$100M Fine Reversed: Trump Pardon Fuels Bitcoin $83.6K Price Defense
Bitcoin gains support as former President Donald Trump reignites optimism in the crypto market by pardoning BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed—three high-profile figures who pleaded guilty in 2022 to Bank Secrecy Act violations. The case centered on BitMEX’s failure to implement anti-money laundering (AML) protocols, resulting in a landmark $100 million fine.
“Thank you, President Trump,” tweeted Arthur Hayes following the pardon. Delo called the charges “politically motivated.”
This move is being interpreted as a symbolic shift toward crypto-friendly policymaking, in line with Trump’s historically favorable stance on digital assets. It comes at a critical time for Bitcoin, reinforcing the idea that the asset is becoming a mainstream investment vehicle with institutional appeal. The pardons may improve sentiment just as Bitcoin fights to hold above its $83,600 support level.
U.S. Regulators Ease Crypto Restrictions for Banks
On March 28, the Federal Deposit Insurance Corporation (FDIC) removed the requirement for banks to seek pre-approval before engaging in crypto activities, such as custody services, stablecoin reserves, and blockchain settlements. This follows a March 25 revision that eliminated the “reputational risk” clause, which previously discouraged bank involvement in digital assets. Simultaneously, the Commodity Futures Trading Commission (CFTC) announced that crypto derivatives will receive equal treatment to traditional financial instruments—a decision expected to benefit platforms like Coinbase and Kraken.
Why it matters:
- Removes regulatory friction for banks exploring crypto
- Enhances compliance clarity for exchanges
- Bolsters infrastructure for Bitcoin and altcoin markets
These shifts are expected to increase institutional access to Bitcoin, boost market liquidity, and strengthen long-term adoption narratives.
Nasdaq Targets Avalanche ETF, Bullish Spillover for BTC
In another bullish signal for crypto markets, Nasdaq has filed with the SEC to list Grayscale’s Avalanche (AVAX) spot ETF, adding to a growing list of regulated digital asset products. The move follows Grayscale’s earlier spot ETFs for Bitcoin and Ethereum. While AVAX is the focus, the filing highlights widening institutional interest in blockchain-based assets. The Avalanche Trust currently holds $1.76 million in AUM, trading at a 7.4% premium, signaling investor demand even ahead of approval.
For Bitcoin, the implications are clear:
- Broader ETF approvals normalize crypto in traditional markets
- Grayscale’s success with BTC ETFs sets a precedent
- Institutional confidence is on the rise
Even if indirect, AVAX’s ETF push validates the broader crypto ecosystem, reinforcing Bitcoin’s position as the market’s institutional anchor.
Bitcoin Technicals: Triple Bottom at $83.6K Holds
Bitcoin (BTC) is holding above a key support level near $83,600, where a triple bottom pattern appears to be forming. This price zone has acted as a historical floor, signaling resilient buyer interest despite a wave of negative momentum. On the technical front, BTC faces headwinds, with the Relative Strength Index (RSI) still under 30, indicating it remains in oversold territory. A bearish engulfing candle on the 2-hour chart further strengthens the short-term bearish bias. If Bitcoin breaks below this support, the next downside target is $81,200. Conversely, a break above the 50-period EMA around $85,800 could flip sentiment and spark bullish interest.
However, technical headwinds persist:
- RSI remains below 30, signaling oversold conditions
- A bearish engulfing candle on the 2-hour chart implies continued downward pressure
For bulls, reclaiming the $85,800 level is essential to regain control. Until then, Bitcoin remains vulnerable to further downside, especially if macro catalysts fail to materialize.
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