Bitcoin Consolidates Around $35K, SOL Leads Altcoin Rally, SBF Found Guilty: This Week’s Recap

This week has seen a whirlwind of events. Bitcoin’s price seems like the only stable thing in the industry right now, however hilarious that may be. That said, the cryptocurrency is still up throughout the past seven days, but not as much as last week. SBF was found guilty, Solana (SOL) is exploding, and whatnot. A lot happened this week, so let’s dive in.

Starting with BTC’s price, the cryptocurrency is trading at slightly below $35K at the time of this writing, marking an increase of 2.5% for the last seven days. That’s not bad, but it’s not nearly as good as the performance of the previous week.

It’s worth noting that Bitcoin tapped a new 18-month high at around $36K earlier this week, but the bulls were unable to sustain the price there, and it subsequently retraced to where it’s currently trading at.

More importantly, though. Sam Bankman-Fried, the man once touted to be crypto’s savior, was found guilty in the trial, and he’s facing a lot of years in jail time.

That’s right – SBF was found guilty of all seven charges of fraud. Each one of them carries a different sentence, but the combined maximum is up to 120 years in prison. The judge has yet to determine the exact sentence. and SBF’s attorney has already said that they will maintain his innocence by any means necessary.

Solana (SOL), meanwhile, is having the time of its life. The cryptocurrency exploded by a whopping 24% in the past seven days and is now trading near $40. This comes despite fears by many that FTX will be offloading huge numbers of the token in a bid to repay its creditors.

All in all, it was a very eventful week. It’s interesting to see if the next seven days will be as exciting or, who knows – perhaps even more than that. It’s crypto, after all.

Market Data

Market Cap: $1.336B | 24H Vol: $77B | BTC Dominance: 50.8%

BTC: $34,762 (+2.5%) | ETH: $1806 (+1.9%) | BNB: $228(+1.6%)

This Week’s Crypto Headlines You Better Not Miss

Guilty: Inside Sam Bankman-Fried’s Verdict and Everything You Need to Know. Sam Bankman-Fried lost his trial. The former chief of the once-leading FTX exchange was found guilty on all seven counts. He is now facing a total of some 120 years in prison.

Bitcoin Explodes to 18-Month Peak, Leaving $150 Million in Liquidations. Bitcoin’s price exploded to an 18-month high earlier this week, and it tapped the important level of $36K. However, the price has since retraced, and it triggered millions worth of liquidated long and short positions.

Solana Surpasses Polygon in Daily DEX Volume Amid Price Rally. The recent rally in Solana’s price pushed the cryptocurrency above Polygon in terms of daily DEX traded volume. This is according to the most recent on-chain data.

Visa Successfully Completes Digital Hong Kong Dollar Pilot Program. This initiative focuses on tokenized deposits using central bank digital currencies (CBDCs), with an attempt to revolutionize interbank business-to-business payments.

Here’s Why Solana (SOL) Price is Up 80% in a Month, Outpacing Bitcoin and Ripple (XRP). Solana (SOL) is this week’s best performer. The reason behind the staggering rally seems to be hidden in the fact that the team rolled out the Firedancer update on the testnet.

SEC Issues Subpoena to PayPal Over its PYUSD Stablecoin. The United States Securities and Exchange Commission issued a subpoena to PayPal. The development has to do with the fact that PayPal launched the PYUSD stablecoin.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Binance Coin – click here for the complete price analysis.