Bitcoin steady above $16.7k as Alameda Research executives close deals with prosecutors

Bitcoin is currently trading around $16.7ki at the time of writing after a relatively rough last 24 hours. The largest cryptocurrency by market capitalization lost a bit of value in the second half of the day yesterday before recovering somewhat later in the evening. Altcoins were also broadly stable at the end of the last 36 hours. More on that later.

It’s going to be a tough Christmas for the folks at Alameda Research and FTX who have defrauded their clients out of billions of dollars. When former CEO Sam Bankman-Fried was back on a plane bound for the US, it was reported that top officials from FTX and Alameda Research had signed confessions that will help them avoid lengthy prison terms. More on that later.

Brazil’s president has activated a recently passed piece of crypto legislation. This legislation was two years in the making as the country seeks to protect millions of digital currency users. Bitcoin has not been declared legal tender in the country as it is in El Salvador, but the government has taken several positive, bold steps that will actually help the industry more in the near future.

Bitcoin price is stable above $16.7k

Bitcoin had some small losses yesterday but recovered by the end of the day. The cryptocurrency is doing its best to maintain current levels, but it is struggling.

The last 36 hours started with BTC trading around $16.8k. It traded sideways for a while before embarking on a small price rally. The boost peaked at around $16.9k at 04:00 and continued to trade sideways around this level for a long time. At 2:30 in the afternoon, the digital currency began to fall. The price drop itself was limited to around $16.6k with a brief dip below $16.6k. So this was not a drastic price drop at all. It traded sideways around this level for several hours before starting to move up slightly at 10pm. At the time of writing, Bitcoin is trading at around $16.8k. So basically unchanged.

Bitcoin’s total market capitalization was around $322 billion and its share of the crypto market was 42%.

Bitcoin rate

Altcoins remain stable

Other cryptocurrencies remained fairly stable. The biggest changes came from Ethereum (ETH, 2%), Dogecoin (DOGE, 4.6%) and TonCoin (TON, -4.5%). The rest of the coins were generally stable for the most part.

Ethereum price

Alameda Research leaders closer agreement with the public prosecutor

As soon as it became known that Sam Bankman-Fried (SBF) had boarded a flight back to the US to answer for his significant financial crimes, leaked media reports began to emerge that senior executives at Alameda Research had gone wild with SBF , including his former love interest and partner in crime Carolyn Ellison.

In addition to Ellison, FTX co-founder Gary Wong also pleaded guilty to fraud charges. Both individuals want to take responsibility for running the fraudulent business and are likely to testify against SBF in order to get light sentences from the prosecution.

FTX and its sister organization Alameda Research are the backbone of this mega-scandal that has robbed users of billions of dollars. The exchange allegedly embezzled and stole billions while spending huge sums on some Caribbean islands. The stock exchange had all the hallmarks of a classic financial scam, and it’s hard to understand in retrospect why so many people fell for it.

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