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Today’s Cryptocurrency Headline
Sam Bankman-Fried’s trial is reaching its final stages over the next few days, with the prosecution scheduled to rest their case on Oct. 26 following the examination of almost 20 testimonies in the case. The prosecution presented a lineup of witnesses over the past three weeks, including former FTX employees, customers, investors, government officials, and law enforcement agents. At the heart of the case is the central argument that Bankman-Fried intentionally deceived all of them and that he was behind the decisions resulting in the $8 billion gap between FTX and Alameda Research in November 2022. As for Bankman-Fried’s defense, they still haven’t confirmed whether they will waive the case. In criminal trials, attorneys aren’t required to present a defense. Assuming his legal team will present a case, it will also begin on Oct. 26. Among the highlights of the previous week in court was the testimony of former FTX’s engineering director. Singh told jurors that Bankman-Fried instructed him to make millionaire venture investments via loans from Alameda. According to Singh, he didn’t know the funds were tied to FTX customer’s deposits. Singh faces up to 75 years in prison for charges related to defrauding users of the crypto exchange.
BingX’s Bitcoin Chart
Bitcoin had a good week with prices rising about 10% to reach the psychologically important level of $30,000. After the rally, the question troubling investors is whether the uptrend will continue or is time for a reversal to happen. A positive development this week was that Bitcoin’s strength rubbed off to several altcoins, which surged above their respective overhead resistance levels. This suggests that the sentiment is gradually turning positive and that it may be time to consider buying selectively. Typically, the coins that lead the markets higher are the ones that tend to do well. Laggards are generally the last to perform, hence, they could be avoided initially. This week, SOL, LINK, and AAVE have all shown strong upward trends, leading the way in the public chain and DEFI token market. This kind of surge has guiding significance, and paying more attention to related concept tokens is advisable. The support level is at $29,800 and the resistance level is at $30,800.
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