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- Bitcoin (BTC) has undergone a four-day downturn, dropping below $26,600.
- Former Alameda Research CEO reveals SBF’s intentions to keep Bitcoin under $20,000 by liquidating customer-held BTC.
Bitcoin (BTC) has faced a notable decline, marking its fourth straight day of losses. The largest cryptocurrency by market capitalization has fallen below $26,600, a threshold not reached since early October. Various factors have played a role in this drop, including worries related to the ongoing situation in the Middle East.
On October 11th, Bitcoin experienced its largest single-day decline in a month, decreasing by as much as 3.2% to $26,561. Analysts have noted similarities to the market’s reaction during the onset of the Ukraine conflict last year, highlighting how geopolitical issues can affect investor sentiment within the cryptocurrency sector.
Despite the recent downturn, Bitcoin remains 62% higher compared to the start of the year. Although it is significantly below its all-time peak of $68,000 reached during the 2021 bull market, its ability to maintain value is still noteworthy.
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Will BTC Respond to SBF Trial?
In light of these events, Sam Bankman-Fried, commonly referred to as SBF, is under legal examination in court. Testimonies have disclosed compelling information about his actions, including alleged attempts to artificially lower Bitcoin’s price beneath $20,000. Former Alameda Research co-founder Caroline Ellison stated that SBF directed the hedge fund to strategically sell BTC obtained from FTX customer funds to stabilize prices. This insight highlights the intricate nature of the cryptocurrency industry and its regulatory hurdles.
Nevertheless, Credible Crypto, a well-regarded figure in the cryptocurrency space, suggests that Bitcoin may be set for a recovery after falling below the $28,000 mark. While there is a chance of a temporary dip below $27,000, the analyst holds a positive outlook, aiming for a target of at least $27,100 and stressing that to maintain a bullish trend over a longer period, Bitcoin should not drop below $24,800.
Bitcoin (BTC) Price Chart (Source: TradingView)
As of this writing, Bitcoin is trading at $26,835, showing a minor decline over the past 24 hours and a 2.8% drop over the last week. However, daily trading volume has risen by 7.5% in the last 24 hours, reaching $12.4 billion.
