Bitcoin Holds Strength Above $21,000, Congress FTX Issue

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More than one in three of the 535 U.S. senators and congressmen showed up to the new session with FTX baggage, after receiving campaign support from one of the fraudulent crypto giant’s top executives, according to the latest report from CoinDesk. Jesse Hamilton, Cheyenne Ligon and Elizabeth Napolitano.

This article originally appeared on Crypto Markets Today, CoinDesk’s daily newsletter diving into what’s been happening in today’s crypto markets. Subscribe to receive it in your inbox every day.

CoinDesk has identified 196 members of the new Congress, many of whom were just sworn in last week, who took money from Sam Bankman-Fried or other senior executives at FTX, a crypto exchange that filed for filed for bankruptcy in Delaware in November after CoinDesk disclosed an unusual shutdown. links between FTX and Alameda Research, an affiliated hedge fund. Names in Congress range from the heights of both chambers, including new House Speaker Kevin McCarthy (R-Calif.) and Senate Majority Leader Chuck Schumer (DN.Y.) to recipients new to the politics of high level.

After lawmakers received the money, it became clear from the work of reporters, criminal charges, and confessions of guilt from FTX insiders that the funds came from this colossal financial scam. CoinDesk contacted the 196 lawmakers to ask what they would do with the money.

Most of the politicians who responded said they turned it over to charities to remove the taint from the contributions of executives such as former FTX CEO Bankman-Fried, whose charges of federal fraud also include an accusation that he violated campaign finance laws. Others revealed that they had conversations with the US Department of Justice about setting aside the money until it could be put into a fund to compensate FTX victims.

Rep. Lou Correa (D-California) was among dozens of current or incoming members of Congress who accepted FTX contributions, in his case the total limit of $2,900 directly from Bankman-Fried.

“I don’t know if the gentleman ever spoke to him,” Correa told CoinDesk. But Correa said he intended to donate the same amount to his alma mater, California State University, Fullerton, to support their Dreamer education fund.”

The story continues

(CoinDesk)

Bitcoin (BTC): The largest cryptocurrency by market value was recently trading above $21,300, roughly flat for the day but up more than 23% in the past seven days. The driver of the recovery remains uncertain, although a number of indicators offer at least a partial explanation.

Stocks closed on a mixed note as traders looked to fourth-quarter earnings reports from banks including Goldman Sachs. Crypto bank Silvergate Capital (SI) announced a net loss of $1 billion for the fourth quarter on Tuesday. The Dow Jones Industrial Average (DJIA) fell 1.1%, while the S&P 500 slipped 0.2%. The tech-heavy Nasdaq Composite rose 0.1%.

Ether (ETH): The second largest cryptocurrency followed the trajectory of BTC, trading flat on Tuesday at $1,590. The price of Ethers has increased by 19% over the past week.

CoinDesk Market Index (CMI)

1,022.14

+5.3 0.5%

Bitcoin (BTC)

$21,326

+180.6 0.9%

Ethereum (ETH)

$1,581

+0.5 0.0%

S&P 500 daily close

3,990.97

8.1 0.2%

Gold

$1,911

1.6 0.1%

10-year Treasury yield

3.54%

0.0

BTC/ETH Price by CoinDesk Indices; gold is the COMEX spot price. Prices from around 4 p.m. ET

Crypto Market Analysis: Fear Eases as Bitcoin Enters New Support Level

By Glenn Williams Jr.

“Whale” investors do not move BTC across exchanges as they often do during dramatic price spikes.

Given their size, whale investors holding at least 1,000 bitcoins can significantly affect the markets through their buying and selling.

The whales’ recent lack of movement indicates that they do not view the recent rally as a selling opportunity. This trend remains to be monitored but seems positive for long investors.

Whale Fillet Volume at Exchanges (Glassnode)

Read the full technical take here.

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