18.06.202612:23 Forex Analysis & Reviews: Sam Bankman-Fried asks for pardon again

While the crypto market is going through another downturn due to the Fed's hawkish rhetoric, two senators negotiating the CLARITY Act have taken a rare bipartisan step — but not in favor of the crypto industry, rather against one of its most notorious figures.

Republican Cynthia Lummis and Democrat Ruben Gallego introduced a four?page resolution expressing the Senate's position: Sam Bankman-Fried should not be granted a pardon under any circumstances. For your reference, in November 2023, a jury found the FTX founder guilty on all seven counts of fraud against customers, creditors and investors — prosecutors called the scheme the largest financial fraud of the past decade. The judge sentenced him to 25 years in prison. Last week, Sam lost his appeal. Despite this, he is actively courting an audience on social media — praising Trump's actions and, according to reports, seeking a presidential pardon.

Both senators' positions are uncompromising. "He stood trial, the jury did not buy his actions, and the judge gave him 25 years for a reason," Lummis said, adding she does not intend to help him avoid accountability. Gallego was equally categorical: "He exploited the vulnerability of millions of Americans and stole their savings. Worst of all, he has shown no remorse and instead absurdly claims to be the victim of a legal war."

The resolution's context is clear: over the past year, Trump has already pardoned several key crypto figures — including darknet marketplace operator Ross Ulbricht and former Binance CEO Changpeng Zhao. Precedents exist, which is why Lummis and Gallego decided to act preventively.

Trading recommendations

Bitcoin

Buyers are currently targeting a return to $64,500, which would open a direct path to $66,600 and put $67,700 within reach; breaking above that level would signal attempts to restore a bull market. On the downside, buyers are expected around $62,800. A move back below that area could quickly push BTC toward $61,200. The furthest downside target is $59,600.

Ethereum

A clear hold above $1,752 would open a direct path to $1,838. The more distant target is the high near $1,901; a break above that would signal strengthening bullish sentiment and a return of buyer interest. On the downside, buyers are expected at $1,686. A move back below that area could quickly push ETH toward $1,615. The furthest downside target is $1,557.

What's on the chart

• The red lines represent support and resistance levels, where the price is expected to either pause or react sharply.
• The green line shows the 50-day moving average.
• The blue line is the 100-day moving average.
• The lime line is the 200-day moving average.

Price testing or crossing any of these moving averages often either halts movement or injects fresh momentum into the market.