Bitcoin (BTC) surged past the $28,000 threshold on Monday, marking its highest price in over a month. Analysts are attributing the gains to optimism surrounding ETFs and seasonality. Traders at Japanese exchange Bitbank had already set their sights on the $28,000 level for bitcoin last week. Notably, the $28,500 level served as a significant support during the previous bull market and could potentially become a key resistance level in the coming weeks.
In the past 24 hours, other cryptocurrencies also experienced notable gains. Ethereum (ETH) rose above $1,700, while Binance Coin (BNB) and Cardano (ADA) saw 3.3% increases. Polygon (MATIC) recorded a 5.5% rise, and Solana’s SOL tokens led the major gains with a substantial 14.5% increase. This surge in Solana’s price can be attributed to renewed optimism surrounding the network among certain traders.
FTX founder Sam Bankman-Fried is entering his trial week. It has been approximately nine months and 20 days since he was arrested at his former residence in the Bahamas. Bankman-Fried’s trial will determine whether he regains his freedom or faces a potentially lengthy prison sentence, as stated by a federal judge. The trial will span six weeks and involve the presentation and defense of thousands of pages of evidence, including internal documents and audio recordings. Prosecutors will attempt to prove that Bankman-Fried knowingly defrauded customers and business partners. Testimonies from his former colleagues, friends, and housemates could play a significant role in the trial’s outcome.
Deus X Capital, a family office-backed investment firm, officially launched with Tim Grant as its CEO. The company enters the market with $1 billion in assets, including existing investments and capital to be allocated for private equity, venture capital, and fund allocation opportunities in the digital asset, blockchain, fintech, and institutional capital markets sectors. Grant, previously the head of EMEA at Galaxy Digital, brings a wealth of experience to the role. Stuart Connolly has also been appointed as the firm’s chief investment officer.
Overall, the cryptocurrency market is experiencing upward momentum, with bitcoin leading the way and other cryptocurrencies following suit. The outcome of Sam Bankman-Fried’s trial will undoubtedly impact the industry, while the launch of Deus X Capital introduces a new player with significant capital and expertise in the digital asset sector.