The Wall Street Journal Targets the Crypto Market a Second Time
On Sunday, the crypto community reacted to a second WSJ article targeting crypto and illicit financing. The second article discussed Hamas using crypto to receive funds from Iran in the two years preceding the October 7 attack on Israel.
The WSJ article followed a Forbes article titled ‘How Misinformation on Group and Crypto Fooled Nearly 20% Of Congress.’ The Forbes article highlighted how Senator Elizabeth Warren convinced 204 Congressional colleagues to sign a letter to the US administration. The letter called on the US administration to investigate the use of crypto in illicit financing.
Elliptic straightened out the facts shortly after the first WSJ article went viral.
Senator Cynthia Lummis responded to the Forbes article, saying,
“Crypto accounts for< 1% of all illicit finance activity and would be even less if we created a regulatory structure to allow the crypto industry to operate in America instead of unregulated foreign markets. Crypto is not the problem, bad actors that exist in every industry are.”
Coinbase (COIN) CEO Brian Armstrong responded to the WSJ article on X (formerly Twitter). Armstrong shared stats on American confidence in the news. According to the report, the percentage of Americans who say they have a great deal or quite a lot of confidence in newspapers and television news has tumbled since the early 1990s.
Surprisingly, confidence in newspapers dropped from above 30% to 11% in 2022. Confidence in television news was down from above 45% to 16%.
The crypto market appears to have brushed aside the WSJ article. On Monday, the total crypto market cap was up 0.61% to $1,393 trillion.
BTC held above the 50-day and 200-day EMAs, the EMAs sending bullish price signals.
A BTC move through the $37,600 resistance level would give the bulls a run at the November 9 high of $38,020. A break above $38,200 would bring $40,000 into play.
Crypto-spot ETF-related news will remain the focal point on Monday.
A BTC fall through the $36,400 support level would give the bears a run at the $35,265 support level.
The 14-Daily RSI reading of 81.00 shows BTC in overbought territory. Selling pressure may intensify at the $37,600 resistance level.