Bitcoin’s Price and Recent Events
This week has been eventful in the cryptocurrency industry. While Bitcoin’s price remains relatively stable, there have been significant developments in other areas. Let’s take a closer look.
Currently, Bitcoin is trading just below $35K, reflecting a 2.5% increase over the past seven days. Although this is a positive trend, it is not as impressive as the previous week’s performance.
Earlier this week, Bitcoin reached a new 18-month high of around $36K. However, the bulls were unable to sustain this price level, leading to a retracement back to its current trading range.
The Guilty Verdict for Sam Bankman-Fried
In a major legal development, Sam Bankman-Fried, once considered a crypto savior, has been found guilty of all seven charges of fraud. The potential sentence for these charges could add up to 120 years in prison. While his attorney plans to defend his innocence by any means necessary, the final verdict is yet to be determined.
Solana’s Impressive Performance
Despite concerns about FTX offloading large amounts of Solana (SOL) tokens to repay creditors, the cryptocurrency has experienced an explosive growth of 24% in the past week and is now trading near $40.
A Week Full of Events
All in all, this week has been filled with noteworthy events in the crypto world. It remains to be seen whether the next seven days will bring even more excitement. After all, it’s crypto!
Market Data
Market Cap: $1.336B | 24H Vol: $77B | BTC Dominance: 50.8%
BTC: $34,762 (+2.5%) | ETH: $1806 (+1.9%) | BNB: $228(+1.6%)
This Week’s Crypto Headlines You Better Not Miss
Guilty: Inside Sam Bankman-Fried’s Verdict and Everything You Need to Know. The former chief of FTX exchange, Sam Bankman-Fried, has been found guilty on all seven counts of fraud and faces a potential sentence of 120 years in prison.
Bitcoin Explodes to 18-Month Peak, Leaving $150 Million in Liquidations. Bitcoin’s price surged to an 18-month high at $36K before retracing, resulting in significant liquidations of long and short positions.
Solana Surpasses Polygon in Daily DEX Volume Amid Price Rally. Solana’s recent price rally has propelled it ahead of Polygon in terms of daily decentralized exchange trading volume.
Visa Successfully Completes Digital Hong Kong Dollar Pilot Program. Visa’s pilot program focused on tokenized deposits using central bank digital currencies (CBDCs) aims to transform interbank business-to-business payments.
Here’s Why Solana (SOL) Price is Up 80% in a Month, Outpacing Bitcoin and Ripple (XRP). Solana’s impressive rally can be attributed to the introduction of the Firedancer update on the testnet.
SEC Issues Subpoena to PayPal Over its PYUSD Stablecoin. The US Securities and Exchange Commission has issued a subpoena to PayPal regarding its launch of the PYUSD stablecoin.
Charts
This week, we provide a comprehensive price analysis of Ethereum, Ripple, Cardano, Solana, and Binance Coin. Click here to view the charts.
Hot Take: A Week Full of Surprises in the Crypto World
This week has been filled with unexpected developments in the cryptocurrency industry. While Bitcoin’s price remains relatively stable, other events have taken center stage. Sam Bankman-Fried’s guilty verdict and potential lengthy prison sentence have sent shockwaves through the community. Meanwhile, Solana continues to defy expectations with its impressive rally. The coming days hold the promise of even more excitement in the crypto space. It’s a reminder that this industry is always full of surprises.
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