It was certainly a dramatic weekend for the cryptocurrency industry, with disgraced crypto mogul and FTX founder Sam Bankman-Fried thrown back in jail after his bail was revoked.
Bankman-Fried, who is awaiting trial on fraud charges relating to the collapse of the FTX cryptocurrency exchange, was sent back to the slammer after US judges accused him of witness tampering.
Speaking in court on Friday, Judge Kaplan said: "There is probable cause to believe that the defendant has attempted to tamper with witnesses at least twice."
Bankman-Fried denies the claims.
That drama aside, there was little action on the bitcoin (BTC) spot markets, with the BTC/USDT pair sticking firmly within the mid-29k range.
The needle didn’t move at all on Saturday, before the pair dipped 0.4% on Sunday to close at US$29,300.
Bitcoin reclaimed some lost ground this morning, ticking 0.35% higher to head closer to US$29,400.
Bitcoin is in its own prison, stuck between 29k and 30k – Source: currency.com
Binance’s order book outlines a sharp resistance wall at US$30,000 and a strong support line at US$29,000, implying that this one-thousand-dollar channel could be here to stay in the near term.
Bitcoin dominance is looking relatively strong at 50.45%, propped up by a sluggish performance for the world’s second-largest cryptocurrency Ethereum (ETH).
Week on week, ether is up 0.8% compared to bitcoin’s 1.2%.
It is a mixed bag in the altcoin space, with meme coin Shiba Inu (SHIB) continuing to outperform the market with 14% gains over the past week.
Solana (SOL) has also pulled ahead, adding 5.5% to its market capitalisation which currently stands at US$9.9 billion.
Ripple (XRP) and Polygon (MATIC) have added low single digits to their market caps in the past week, while Cardano (ADA) and Litecoin (LTC) are in the red.
Global cryptocurrency market cap currently stands at US$1.17 trillion.
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