Bitcoin surges above $28,000 mark ahead of trial

74
2
Bitcoin surges above $28,000 mark ahead of trial

Bitcoin rose above the $28,000 mark early Monday to log its highest price in more than a month as analysts pointed to ETF optimism and seasonality among the reasons behind the gains. Bitbank Traders at the Japanese exchange Bitbank were already eyeing the $28,000 price for bitcoin last week, according to CoinDesk. The $28,500 was a significant support in the previous bull market and could be a crucial price to watch for in the future as it potentially flips into a level of resistance. In the past 24 hours, ether rose more than $1,700, bnb and cardano, while polygon rose 5.5%. Some traders were optimistic about the network, with Solana's SOL tokens leading big gains at 14.5%.

Sam Bankman-Fried, FTX founder, is set for trial next month. It's been exactly nine months and 20 days since the former Cryptocurrency CEO was arrested in his home in the Bahamas. On Tuesday he is set to start the trial in which he will win back his freedom, or be locked up for what a federal judge said could be a very long time. Thousands of pages of evidence, including internal documents and audio recordings, will be presented and fought over in the next six weeks as U.S. prosecutors try to prove that the former FTX founder knowingly defrauded customers and business partners. The most damning evidence - or absence thereof - could come from the recollections and personal opinions of Bankman-Fried's former colleagues, friends and housemates.

Deus X Capital, a family office-backed investment firm, launched today with Tim Grant as CEO. The company begins with $1 billion in assets, including existing investments and capital, to be utilized in private equity, venture capital and fund allocation opportunities in digital assets, blockchain, fintech and institutional capital markets. Grant was previously EMEA head of Mike Novogratz's Galaxy Digital. As a CEO, he was the CEO of SIX Digital Exchange and worked at UBS, the leading provider of global digital exchange services. Stuart Connolly, chief investment officer of A&E, has been appointed as the firm's chief investment officer.