Cryptocurrencies retreat after conviction of FTX founder

Cryptocurrencies retreat after conviction of FTX founder
Cryptocurrencies retreat after conviction of FTX founder

Bitcoin (BTC) and Ethereum (ETH) retreated after a New York jury found the founder of exchange FTX, former billionaire Sam Bankman-Fried, guilty of seven criminal charges.

After a month of trial, Sam Bankman-Fried was convicted in the United States of the massive fraud that led to the collapse of his crypto brokerage at the end of last year. He faces more than 100 years in prison.

At around 8am this Friday (3), BTC is trading at US$34,219, after falling 3.40% in the last 24 hours. Ether shrinks 2.60% to $1,785 and XRP (XRP) drops 2.50% to 0.60%. The data is from the CoinMarketCap aggregator.

The FTX case threw the crypto market into one of its darkest periods at the end of last year. Furthermore, it left a loss of around US$90 billion to millions of investors around the world, including in Brazil.

“The guilty pleas in the FTX case mark the end of an era,” Brian Mosoff, CEO of Ether Capital Corp, told Bloomberg. “The days of Wild West exchanges, fraudulent assets, fraud and an industry that lived in the corner of the Internet are over.”

“We have to learn and move forward,” said Paul Veradittakit, managing partner at venture capital firm Pantera Capital, also to Bloomberg, adding that “regulatory clarity is necessary and useful to avoid these situations.”

“Diligence in the cryptocurrency market continues to evolve in the space and I am sure it has evolved with the current market,” Veradittakit added.



This Friday, investors are also keeping an eye on the US jobs report (payroll), which will be released at 9:30 am (Brasília time).

The LSEG consensus points to the creation of 180,000 formal jobs last month and expects the unemployment rate to be 3.8%.

The payroll is an important thermometer of the American economy used by the Federal Reserve (Fed, the Central Bank of the United States) as one of the factors to decide the direction of the country’s monetary policy.

On Wednesday (1st), the Open Market Committee (Fomc) decided to keep US interest rates in the range between 5.25% and 5.50%. However, Fed officials left the door open for a further hike this year. Increases often negatively affect risky assets such as cryptocurrencies.

Check out the performance of the main cryptocurrencies at 8am:


Cryptocurrency Price Variation in the last 24 hours
Bitcoin (BTC) $34,219 -3.40%
Ethereum (ETH) $1,785 -2.60%
BNB Chain (BNB) $227 -1.60%
XRP (XRP) $0.603583 -2.50%
Cardano (ADA) $0.316149 +2.30%

The cryptocurrencies with the biggest gains in the last 24 hours:

Cryptocurrency Price Variation in the last 24 hours
Trust Wallet (TWT) $1.22 +7.70%
WEMIX (WEMIX) $1.30 +2.90%
Cronos (CRO) $0.065183 +2.90%
NEAR Protocol (NEAR) $1.50 +2.60%
LEO Token (LEO) $3.98 +2.30%

The cryptocurrencies with the biggest drops in the last 24 hours:

Cryptocurrency Price Variation in the last 24 hours
Solana (SUN) $38.51 -11.10%
Conflux (CFX) $0.145769 -11.10%
Render (RNDR) $2.19 -10.60%
Pepe (PEPE) $0.00000105 -8.80%
The Graph (GRT) $0.103282 -8.60%

Check out how cryptocurrency ETFs closed in the last trading session:

ETF Price Variation
Hashdex NCI (HASH11) R$ 26.90 -0.62%
BTCN Hashdex (BITH11) R$ 40.45 -0.85%
Hashdex Ethereum (ETHE11) R$ 26.62 -1.04%
Hashdex DeFi (DEFI11) R$ 18.33 +1.83%
Hashdex Smart Contract Platform FI (WEB311) R$ 15.25 +7.01%
Hasdex Crypto Metaverse (META11) R$ 22.73 -0.04%
QR Bitcoin (QBTC11) R$ 10.70 -0.83%
QR Ether (QETH11) R$ 6.40 -2.88%
QR DeFi (QDFI11) R$ 2.62 +2.74%
Crypto20 EMPCI (CRPT11) R$ 7.35 -0.13%
I invest in NFTSCI (NFTS11) R$ 8.75 +2.10%
I invest BLOKCI (BLOK11) BRL 82.19 +0.50%

(With information from Bloomberg)


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The article is in Portuguese

Tags: Cryptocurrencies retreat conviction FTX founder



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