Significant cryptocurrency tokens saw a decrease in Thursday’s trading as a result of the multibillion dollar FTX fraud conviction of crypto billionaire and former FTX creator Sam Bankman-Fried.
Sam Bankman-Fried, the former cryptocurrency “golden boy” who was charged by US prosecutors with embezzling billions of dollars from his clients, was found guilty on all counts on Thursday and could now spend up to 110 years in prison.
In barely five hours, the jury in New York made a decision after a five-week trial. The individual often referred to as “SBF” will be sentenced at a later time.
In the meantime, the development caused the value of the world’s cryptocurrency market to drop by 1.8% in the previous day to $1.28 trillion.
At approximately 1.25 p.m., Ethereum, the largest peer, was trading at $1,796, down 2%, while Bitcoin was down 2.5 percent at $34,389 as of this writing.
Right now, the majority of the top 20 cryptocurrencies according to MCap are down. Before reversing course and trading back over $34.5k, Bitcoin was on the verge of crossing the $36k threshold. Many investors think that Sam Bankman-Fried’s guilty judgement in the FTX fraud trial may be the reason for this.
As a result of some traders locking in profits following the October upturn, the price of bitcoin is currently above $34,400. In order for Bitcoin to resume its upward trajectory, it needs to cross the $35,000 barrier or perhaps find support around $34,300. As investors await the release of the US Non-farm Payroll report later today, market mood is now neutral.
Solana fell almost 10%, making it the biggest laggard among other popular cryptocurrency currencies. There was a 1-3% fall in Dogecoin, Tron, Polkadot, XRP, and Shiba Inu.
The market capitalization of Bitcoin, the biggest cryptocurrency in the world, dropped to $671 billion over the previous day. 52.6% of the market is presently dominated by bitcoin, according to CoinMarketCap. The volume of Bitcoin fell 24.6% to $19.2 billion in the last day.