Crypto Week Ahead: Bitcoin Manages To Regain Streak Following Sam Bankman-Fried Conviction

Over the past seven days, Bitcoin (BTC) price achieved a high of $35,812.49.

Late last week, embattled crypto platform FTX’s founder Sam Bankman-Fried was convicted of financial impropriety charges. This development led to a brief slump in Bitcoin’s recent rally. However, BTC appears to have managed to stabilise itself over the weekend, rising above the $35,000 mark early Monday. As per CoinMarketCap data, the market’s Fear & Greed Index stood at 73 (out of 100), marking a largely positive outlook among investors. It remains to be seen if the world’s oldest crypto would be able to continue its streak throughout the holiday season this year. 

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call. 

Crypto Prices Over The Past Week

Last Monday (October 30), the overall crypto market cap stood at $1.26 trillion. BTC price stood at around $34,300, ETH price stood at around $1,750.

A week later, the overall market cap jumped to $1.32 trillion.

DeFi's total volume stands at $4.29 billion, at 11.30 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $32.50 billion, at 85.65 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Greed’ with 73 points (out of 100) — seeing a significant boost in investors’ confidence when compared to last Monday.

BTC dominance, at the time of writing, stood at 51.81 percent.

Over the past seven days, Bitcoin achieved a high of $35,812.49 (on November 2) and a low of $34,110.97 (October 30).

Ethereum, on the other hand, saw a high of $1,905.32 (November 5) and a low of $1,782.92 (November 3).

Crypto Events To Note

In a historic legal decision, Sam Bankman-Fried, the renowned founder of FTX, has been convicted of financial impropriety charges related to the now-defunct cryptocurrency exchange, marking a significant development in the world of financial fraud. This outcome underscores the stark decline in the fortunes of the 31-year-old entrepreneur, who was once counted among the world's billionaires.

After a lengthy one-month trial in the federal court of Manhattan, a twelve-member jury returned a unanimous verdict of guilty on all seven counts against Bankman-Fried. Prosecutors alleged that he had illicitly misappropriated a colossal sum of $8 billion from the exchange's users, with personal financial gain as his sole motivation.

This verdict arrives almost a year following FTX's sudden declaration of bankruptcy, a seismic event that reverberated across financial markets and precipitated the colossal erosion of Bankman-Fried's estimated $26 billion in personal wealth.

Meanwhile, in India, government authorities and financial regulators are reportedly contemplating the introduction of stricter measures, with the possibility of a complete prohibition on private cryptocurrencies. According to a recent report by the Hindustan Times, the government is actively advocating the adoption of a central bank digital currency (CBDC) as an innovative and cost-effective means of facilitating payments. 

However, this move may not fully address the concerns expressed by the Reserve Bank of India pertaining to private cryptocurrencies and their potential impact on macroeconomic stability. As per the report, two unnamed officials have expressed reservations about allowing any private crypto assets to be recognised as legal tender in the country.

These concerns echo a synthesis paper jointly authored by the International Monetary Fund and the Financial Stability Board, which was presented to the G20 nations in September. The paper underscores the risks associated with private cryptocurrencies and proposes the establishment of a minimum regulatory threshold. The sources of this information have requested anonymity.

Over 300 complaints from various regions of Himachal Pradesh regarding a multi-crore cryptocurrency Ponzi scheme have been reported, as stated by Deputy Chief Minister Mukesh Agnihotri. The fraudulent operation, which commenced in the state in 2018, has prompted Agnihotri to lead a meeting to assess the measures being taken against the individuals responsible. These wrongdoers enticed victims with promises of substantial returns on their investments within a brief timeframe, according to an official announcement.

Agnihotri emphasised the importance of vigilance among the public to protect themselves from falling victim to Ponzi schemes and cryptocurrency scams. "I have noticed a rising number of grievances from different districts in the state, where individuals have been deceived by the mastermind behind the cryptocurrency scam," Agnihotri noted in a statement released on Saturday.

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, “Over the weekend, Bitcoin has been hovering around the $35,000 mark. This price movement could be a result of traders deciding to cash in their Bitcoin profits and reinvesting them in altcoins, thereby driving up their prices. Another potential factor contributing to this movement could be the United States announcement of the addition of 150,000 jobs in October, falling short of the 180,000 jobs that economists had anticipated and marking a decrease from the 297,000 jobs added in September. Furthermore, the unemployment rate has risen to 3.9 percent, surpassing the expected 3.8 percent. Over the last 24 hours, Ethereum has maintained its position near the $1,900 level, while Ripple has seen a notable price increase of more than 9.6 percent.”

WazirX Vice President Rajagopal Menon offered his take, “The Bitcoin market cap is set to achieve more stability over the week as price correction seems unlikely in the coming days. With more HODLers strengthening their portfolio with BTC, the token seems to be on its way to new highs after a long period of time.”

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.