Coinbase Withdraws Support for Senate Crypto Bill, Accuses Banks of Lobbying
- Withdrawal of Legislative Support: Coinbase CEO Brian Armstrong accuses major U.S. banks of lobbying to undermine President Trump's crypto agenda, leading the company to withdraw support for a Senate Banking Committee draft bill, which may impact the legislative process for crypto regulations.
- Impact of Banking Lobbying: Armstrong claims banks are attempting to protect their profit margins through lobbying efforts that include provisions to ban tokenized securities and weaken the CFTC, potentially leading to restrictions on stablecoin yields that could affect market dynamics.
- Tension in Market Response: Coinbase's decision highlights the tension between the crypto industry and traditional financial institutions, leaving market participants uneasy about the evolving regulatory landscape, which may influence clarity for Bitcoin and Ethereum regulations.
- Changing Regulatory Environment: This incident contrasts with historical actions like the GENIUS Act, indicating a shift in regulatory approaches towards stablecoin yields, with industry stakeholders remaining vigilant as the Senate Banking Committee draft awaits further review.
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Technical Analysis for MAJOR
Technical Sentiment Analysis for Major (MAJOR) As of , Major (MAJOR) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 0 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for MAJOR stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, MAJOR is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Major (MAJOR) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0609 | 0.0686 | 0.0775 | 0.0852 | 0.094 | 0.102 | 0.111 |
| Fibonacci | 0.0686 | 0.075 | 0.0789 | 0.0852 | 0.0915 | 0.0954 | 0.102 |
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