Crypto Week Ahead: Bitcoin Regains Stability Following Sam Bankman-Fried Conviction

Bitcoin (BTC) reached a high of $35,812.49 in the last seven days.

Sam Bankman-Fried, the founder of the troubled crypto network FTX, was convicted of financial irregularity charges late last week. This event caused a momentary halt in Bitcoin’s recent surge. BTC, on the other hand, looks to have stabilised throughout the weekend, reaching past the $35,000 barrier early Monday. According to CoinMarketCap data, the market’s Fear & Greed Index was 73 (out of 100), indicating a generally bullish view among investors. It remains to be seen whether the world’s oldest cryptocurrency can maintain its winning record during the holiday season this year.

Before we continue, readers should be aware that the general crypto market and coin prices are quite volatile. There are no surefire strategies for predicting how cryptocurrencies will behave in the future. This article is intended to help investors stay current on market scenarios and major events that have already occurred, as well as some impending events worth mentioning. Before making any investment decision, investors should conduct their own research.

Crypto Prices Over The Past Week
The total crypto market cap was $1.26 trillion. BTC was trading about $34,300, while ETH was trading around $1,750.

A week later, the total market capitalization had risen to $1.32 trillion.

Check Out Top Crypto Prices Today

DeFi’s total volume is $4.29 billion, accounting for 11.30 percent of overall market 24-hour volume. In the case of stablecoins, the total volume is $32.50 billion, accounting for 85.65% of the total 24-hour market volume. According to CoinMarketCap, the total market fear and greed index stood at ‘Greed’ with 73 points (out of 100), indicating a significant increase in investor confidence compared to last Monday.

At the time of writing, BTC held 51.81 percent of the market.

Bitcoin reached a high of $35,812.49 (on November 2) and a low of $34,110.97 (on October 30) in the last seven days.

In contrast, Ethereum reached a high of $1,905.32 on November 5 and a low of $1,782.92 on November 3.

Crypto Events To Note

Sam Bankman-Fried, the famed founder of FTX, was convicted of financial impropriety charges relating to the now-defunct cryptocurrency exchange in a landmark legal verdict, signalling a significant advance in the realm of financial crime. This result highlights the sharp collapse in the fortunes of the 31-year-old entrepreneur, who was previously considered one of the world’s billionaires.

Following a one-month trial in federal court in Manhattan, a twelve-member jury unanimously found Bankman-Fried guilty on all seven counts. Prosecutors said that he illegally plundered $8 billion from the exchange’s users for personal financial gain.

This conviction comes nearly a year after FTX declared bankruptcy, a seismic event that rippled across financial markets and resulted in the massive depreciation of Bankman-Fried’s estimated $26 billion in personal worth.

Meanwhile, in India, government officials and financial regulators are apparently considering tougher restrictions, including the outright prohibition of private cryptocurrencies. According to a recent Hindustan Times report, the government is actively promoting the use of a central bank digital currency (CBDC) as a novel and cost-effective method of facilitating payments.

However, this measure may not fully answer the Reserve Bank of India’s concerns about private cryptocurrencies and their possible impact on macroeconomic stability. According to the report, two anonymous officials have expressed doubts about recognising private crypto assets as legal cash in the country.

These worries are echoed in a synthesis document co-authored by the IMF and the Financial Stability Board, which was delivered to the G20 governments in September. The report emphasises the hazards connected with private cryptocurrencies and proposes a minimal regulatory threshold. The sources of this information have asked to remain anonymous.