Eric Trump criticizes banks

[Ben Graham]

Bitcoin continues to struggle, gradually sliding below $90,000, which makes it more vulnerable to sellers. Ethereum is also facing a host of problems on any attempt to rise above $3,000, which does not inspire confidence among market participants, who could turn away from it at any moment.

Meanwhile, discussions around US crypto legislation continue, and the CLARITY Act remains in the spotlight.

Yesterday Eric Trump, son of US President Donald Trump, made a loud statement that big banks are actively opposing the passage of crypto legislation, in particular the CLARITY Act. According to him, financial institutions, fearing competition from decentralized digital assets, are using their influence to block a regulatory framework that could legalize and regulate the crypto market.

This claim came amid growing interest in cryptocurrencies from both retail and large institutional investors last year. The CLARITY Act is intended to clarify regulation of cryptocurrencies in the U.S., but its progress faces significant obstacles.

Eric Trump believes banks are trying to preserve their dominant position in the financial system by hindering the development of alternative payment systems and investment instruments. He emphasized that such actions not only suppress innovation but also deprive ordinary citizens of the opportunity to participate in a promising new sector of the economy.

"Banks are doing everything they can to stifle this in the bud," Trump said, calling for more active public and political support for crypto legislation. He is confident that passing the CLARITY Act would be an important step toward creating a more transparent and fair financial system in which everyone can benefit from the digital economy.

It is worth recalling that yesterday, despite changes to the text of the bill on crypto?market structure, disagreements in the Senate remained. The bill is currently under active discussion and requires further refinement to strike a balance between protecting investors and encouraging innovation in the crypto space. The CLARITY Act is now being viewed as a potential primary driver of the crypto market going forward.

Trading recommendations

Bitcoin

Buyers are currently targeting a return to $90,500, which would open a direct path to $92,100 and then to $94,000. The far target is around $95,800; breaking that would signal attempts to restore the bull market. In case of a decline, buyers are expected at $88,700. A move back below that area could quickly push BTC toward $86,300. The far downside target is $83,200.

Ethereum

A clear hold above $2,970 opens a direct path to $3,050. The far target is around $3,129; surpassing that would indicate strengthening bullish sentiment and renewed buyer interest. In case of a decline, buyers are expected at $2,887. A move back below that area could quickly push ETH toward $2,789. The far downside target is $2,684.

Chart indicators

• Red indicators represent support and resistance levels, where a slowdown or active price increase is expected.
• Green represents the 50-day moving average.
• Blue indicates the 100-day moving average.
• Light green signifies the 200-day moving average.

Crossovers or tests of the moving averages usually halt or set the market's momentum.

The material has been provided by InstaForex Company - www.instaforex.com