Bitcoin Price Prediction as BTC Lacks On-chain Signal; Today's Key Trading Level
The Bitcoin price prediction hasn't altered much throughout the Asian session today, as BTC remains above the important support level of $16,550. Given the optimistic technical signs, the market is awaiting a critical on-chain signal before entering a typical bull market.
The market's ongoing fear is keeping Bitcoin and other cryptocurrencies under pressure.
A former FTX CEO Sam Bankman-Fried plans to appear in court in the Bahamas on Monday to withdraw his opposition to extradition to the United States, where he confronts fraud accusations. As he rode the cryptocurrency bubble to make FTX one of the world's largest exchanges, Bankman-Fried acquired a wealth estimated at over $20 billion.
The 30-year-old cryptocurrency tycoon was indicted on Tuesday in federal court in Manhattan on charges that he stole billions of dollars from FTX customers and used the money to pay off debts, cover personal costs, and invest in his crypto hedge fund, Alameda Research LLC.
If he agrees to extradition, he will be able to face accusations of wire fraud, money laundering, and improper use of campaign funds in a US court.
Bankman-Fried will have to enter a plea and the judge will decide on bail at his initial court proceeding in Manhattan, according to Margulis-Ohnuma. This hearing should occur within 48 hours of Bankman-arrival Fried's in the United States, the lawyer said, adding that it was likely to happen much sooner.
Sam Bankman Fried's fall from grace has been finalized, and his rival, Changpeng Zhao, founder of the cryptocurrency exchange Binance, is under increasing scrutiny as a result.
Concerns were raised anew on Friday when auditing firm Mazars Group suspended work for Binance and other cryptocurrency firms on reports supposed to
Read more on cryptonews.com
