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Trump`s Treasury Pick to Divest Bitcoin ETF Holdings to Eliminate Conflict of Interest: Report

Billionaire hedge fund manager Scott Bessent, President-elect Donald Trump`s nominee for Treasury Secretary, plans to dispose of several assets, including investment in bitcoin (BTC) exchange-traded funds (ETF), to avoid potential conflicts of interest with his new role, according to a report by The New York Times. On Saturday, Bessent, who once worked for billionaire liberal philanthropist George Soros, filed the ethics agreement and financial disclosures as required for the impending Senate confirmation, revealing assets and investments worth over $700 million. The tally includes BTC ETF holdings worth $250,000 to $500,000, according to media reports. The other key investments posing a potential conflict of interest include a margin loan of more than $50 million with Goldman Sachs, an account for trading China`s currency and a stake in conservative publisher All Seasons. Bessent, in a letter to the ethics office, promised to "avoid any actual or apparent conflict of interest in the event that I am confirmed for the position of secretary of the Department of Treasury." If confirmed, the pro-crypto Bessent would face the challenging task of managing the burgeoning federal debt amid Trump`s plans to extend expiring tax cuts and eliminate taxes on social security benefits. Bessent is an advocate for tax reform and deregulation, particularly to boost bank lending and energy production. In October last year, Bessent said that the new Trump administration would likely pursue a strong dollar in line with Washington`s multi-decade policy. CoinOtag

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Ethereum Price Losses Steady: Is a Rebound Brewing?

Ethereum price started a minor recovery wave above the $3,200 zone. ETH is struggling and might continue to move down if it stays below $3,320. Ethereum started a minor recovery wave from the $3,160 zone. The price is trading below $3,320 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $3,250 on the hourly chart of ETH/USD (data feed via Kraken). The pair could struggle to start a fresh increase above the $3,320 resistance level. Ethereum Price Faces Resistance Ethereum price started a short-term recovery wave from the $3,160 level, like Bitcoin . ETH was able to recover above the $3,200 and $3,220 resistance levels. The price cleared the 23.6% Fib retracement level of the downward move from the $3,743 swing high to the $3,160 low. There is also a connecting bullish trend line forming with support at $3,250 on the hourly chart of ETH/USD. However, the bears are active below the $3,320 and $3,350 levels. Ethereum price is now trading below $3,320 and the 100-hourly Simple Moving Average . On the upside, the price seems to be facing hurdles near the $3,300 level. The first major resistance is near the $3,320 level. The main resistance is now forming near $3,450 and the 50% Fib retracement level of the downward move from the $3,743 swing high to the $3,160 low. A clear move above the $3,450 resistance might send the price toward the $3,500 resistance. An upside break above the $3,520 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,720 in the near term. More Losses In ETH? If Ethereum fails to clear the $3,320 resistance, it could start another decline. Initial support on the downside is near the $3,250 level and the trend line. The first major support sits near the $3,220. A clear move below the $3,220 support might push the price toward the $3,160 support. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,000. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,220 Major Resistance Level – $3,320 CoinOtag