Bitcoin is maintaining support around $83,600 as former President Donald Trump sparks optimism in the crypto market by pardoning BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed. These prominent figures had pleaded guilty in 2022 to Bank Secrecy Act violations due to BitMEX’s lack of anti-money laundering measures, leading to a $100 million fine from the CFTC and FinCEN.
Arthur Hayes expressed gratitude on Twitter, while Delo criticized the charges as “politically motivated.” The pardons are seen as a shift toward pro-crypto policymaking, aligning with Trump’s favorable stance on digital assets. This comes as Bitcoin defends a significant support zone, with institutional confidence in digital assets building.
On March 28, the Federal Deposit Insurance Corporation (FDIC) lifted the requirement for banks to obtain pre-approval for engaging in crypto activities. This change follows the removal of the “reputational risk” clause, which previously discouraged bank involvement in digital assets. Additionally, the Commodity Futures Trading Commission (CFTC) announced equal treatment for crypto derivatives, expected to benefit platforms like Coinbase and Kraken.
These regulatory shifts are anticipated to enhance institutional access to Bitcoin, boost market liquidity, and support long-term adoption narratives. In another positive development, Nasdaq has filed to list Grayscale’s Avalanche (AVAX) spot ETF, further indicating institutional interest in blockchain assets. This move builds on Grayscale’s previous ETFs for Bitcoin and Ethereum.
For Bitcoin, broader ETF approvals could normalize crypto in traditional markets and reinforce its position as the market’s institutional anchor. Meanwhile, Bitcoin’s technical outlook shows it holding above the $83,600 support level, despite some bearish signals. A potential break below this level could target $81,200, while surpassing the $85,800 level might attract bullish interest.
BREAKING: 🇺🇸 President Trump pardons three co-founders of #Bitcoin and crypto exchange BitMEX pic.twitter.com/DuMfafNMeN — Bitcoin Magazine (@BitcoinMagazine) March 28, 2025
🚨 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
Nasdaq takes a bold step by proposing a spot AVAX ETF with @Grayscale, paving the way for broader crypto adoption. Will regulators align? 🚀💰 — Bitcoin.com News (@BTCTN) March 28, 2025
