Coinbase Withdraws Support for U.S. Crypto Bill, Legislative Process Stalled
- Coinbase Withdrawal: Coinbase CEO Brian Armstrong announced the withdrawal of support for the Senate's draft due to multiple key issues, including the handling of tokenized stocks and potential abolition of stablecoin rewards, indicating a misalignment with customer interests.
- Legislative Delay: Senate Banking Committee Chair Tim Scott announced the postponement of the review session, emphasizing continued consultations with the crypto sector and bipartisan senators to establish clear and enforceable rules, highlighting the fragile nature of political consensus.
- Time Pressure Impact: Due to tight deadlines for proposed amendments, Coinbase expressed concerns over insufficient time for thorough discussions with industry representatives, advocating for an extended timeline to facilitate constructive engagements with Senate Banking Committee members, reflecting the tense atmosphere of the legislative process.
- Divergent Industry Reactions: Despite Coinbase's withdrawal, some industry voices remain optimistic, with Ripple CEO Brad Garlinghouse suggesting that efforts should continue, believing that issues could be resolved in the committee phase, showcasing differing perspectives within the industry regarding the legislation.
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Technical Analysis for DEFI
Technical Sentiment Analysis for DeFi (DEFI) As of , DeFi (DEFI) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for DEFI 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, DEFI 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 $-.
DeFi (DEFI) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.000197 | 0.000246 | 0.000294 | 0.000343 | 0.000391 | 0.00044 | 0.000488 |
| Fibonacci | 0.000246 | 0.000283 | 0.000306 | 0.000343 | 0.00038 | 0.000403 | 0.00044 |
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