Street Journal article from Saturday, saying,
“Unelected bureaucrats – get back in your lane.”
Alderoty posted the title of the WSJ article on X – formerly Twitter – shortly before the crypto market breakout. There were no other apparent crypto news stories to fuel a crypto breakout.
Technical Analysis
Bitcoin Analysis
BTC held above the 50-day and 200-day EMAs, sending bullish price signals. Significantly, the 50-day EMA converged on the 200-day EMA, signaling a possible bullish cross.
A bullish cross of the 50-day EMA through the 200-day EMA would support a BTC break above the $28,187 resistance level to target $28,500.
However, a fall below $27,500 would bring the 200-day and 50-day EMAs into play.
BTC movement will likely hinge on crypto-spot ETF news and updates from the ongoing SEC cases against Ripple and Coinbase (COIN).
The 14-Daily RSI reading of 66.32 supports a BTC break above the $28,187 resistance level before entering overbought territory.
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