SBF Pleads Not Guilty, DCG-Gemini Fiasco Escalates, Bitcoin Stable Amid $17K: This Week’s Crypto Recap

Cryptocurrency market capitalization has increased by about $17 billion over the past seven days. Interestingly, profits were largely altcoin-backed. This is underscored by Bitcoin’s declining dominance. This is a commonly used metric to measure BTC’s share of the rest of the market.

At the time of this writing, BTC’s dominance remained at 38.1%, peaking above 38.4% last week. Altcoins such as BNB and ETH are up more than 4% of him, while Bitcoin prices are up 0.9% in total. Cardano surprised market participants, jumping around 11%, while Solana was arguably the best performing major coin, up 37%.

There are many reasons for Solana’s rise, but perhaps the main one is playing a newly created meme coin called BONK. It has spiked over the last 7 days, resulting in massive volume and overall activity growth on the Solana network. However, today BONK is recording a devastating loss.

Elsewhere, Sam Bankman-Fried appeared in a US court and pleaded not guilty to all criminal charges against him. This means that a trial procedure will take place, the start date of which is set for the beginning of October. In addition, SBF’s attorneys have filed a motion to retain control of Robinhood stock worth approximately $450 million that the DOJ intended to seize.

Speaking of DOJ, New York Attorney General Letitia James has filed a lawsuit against Celsius Network co-founder and former CEO Alex Mashinsky. The top prosecutor alleges that Mashinsky defrauded investors of billions of dollars worth of digital assets.

The bad news didn’t stop there. DCG-owned cryptocurrency lender Genesis is reportedly considering filing for bankruptcy, and DCG itself is cutting its wealth management division.

In more positive news, Bitcoin turned 14 on January 3rd. It will be very interesting to see how the market shapes, not just the industry as a whole.

market data

Market Cap: $848B | 24h Volume: 35B | BTC Dominance: 38.1%

Bitcoin: $16,780 (0.9%) | Ethereum: $1,251 (+4.2%) | BNB: $257 (4.3%)

This Week’s Crypto Headlines You Can’t Miss

Sam Bankman-Fried pleaded not guilty and a trial date was set. it’s official.Sam Bankman-Fried pleaded He has been acquitted of all criminal charges and plans to fight the allegations made against him. The exam date he has set for early October 2023.

What is BONK: Solana’s Dogecoin? BONK’s popularity skyrocketed this week.this is claim It has become the dog coin of the Solana network and is regaining activity on the blockchain.

Bitcoin turns 14: Genesis and Satoshi’s idea of ​​monetary sovereignty. January 3rd, Crypto Community celebrated It’s been 14 years since the Bitcoin genesis block was mined. Interestingly, the messages embedded in the block’s code seem to resonate more than ever.

New York AG is suing Celsius co-founder Alex Masinsky for fraud. New York Attorney General Letitia James filed a lawsuit To Alex Mashinski, one of the co-founders and former CEOs of Celsius Network. The top prosecutor alleges that Mashinsky defrauded investors out of billions of dollars worth of digital assets.

Logan Paul plans to sue Coffeezilla over CryptoZoo allegations. Celebrity YouTuber Logan Paul plan to sue Regarding the fraud allegations made by Coffeezilla (another popular YouTuber) regarding the NFT project Paul started.

Cryptolender Genesis Cuts Staff, Considers Bankruptcy: WSJ. Genesis, a crypto lender, plans to file for bankruptcy and cut jobs. according to to a recent report. The company has had serious liquidity problems in recent months.

chart

This week we will be doing chart analysis for Ethereum, Ripple, Cardano, Litecoin and Solana. Click here for full price analysis.