Bitcoin Strengthens Around $35K, SOL Leads Altcoin Rally, SBF Found Guilty: This Week’s Roundup

This week has seen a whirlwind of events. The price of Bitcoin seems to be the only stable thing in the industry right now, which is ridiculous. That being said, the cryptocurrency is still higher over the past seven days, but not as much as last week. SBF is found guilty, Solana (SOL) is exploding, and nothing. A lot happened this week, so let's dive in.

Starting with the price of BTC, the cryptocurrency is trading just under $35k at the time of writing, a 2.5% increase over the past seven days. That's not bad, but it's hardly as good as last week's performance.

It's worth noting that Bitcoin hit a new 18-month high of $36k earlier this week, but the bulls couldn't hold the price there, and it subsequently bounced back to where it's currently trading.

But most of all. Sam Bankman-Fried, the once alleged crypto hunter, was found guilty at trial and is facing several years in prison.

That's right – SBF was found guilty on all seven counts of fraud. Each carries a separate sentence, but the combined maximum is up to 120 years in prison. The judge has yet to choose the exact sentence. And SBF's lawyer said they would maintain his innocence by any means necessary.

Solana (SOL), meanwhile, is having the time of his life. The cryptocurrency has exploded by a whopping 24% over the past seven days and is now trading around $40. This comes despite many fearing that FTX will unload a large number of tokens in an attempt to pay off its creditors.

All in all, it was a very interesting week. It's interesting to see if the next seven days are going to be just as interesting or who knows – maybe even more. It is crypto after all.

Market data

Market Value: $1.336B | 24H Volume: $77B | BTC dominance: 50.8%

BTC: $34,762 (+2.5%) | ETH: $1806 (+1.9%) | BBNB: $228 (+1.6%)

You better not miss this week's Crypto headlines

Guilty: In The Sam Bankman-Fried Judgment and Everything You Need to Know. Sam Bankman-Fried missed the attempt. The one-time CEO of the FTX exchange was found guilty on all seven charges. They are now serving a total of nearly 120 years in prison.

Bitcoin explodes to an 18-month high, leaving $150 million in liquidity. Earlier this week, the price of Bitcoin hit an 18-month high, and reached the important level of $36,000. However, the price has since bounced back, sparking the liquidation of millions worth of long and short positions.

Solana surpasses Polygon in daily DEX volume amid price rally. The recent rally in Solana's price pushed the cryptocurrency above Polygon's daily DEX trading volume. This is according to the latest information on the chain.

Visa successfully completes digital Hong Kong dollar pilot program This initiative focuses on tokenized deposits using central bank digital currencies (CBDCs), in an attempt to replace interbank trade-in payments.

Why Solana (SOL) price rises 80% in a month, outperforms Bitcoin and Ripple (XRP). Solana (SOL) is this week's best performer. The reason behind the impressive rally seems to be hidden by the fact that the team released the Firedancer update on the testnet.

SEC Sues PayPal Over PYUSD Stablecoin The United States Securities and Exchange Commission issued a subpoena to PayPal. The development is related to the fact that PayPal launched the PYUSD stablecoin.

Charts

This week we have Ethereum, Ripple, Cardano, Solana and Binance Coin chart analysis – click here for full price analysis.