📌 TOPINDIATOURS Update crypto: Coinbase Rebuts Senator’s ‘Corruption Factory’ Clai

Coinbase is pushing back against allegations from Senator Chris Murphy, who accused the cryptocurrency exchange of participating in what he described as President Donald Trump’s “corruption factory.”

The senator’s comments followed reports that Coinbase contributed to both Trump’s inauguration and the construction of a new White House ballroom.

In a post on X earlier this week, Murphy claimed that the crypto exchange’s donations were part of a broader pattern of political favor-trading.

“Here’s an example of how Trump’s corruption factory works,” he wrote.

He cited many examples, like Coinbase putting $46M into elections to help Trump allies, sending him a huge check for his inauguration, Trump dropping the SEC lawsuit against Coinbase, and then Trump demanding a big donation from Coinbase for a ballroom.

Did Senator Murphy Get It Wrong About Coinbase’s Trump Donation?

Coinbase’s Chief Policy Officer, Faryar Shirzad, publicly rejected the accusation, calling the senator’s claims “ridiculous.” Responding directly on X, Shirzad said Murphy’s statement “ignored basic facts” and outlined Coinbase’s version of events.

“Fairshake is a non-partisan super PAC,” Shirzad wrote, referring to the political action committee funded by several crypto firms, including Coinbase.

“Ask your staff to look up the public disclosures, and you’ll see that Fairshake supported multiple Democrats, including three of your new Senate colleagues.”

He added that the PAC’s funding followed all campaign finance laws and was consistent with long-standing practice, noting that “Presidential Inaugural Committees for decades, from Obama to Biden to Trump and before, have been supported by public donations.”

According to White House disclosures, Coinbase, Kraken, and Circle each donated $1 million to Trump’s inauguration, while Robinhood contributed $2 million.

Coinbase Defends Donation as Lawmakers Demand Answers

Faryar Shirzad, Coinbase’s Chief Policy Officer, further addressed the senator’s claim regarding the White House ballroom project, saying Coinbase’s donation was part of a broad corporate effort to support a federally recognized public project.

“We’re proud to have supported the building of a new ballroom through the Trust for the National Mall, a 501(c)(3) partner of the National Park Service,” he wrote.

“Corporations from all industries donated as well. Note that we’re not the general contractor, so we’re not the right target if you’re unhappy about how the project is proceeding.”

The White House has said the ballroom, expected to cost around $300 million, is being funded privately and will not draw from taxpayer money.

According to the official donor list, Coinbase contributed to the effort alongside other major companies such as Apple, Amazon, Google, Microsoft, and Meta, as well as crypto firms including Ripple, Kraken, Circle, and Tether.

Notably, on October 30, lawmakers led by Senator Adam Schiff demanded a full accounting of all contributions, citing potential conflicts of interest.

Senate Democrats Probe Trump’s Crypto Connections After Coinbase Case Closure

Shirzad also addressed Murphy’s claim that Coinbase’s donations were linked to the Securities and Exchange Commission’s decision to drop its enforcement action against the exchange.

The SEC sued Coinbase in 2023 for operating as an unregistered securities exchange and for issues related to its staking program.

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🔗 Sumber: cryptonews.com

📌 TOPINDIATOURS Update crypto: Investor Sentiment Flatlines Amid Dry ETF Flows and

Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.

Grab a coffee as the crypto market goes eerily quiet. ETF inflows have dried up, digital asset treasuries are unwinding, and traders seem to have lost their spark. As sentiment flatlines and altcoins lag, analysts say this lull may be masking deeper structural and psychological fatigue.

Crypto News of the Day: DAT Unwinds and ETF Outflows Leave Market Lagging Stocks

The crypto market’s momentum has hit a wall, with analysts attributing the latest stretch of weakness to structural and psychological factors.

ETF demand has dried up, digital asset trusts (DATs) are unwinding exposure, and traders are struggling to find conviction as crypto continues to underperform equities. Market analyst Miles Deutscher said several forces are converging to pressure Bitcoin and Ethereum.

According to Deutscher, while most large trusts remain stable, smaller ones are moving to protect their net asset values.

“ETF demand has dried up (been net outflows for the past few weeks) …There is a bit of a DAT unwind going on for $BTC and $ETH,” he explained.

Deutscher also cited the October 10 market shock, a day of broad crypto liquidations, as a lingering overhang.

“October 10 did a lot of damage on a few fronts…Psychologically, it’s a bad look for crypto and was the nail in the coffin after already underperforming equities for weeks. Materially, market makers are still unwinding. I don’t think we fully understand the extent of the damage,” he said.

The result has been widespread retail exhaustion, with prolonged price stagnation wearing down even seasoned traders.

With unwinds continuing and spot ETF flows turning negative, Deutscher says it is no surprise that prices are going down. Still, Deutscher believes sentiment could flip quickly if Bitcoin breaks higher.

“There’s one thing that can change this entire dynamic: a proper $BTC pump. Even in August, we saw BTC/ETH pumping completely flip sentiment on its head… It doesn’t really need a reason. It’s Bitcoin,” he wrote.

Altcoin Lethargy Deepens as Analysts Urge Patience and Research

Meanwhile, altcoins continue to stagnate, reflecting broader risk aversion. Analyst Daan Crypto Trades highlighted that only 29% out of the top 50 altcoins have outperformed BTC this year.

The metric has not exceeded 39% for six months, a stark contrast to the 2020–2021 cycle, when altcoins outperformed for extended periods.

“Anything after that point has been short periods of outperformance, never lasting more than two to three months,” Daan noted.

Therefore, investors’ best move is to focus on research rather than short-term trades, identifying emerging themes such as AI agents, RWAs, and prediction markets.

With Bitcoin consolidating below major resistance and traditional equities printing new highs, crypto’s next move may depend less on fundamentals and more on whether the market can rediscover its confidence.

Chart of the Day

Byte-Sized Alpha

Here’s a summary of more US crypto news to follow today:

• Bitcoin’s Halloween dip looks like a setup—Not an accident.
• Circle exec says EU risks “regulatory own goal” amid MiCA–PSD2 clash.
• Bitcoin ETFs bleed $490 million as BlackRock faces fraud scandal.
• Sam Bankman-Fried claims FTX was solvent, blames lawyers for collapse.
• Crypto sell-off shocks market — Hidden signal suggests it’s not over.
• Kraken tests AI-proof identity system — Can crypto beat deepfake fraud?
• Strategy reports $2.8 billion Q3 profit, Bitcoin treasury model gains momentum.
• A $16 billion options expiry is set to shake the Bitcoin and Ethereum markets today.

Crypto Equities Pre-Market Overview

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🔗 Sumber: www.beincrypto.com