Bitcoin Surges to Six-Week High Ahead of FTX Founder’s Trial
In October, Bitcoin typically experiences a seasonal uptrend. This time is no different, with the leading cryptocurrency seeing a 5.1% increase in the early days of the month, reaching a six-week high at $28,489, its highest since August 17th, reports Bloomberg. In September, Bitcoin had a 4.1% increase, although it did ultimately decline by 11% over the third quarter.
Other cryptocurrencies like Ethereum, Litecoin, and Solana have also seen price increases. The rise in the cryptocurrency market is partially attributed to traders anticipating the start of the trial of Sam Bankman-Fried, the founder of the now-bankrupt cryptocurrency exchange FTX, which begins on Tuesday. Unlike the cryptocurrency market, major stock indices fell across Europe on Monday.
“It appears that significant buying flows were observed, possibly driven by the start of a new reporting quarter, and the resulting moves were exacerbated by weekend liquidity shortage,” said Caroline Mauron, co-founder of digital asset derivatives liquidity provider OrBit Markets.
Rumors about the U.S. Securities and Exchange Commission (SEC) potentially approving BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF) also contributed to the cryptocurrency market’s growth. The SEC delayed its decision on this application last week.
Leading up to the trial, Sam Bankman-Fried’s lawyers requested temporary release for their client during the trial proceedings to better prepare for his defense. However, the request was denied by Judge Lewis Kaplan due to the risk of the former billionaire fleeing. Last week, Judge Kaplan expressed the opinion that Bankman-Fried could face a “very lengthy sentence” if found guilty in the fraud case.
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