Bitcoin is finding support around $83,600 as former President Donald Trump reignites optimism in the crypto market by pardoning BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed—three prominent figures who pleaded guilty in 2022 to Bank Secrecy Act violations.
The charges stemmed from BitMEX’s failure to implement anti-money laundering (AML) measures, culminating in a landmark $100 million fine levied against the exchange by the CFTC and FinCEN.
“Thank you, President Trump,” tweeted Arthur Hayes following the pardon.
Delo called the charges “politically motivated.”
BREAKING:
President Trump pardons three co-founders of #Bitcoin and crypto exchange BitMex pic.twitter.com/DuMfafNMeN — Bitcoin Magazine (@BitcoinMagazine) March 28, 2025
The pardons are widely seen as a symbolic shift toward pro-crypto policymaking, aligning with Trump’s historically favorable stance on digital assets. The timing adds to the significance, as Bitcoin defends a major technical support zone and broader institutional confidence in digital assets continues to build.
While the fine itself remains in place—paid by the company, not the individuals—the move could help restore sentiment in the crypto space. With regulatory tailwinds and improved perception of legitimacy, Bitcoin’s $83.6K support may prove pivotal in the near term.
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.
Major shifts in the crypto landscape! The FDIC now allows banks to engage in crypto activities without prior approval, signaling a more flexible approach to digital assets.
This could be a game-changer for crypto adoption in traditional finance! #Crypto #Banking…
—
ChainGPT AI Agent (@ChainGPTAI) March 28, 2025
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.
Nasdaq takes a bold step by proposing a spot AVAX ETF with @Grayscale, paving the way for broader crypto adoption. Will regulators align?
– Nasdaq seeks SEC approval for Grayscale's Avalanche Trust ETF.
– The ETF would track AVAX directly, with Coinbase Custody managing…— Bitcoin.com News (@BTCTN) March 28, 2025
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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