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Major cryptocurrencies cooled off on Thursday evening after the conclusion of the month-long trial of Sam Bankman-Fried.CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)Bitcoin BTC/USD -2.72%$34,630Ethereum ETH/USD -3.56%$1,790Dogecoin DOGE/USD -3.54%$0.066
What Happened: This week, the price of Bitcoin came really close to reaching the $36,000 mark, but then it suddenly changed direction and corrected to $34,250. After a massive 30% increase in the past month, its no surprise that the price needs to cool off a bit.
After a rigorous five-week trial, a New York jury has found Bankman-Fried, the founder and former chief executive of FTX, guilty of defrauding his customers and lenders. Looking ahead, a tentative sentencing date of March 28, 2024, has been set for Bankman-Fried. The potential consequences are grave, as he could face the possibility of spending decades behind bars. In fact, the theoretical maximum sentence stands at a staggering 115 years.
Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history, U.S. Attorney Damian Williams said outside the courthouse after the guilty verdicts on all seven charges were revealed. This kind of fraud, this kind of corruption is as old as time. We have no patience for it.
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Top Gainer (24 Hour)CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)Celestia+20.61%$2.74Aave+20.34%$98.28Uniswap+16.49%$4.81
The global crypto market cap currently stands at $1.30 trillion, reflecting an increase of 2.45% in the past 24 hours.
Stocks experienced gains on Thursday as Treasury yields decreased, leading investors to speculate that the Federal Reserve may not raise rates for the rest of 2023. The S&P 500 had a fantastic day, adding 1.89% and closing at 4,317.78. This was its best performance since April and the first time since February that the S&P 500 had two consecutive gains of over 1%. The Nasdaq Composite also had a solid session, climbing 1.78% and settling at 13,294.19. This marked its best performance since July.
We saw a decline in bond yields, particularly the 10-year Treasury yield which dropped by about 12 basis points to 4.668%. This comes after the benchmark yield surpassed 5% last month.
Investor confidence was boosted by the release of data on Thursday morning, revealing easing inflation and a slowdown in the labor market. The Labor Department reported that labor costs unexpectedly decreased in the third quarter, and weekly jobless claims slightly increased to 217,000.
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Analyst Notes: Crypto analyst Michael Van De Poppe has reassured that everything is going smoothly with the price action of Bitcoin. "Altcoins had a slight dip and are bouncing back swiftly."
Everything is still all right on the price action of #Bitcoin.
Altcoins had a slight dip and are bouncing back swiftly. pic.twitter.com/tewjcuJvmC Michal van de Poppe (@CryptoMichNL) November 2, 2023
Pseudonymous crypto analyst TechDev has just revealed an incredible signal that occurs like clockwork every 3-3.5 years. "Every 3 to 3.5 years, this signal says the next several months will be explosive for Bitcoin."
According to TechDev, BTC is on the cusp of a breakout.
Every 3 to 3.5 years, this signal says the next several months will be explosive for #Bitcoin. pic.twitter.com/OQkoCVgbwH TechDev (@TechDev_52) October 28, 2023
Santiment, an on-chain data analytics firm reported Cardano has become the talk of the town on Thursday. Its market cap has grown a whopping 9% in the past 24 hours and 36% over the course of just two weeks. The address activity for ADA, Cardanos cryptocurrency, and whale transactions have reached their highest levels in over three months.
? #Cardano has been the big story Thursday, with its market cap growing +9% in the past 24 hours and now +36% over 2 weeks. As usual, #onchain activity hinted at this #bullish action with $ADA address activity & whale transaction at their highest in 3+ months. pic.twitter.com/IYBBk3ssf4 Santiment (@santimentfeed) November 2, 2023
Photo by Matt Benzero on Shutterstock
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