Market Questions Motive Behind BitMEX Founders Pardon: Is this a sign of Pro-Crypto Trump?

In the latest update in the BitMEX case, Donald Trump has issued pardons for the co-founders of cryptocurrency exchange BitMEX, Arthur Hayes, Benjamin Delo, and Samuel Reed. In addition, he also pardoned former BitMEX employee Gregory Dweer. The announcement made on March 29, comes as a major development in the digital asset space. All four individuals had pleaded guilty in 2022 to violating the Bank Secrecy Act. They had failed to implement appropriate Anti-Money Laundering protocols on BitMEX.

Hayes, Delo Convey Gratitude on X, “BitMEX Wrongfully Targeted”

The convictions of these individuals included probation sentences and heavy fines. However, since the pardons, the reaction in the market are all across the board. Arthur Hayes, in turn, expressed his gratitude to Trump on the social media platform X, writing “Thank you POTUS,”. On the other hand, Benjamin Delo released an official statement, criticizing the charges and calling them ‘politically motivated”.Delo further claimed that BitMEX was wrongfully targeted under an “obscure law” and the pardons are “nothing but a rectification of legal injustice”.

Thank you @POTUS

— Arthur Hayes (@CryptoHayes) March 28, 2025

Market Reacts to Pardon: Leniency or Trump’s Pro-crypto Stance

The timing of these pardons has also raised questions about possible implications for the crypto market, as investors await regulations from the U.S. Many people in the community have seen this move as a sign of Trump’s pro-crypto stance. This view is further corroborated by Trump’s engagement with crypto leaders and tall stand for cryptocurrencies Bitcoin

Hayes Captures Headlines Post-Pardon

Adding to the intrigue, the Arthur Hayes Bitcoin prediction has stirred up market chaos. Hayes has made a bold prediction that Bitcoin could reach $1 million in the future. Hayes links this forecast to incoming global liquidity injections by central banks. His claims have sparked massive debates among investors and experts, especially with Bitcoin trading around $85,000 mark right now. Hayes’ claims come at a time when his legal troubles appear to be behind him. This has further led investors to feel skeptical about the motive of the recent pardons.

However, while bullish sentiments grow for Bitcoin, let us dive into Bitcoin’s recent performance and try to make a BTC price prediction for the coming days.

Bitcoin Price Analysis for March 29: Bitcoin Looking to Stabilize After Rough Market Day

Bitcoin commenced trading at $87,100 yesterday. At first, the price action was range-bound, as Bitcoin was restricted by the $87,600 resistance. It did attempt to break out of the range on a positive note, but failed to do so. This failure caused a trend reversal, as a death cross at 2:00 UTC on the MACD pulled BTC into a stable downtrend. Another death cross at 4:00 UTC validated the downtrend, as BTC finally found respite at $85,170. The RSI had also dipped into the oversold region at this point. It soon entered a narrow trading range. With strong resistance at the $85,500 mark, Bitcoin failed to sustain upward movement.

Chart 1: analyzed by raodevansh18, published on TradingView, March 29, 2025

A downtrend began, supported by a death cross at 13:00, ultimately leading Btcoin to a $83,560 support. A slow ascent followed, indicated aptly on the MACD, but the $86,400 rejection proved strong. The trend reversed soon and as of the last update, Bitcoin was seen hovering around the $83,360 support. 

BTC Price Prediction: Will Bitcoin Bounce Back Today?

Although Hayes’ claim may be a bit too bullish than real, a conducive environment around for market spikes is slowly forming . For today however, Bitcoin looks like it will drop further before attempting any positive movements. A bearish triangle was seen as the resistance trend line kept falling, so Bitcoin may soon abandon support at $83,360. But, for the coming months, Bitcoin looks poised for growth, as market awaits Trump’s pro-crypto policies.