Crypto Market Stagnates As SBF’s Trial Takes Center Stage

TL;DR

• Bitcoin is still trading above the $27k level and is down by less than 1% today.

• Sam Bankman-Fried’s trial continues to take center stage as the broader market stagnates.

Bitcoin Stays Above $27k

The cryptocurrency market has been underperforming since the start of the week. However, the prices of most coins have stagnated over the past two days and could end the week trading around the current levels.

Bitcoin, the world’s leading cryptocurrency by market cap, has lost less than 1% of its value in the last 24 hours and continues to trade above the $27k level. At press time, the price of Bitcoin stands at $27,541 per coin.

Much of the attention in the industry at the moment is focused on the ongoing trial of Sam Bankman-Fried (SBF). SBF was the former CEO of the now-bankrupt FTX cryptocurrency exchange. 

The cryptocurrency exchange collapsed in November last year, resulting in the loss of billions of dollars to both customers and investors. Cryptocurrency enthusiasts are following the trial keenly to see how it unfolds.

Toncoin (TON) and Avalanche (AVAX) are the two best performers amongst the top 20 cryptocurrencies by market cap, adding 8% and 4% to their values over the last 24 hours, respectively.

AVAX’s rally comes as the Avalanche blockchain continues to gain adoption from the likes of Blockticity and other major Web3 companies.