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Bitcoin Has Another Drop Ahead, History Says. Expect Support at This Level.
Bitcoin BTCUSD –0.02% and other cryptocurrencies slipped back into a pattern of low volatility that has become familiar in recent months, a trend that has tended to usher in further declines. Support may not come until prices edge down a bit further.
The price of Bitcoin has hovered around flat over the past 24 hours at near $25,750. The largest digital asset remains below the $26,000 level that has provided support for much of the past month, with gains from a brief spike above $28,000 last week after a pro-crypto court ruling proving to be short-lived.
“Cryptocurrencies continue to trade sideways,” said Samer Hasn, an analyst . “This coldness continues in cryptocurrency market trading amid low traders’ sentiment, with continued uncertainty about the future of the regulatory environment for this market, especially in the United States.”
Bitcoin has seen its lowest volatility on record in recent months, and appears to be falling back into that pattern, lacking the excitement of the stock market’s Dow Jones Industrial Average and S&P 500. But cryptos remain under pressure from the same macroeconomic backdrop that is impacting equities, with investors fretting over renewed signs of inflation and the impact on interest rates, which influence demand for risk-sensitive assets.
With Bitcoin seemingly on pause again, it’s likely to take a major macro surprise or a significant crypto catalyst to shake things up. For the time being, more weakness may be coming before any rebound can materialize.
“This could be another pause before a new step down the ladder, as we have seen since July, or a preparation for further growth. We are now leaning towards the first option,” said Alex Kuptsikevich, an analyst at broker FxPro. “We believe that buyers will remain on the sidelines until the $25,000 level is reached. This has been the critical level for the last 14 months, and we do not expect a real bull-bear battle until this level is reached.”
#ContentStar# #BountyCreator# #GateioBountyCreator# #NewsMessenger# #GateLive# #contentstar# #MyFancyCreator# #HotTopicDiscussion# Sam Bankman-Fried appeal against bail revocation ‘meritless’: Prosecutors
The New York South District court revoked former FTX CEO Sam Bankman-Fried’s bail on Aug. 11 after an appeal from the prosecution in July citing multiple instances of violation of bail conditions.
The United States Attorney’s Office has filed an affirmation of the denial of bail to former FTX CEO Sam “SBF” Bankman-Fried, claiming that he could attempt witness tampering and stating that no release conditions would assure the safety of the witnesses. Prosecutors responded to several claims made in his appeal against the bail revocation, calling it “meritless.”
In their response, the prosecutors argued that SBF was found to have twice committed or attempted witness tampering in violation of the court orders. Thus, in light of his continued evasions of his pre-trial release conditions, Bankman-Fried was unlikely to abide by the conditions of release.
The first time SBF attempted to contact witnesses came to light in January earlier this year, when the former FTX CEO initiated contact with the then-General Counsel of FTX.US, who is also a potential trial witness represented by counsel.
The second such instance came in July 2023, when a New York Times report published the private journal messages of Caroline Ellison, former CEO of Alameda and SBF’s associate. SBF’s counsel confirmed that the journal was leaked by the former FTX CEO himself. The prosecutors reached out to the District Court to highlight how SBF had covertly provided private and potentially embarrassing writings of Ellison to discredit her and potentially influence the perception of the jury in the case when it goes to trial.
On July 26, during a court conference, prosecutors appealed to revoke SBF’s bail plea based on his violations of the bail conditions and attempts to influence witnesses. Federal Judge Lewis Kaplan from the District Court for the Southern District of New York revoked SBF’s bail on Aug. 11 after the latter was found to have contacted witnesses in an attempt to influence or intimidate them. The former FTX CEO had been out on bail on a $250million bond since December 2022.
On Aug. 28, SBF’s lawyers appealed against the revocation of the bail ruling and claimed that the former FTX CEO was well within his right to talk to the press about Ellison as it was protected under the First Amendment. However, prosecutors argued that Judge Kaplan took SBF’s First Amendment rights into consideration in the ruling. The judge in the ruling noted that “the law is that once communication is undertaken as part of or with the intent to intimidate or influence a witness, it’s a crime, and the First Amendment has nothing to do with it.”
The prosecutors made two key arguments against the SBF appeal.
First:
“The District Court did not clearly err in finding probable cause to believe Bankman-Fried twice committed attempted witness tampering while on pretrial release.”
Second:
“Judge Kaplan did not clearly err in finding probable cause that Bankman-Fried attempted to tamper with Witness 1.”
The prosecutors also argued that the defendants didn’t argue or dispute against the ruling in SBF’s attempt to witness former FTX.US counsel, which the judge found to be a clear attempt at witness tampering.
*Source: Cointelegraph 