Bitcoin's volatile week amid ETF cool off and Sam Bankman-Fried sentencing looms - Crypto Roundup

Proactive's Billy Farrington provides an update on Bitcoin's performance over the past week.

The crypto currency experienced a volatile week, marked by a significant drop from last week's all-time high above $73,000 to approximately $64,800, resulting in a roughly 6% decrease week on week. The decline was attributed to profit-taking and selling pressure following the all-time highs. Despite this downturn, Bitcoin saw a strong recovery mid-week, spurred by dovish comments from the Federal Reserve and optimism for potential rate cuts by year-end, which positively impacted high-risk assets like Bitcoin.

Additionally, there has been a noticeable cooldown in the Exchange-Traded Fund (ETF) market, with approximately $800 million in cash outflows from Bitcoin ETFs over the past four days. This trend reversal follows a period of strong cash inflows since the approval of 10 Bitcoin ETFs on January 10. The outflows, particularly from Grayscale's Bitcoin Trust, have contributed to bearish sentiment in the market.

In other news, the sentencing of Sam Bankman-Fried, former CEO of FTX, is imminent. Bankman-Fried was found guilty of fraud and market manipulation and faces a potential lengthy prison sentence. The defense and prosecution have engaged in a war of words over the appropriate sentencing, with the defense suggesting a 6.5-year sentence and prosecutors aiming for a much harsher penalty to set an example.

#bitcoinmarketupdate #CryptoVolatility #FederalReserve #BitcoinETF #SamBankmanFried #FTX #CryptoNews #MarketSentiment #Cryptocurrency #InvestmentTrends #ProactiveInvestors #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews