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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.

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzingas exclusive event Future of Digital Assets. Tickets are flying- get yours!

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.

See More: Best Cryptocurrency ScannersLoading… Loading… Loading…

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

Join Benzingas Fintech Deal Day & Awards on Nov. 13 and Future of Digital Assets on Nov. 14 in New York City to stay updated on trends like AI, regulations, SEC actions and institutional adoption in the crypto space. Secure early bird discounted tickets now!

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Sources: Rangers close to hiring Sullivan as coach

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Sources: Rangers close to hiring Sullivan as coach

The New York Rangers are in advanced contract talks to make former Pittsburgh Penguins coach Mike Sullivan their next head coach, sources told ESPN’s Emily Kaplan and Kevin Weekes on Thursday.

The deal is expected to be one of the richest coaching contracts in NHL history, the sources said.

Sullivan would head to New York in a move that is coming together three days after he left his job with Pittsburgh, where he coached for 10 seasons and won back-to-back Stanley Cups in 2016 and 2017.

The Penguins have missed the playoffs for the past three seasons amid a retooling of the roster.

David Quinn, Sullivan’s top assistant in Pittsburgh, is not expected to join him in New York. Quinn will be a candidate for other head coaching vacancies, including Pittsburgh’s, according to sources.

John Tortorella is a strong possibility to rejoin the Rangers organization. Sullivan, Quinn and Tortorella were on the coaching staff for Team USA at Four Nations.

In New York, Sullivan would replace Peter Laviolette, who was fired after the Rangers didn’t make the postseason for the first time since 2021.

Sullivan was selected by the Rangers in the 1987 draft but never played for New York, choosing to stay in college at Boston University before going on to an 11-year NHL playing career with four teams.

Sullivan, 57, previously served as a Rangers assistant coach from 2009 to 2013 on Tortorella’s staff. He also was the head coach of the Boston Bruins for the 2003-04 and 2005-06 seasons.

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Draisaitl, Hellebuyck, Kucherov are Hart finalists

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Draisaitl, Hellebuyck, Kucherov are Hart finalists

Edmonton Oilers star forward Leon Draisaitl, Winnipeg Jets goaltender Connor Hellebuyck and Tampa Bay Lightning standout Nikita Kucherov were named finalists for the 2024-25 Hart Memorial Trophy on Thursday.

The award is presented “to the player adjudged to be the most valuable to his team” and voted on by members of the Professional Hockey Writers Association.

Draisaitl, 29, led the NHL in goals (52), tied for third in points (106) and was a career-best plus-32 in 71 games this season. He won the award in 2019-20 and is a two-time finalist.

Hellebuyck, 31, led the league in wins (47), goals-against average (2.00) and shutouts (eight) and was second in save percentage (.925) among goalies to play at least 25 games. The Vezina Trophy finalist as the best goaltender in the NHL is a first-time Hart finalist.

Kucherov, 31, led the NHL in scoring for the second consecutive season with 121 points (37 goals, 84 assists). He won the Hart Trophy in 2018-19 and is a three-time finalist.

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Injured Scheifele won’t travel with Jets for G6

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Injured Scheifele won't travel with Jets for G6

Winnipeg Jets coach Scott Arniel said Thursday that star center Mark Scheifele will not travel with team ahead of Game 6 against the St. Louis Blues.

Scheifele will remain in Winnipeg after he missed the second and third periods of his team’s 5-3 victory Wednesday against the Blues in Game 5 of the Western Conference quarterfinals.

“You’re hoping for the best that maybe he wakes up today and things are better,” Arniel told reporters before the team flight to St. Louis. “But right now, he won’t be making the trip, and we’ll just go day-to-day moving forward.”

With 13:51 remaining in the opening period, the Jets were in the Blues’ zone when Scheifele had just played the puck along the half wall. That’s when he was instantly checked by Blues captain Brayden Schenn. Scheifele appeared to be concentrating on the puck and looked as if he did not see Schenn, who connected with the top half of Scheifele’s chest and knocked him down to the ice.

Schenn was given a two-minute minor for interference and another two-minute minor for roughing.

A little more than 10 minutes later, Scheifele was involved in another physical sequence. He was just about to reach the Blues’ zone when forward Radek Faksa also checked him and appeared to have struck Scheifele in the same area as the previous hit from Schenn.

Scheifele finished the first period, but Arniel spoke to the officials as both teams were entering the dressing room before first intermission. Blues coach Jim Montgomery confirmed with reporters after the game that Arniel spoke to the officials about the Schenn hit before sharing his thoughts.

“Let’s make it clear: Fifty-five got hurt from the Faksa hit,” Montgomery said. “He played six minutes after the Schenn hit. He didn’t come back after he got rocked by Faksa.”

Upon hearing Montgomery’s comments, Arniel had some thoughts of his own.

“I didn’t know Monty got his medical degree and can say how our player got hurt. He’s way off base and should not make that comment,” Arniel told reporters. “There’s some things that have been going on in this series and that was a repeat of what we’ve seen before: A player leaving his feet and then hitting a player in a very unprotected spot. Like hitting him in the sense, almost blindsiding him. Not happy with how the call was made. A two-minute minor. Not even looking at it is what I was upset about.

“It is something we have talked to the league about for five games.”

On Thursday, Arniel was asked if Scheifele was in concussion protocol.

“I’m not going down that road,” Arniel said.

It’s possible that the Jets could once again turn to Vladislav Namestnikov like they did in Game 5 and elevate him to the top line. The second-line center would take Scheifele’s place on the first line alongside Kyle Connor and Gabriel Vilardi.

Namestnikov, who had 11 goals and 38 points in 78 regular-season games, had his strongest game of the postseason in Game 5. He finished with a goal and two points while logging 17:15 of ice time.

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