Coinbase Threatens to Withdraw Support for Crypto Bill Over Stablecoin Rewards
- Legislative Support Threat: Coinbase Global, Inc. has warned U.S. lawmakers that it may cease supporting the federal crypto bill if it includes strict limits on stablecoin rewards, which would directly impact USDC holders' earnings and significantly affect the company's revenue.
- Competitiveness Concerns: Coinbase's Chief Policy Officer, Faryar Shirzad, emphasized that restrictions on stablecoin rewards could undermine the competitiveness of the U.S. dollar, particularly in light of China's decision to pay interest on its digital yuan, potentially affecting the U.S. position in the global crypto market.
- Risk to Bill Progression: The potential withdrawal of support by Coinbase could jeopardize the bill's progression, especially as key industry players, including those from the banking sector, are actively discussing its provisions, with significant financial implications that may exacerbate regulatory uncertainty around stablecoins.
- Historical Context Impact: Coinbase's strategic actions could influence U.S. legislative progress, as similar regulatory debates, such as the GENIUS Act, indicate challenges in ensuring competitive dynamics in the stablecoin market, which will shape future technological adoption and financial regulatory frameworks.
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Technical Analysis for IMX
Technical Sentiment Analysis for Immutable (IMX) As of , Immutable (IMX) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for IMX stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, IMX is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Immutable (IMX) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0484 | 0.0887 | 0.132 | 0.172 | 0.215 | 0.255 | 0.299 |
| Fibonacci | 0.0887 | 0.121 | 0.14 | 0.172 | 0.204 | 0.224 | 0.255 |
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