The crypto markets remain compressed today, with bitcoin (BTC) staying put at US$16,800 after losing half a percent in the Wednesday session.
We should expect a continued sideways trade in the lead up to Christmas, but if bearish sentiment does gain pace, the BTC/USDT pair could fall as low as US$16,000 before buyers are willing to provide support.
BTC/USDT unfestively stays below US$17,000 – Source: currency.com
Ethereum (ETH) fell 0.3% to US$1,210 yesterday, but has crept slightly higher in the early Thursday hours.
Hovering just below US$1,120, the ETH/UST pair remains around 6% weaker week-on-week.
Large-cap altcoins including Ripple (XRP), Cardano (ADA), Polygon (MATIC) and BNB have also remained relatively unchanged, while the Dogecoin (DOGE) meme coin managed to outpace the market with a 1.5% bump.
Helium (HNT), which was once hyped as an innovative internet-of-things project before drawing down over 90% of its market value year to date, showed signs of life with a 30% rally today.
Terra Classic (LUNC), the remnants of the collapsed Terra LUNA ecosystem, was also at the top of the charts this morning, while the biggest daily losers included Chain (XCN), Algorand (ALGO) and Lido (LDO).
Total crypto market capitalisation is currently sitting at US$810bn, while total value locked across all decentralised finance (DeFi) protocols is edging down to US$39.5bn.
Sam Bankman-Fried returns to US
While the crypto markets have remained relatively muted, the big news is that Sam Bankman-Fried, disgraced former head of cryptocurrency exchange FTX, has returned home to the US.
SBF, who was living in a Nassau, Bahamas mansion until being arrested at the behest of the US government, faces life behind bars if found guilty of the criminal fraud charge levelled agaist him.
His former associates Caroline Ellison and Gary Wang have pleaded guilty to related charges, but they now face separate charges from the US Securities and Exchange Commission (SEC).
From mansions to handcuffs – Credit: Reuters
"If you participated in misconduct at FTX or Alameda, now is the time to get ahead of it. We are moving quickly and our patience is not eternal,” said Damian Williams, attorney for the Southern District of New York.
Williams called the actions of Bankman-Fried, once considered the shining light of the cryptocurrency industry, as one of the greatest frauds in American history.
Bankman-Fried continues to deny the allegations, but with former associates throwing him under the bus, his legal options are becoming smaller by the day.
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