Crypto Price Today: Bitcoin falls below $34,400 as Bankman-Fried found guilty of massive crypto fraud
Sam Bankman-Fried, the one-time cryptocurrency golden boy accused by US prosecutors of stealing billions of dollars of his customers' money, was found guilty on Thursday on all counts, and now faces up to 110 years behind bars.
Following five weeks of trial in New York, the jury reached its decision in just five hours. Sentencing for man widely known as «SBF» will take place at a later date.
Meanwhile, following the development, the global cryptocurrency market cap plunged by 1.8% to $1.28 trillion in the last 24 hours.
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View Details»Bitcoin was trading 2.5% lower at $34,389, while its largest peer, Ethereum, was trading at $1,796, down 2% at around 1.25 p.m.
«Most of the top 20 cryptos by MCap are currently trading in the red. BTC was close to touching the $36k mark before correcting and coming back to trading over $34.5k. Many investors believe that this may be a reaction to the guilty verdict served to Sam Bankman-Fried in the FTX fraud trial,» said Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.
Edul Patel, CEO of Mudrex, said, «Bitcoin is presently trading above the $34,400 mark, following some traders locking in profits after the October upturn. To regain its upward trajectory, Bitcoin must surpass the $35,000 threshold or potentially discover support near $34,300. Investor sentiment in the market is currently neutral as they anticipate the US Non-farm payroll report later today.»
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