Good morning Here’s what happens:
Prices: Bitcoin held steady just below $30,000.
Inside: Sam Bankman-Fried’s sad saga continues as a judge on Friday revoked the former FTX CEO’s release on bail. CoinDesk columnist David Morris explained why the decision was almost inevitable.
Bitcoin (BTC) held steady just below $30,000.
“Price stability is a positive sign that suggests consolidation around these levels that can potentially support further advance,” Joe DiPasquale, CEO of crypto hedge fund BitBull Capital, told CoinDesk in an email on Sunday.
“This is a major advance as it marks the first issuance of its kind by a traditional global payment service with hundreds of millions of users,” said DiPasquale. “We believe such developments are likely to shape future market behavior, although the overall response is currently relatively muted.”
Sam Bankman-Fried’s almost inevitable return to prison
This story by CoinDesk columnist David Morris was published just before Judge Lewis Kaplan revoked Sam Bankman-Fried’s bail and returned him to jail.
Sam Bankman-Fried spent 2021 and much of 2022 talking his way into the role of a cryptocurrency mogul. Whether he has now persuaded himself from the comfortable house arrest back to a prison cell made of concrete and steel will be decided in a court hearing today.
The immediate trigger for today’s hearing in District Judge Lewis A. Kaplan’s courtroom was Bankman-Fried’s disclosure of the private diary of Caroline Ellison, who appointed Bankman-Fried as nominal CEO of FTX and later allegedly convicted of fraud. Prosecutors claim the leak’s purpose was to discredit or intimidate Ellison before trial when she is expected to testify as a cooperative witness.
But that’s just the straw that broke the camel’s back: Sam Bankman-Fried has been using fraudulent public arguments and private backdoor communications to manipulate his process since the collapse of FTX.
In the weeks leading up to his arrest, he appeared to have given countless interviews and public appearances. While under house arrest, he continued to give interviews in which he maintained his innocence, albeit to a lesser extent. Long before Ellison’s diary was published, he was also reported to have reached out to many of those who were expected to testify against him.
FTX founder Sam Bankman-Fried was scheduled to attend a court hearing today. Matrixport’s Bitcoin Greed and Fear Index, which has a solid track record of marking trend reversals, is signaling a resurgence in Bitcoin’s bull market. Anthony Georgiades, General Partner of Innovating Capital, shared his outlook on the crypto markets. Bakkt CEO Gavin Michael discussed the crypto trading company’s latest quarterly results. Smart Token Labs Chief Strategy Officer Mathew Sweezey also joins the conversation.
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