This week in Coins: Bitcoin bounces back from banker-robbery appeals conviction

is it Bitcoin come back? At least for a while, you feel like it could be.

This time last week, They were trading. $53,229 is now trading above $60,000; basis to CoinGecko. That's a 12% increase in seven days, and a threshold not seen since last month.

As the price increase came Traders grew more confident The Fed has announced that it will cut interest rates by 50 basis points instead of 25. After two years of sky-high interest rates and inflation, all eyes are on the central bank next week.

Now, the Fed is expected to cut them at its next meeting by Chairman Jerome Powell. The only question is by how much.

Bitcoin evangelist Michael Saylor is still a bully, that's for sure. A technology entrepreneur he said. In an interview on Monday, the asset reached $13 million per penny, the largest in 21 years.

His company microstrategy then revealed He spent another $1.1 billion on the orange coin.

The second largest digital coin, Ethereum, jumped back. After jumping nearly 11% in seven days, the price is now at $2,442. It has struggled recently and hit lows of the year but is now climbing again.

There was more drama for Tether after consumer research by the consumer protection group this week. he said. In the report, the company behind the largest stable coin, USDTIt was a “disaster for consumers who were expecting it to happen.”

Lack of transparency around the dollar reserve is the issue, he argued.

The price of XRP, the seventh largest digital asset, rose following the news that Grayscale had launched a new product, giving investors exposure to the Ripple-aligned asset. It is now trading at $0.57 after a 10% gain in a week.

And on Friday, Sam Bankman-Fried's attorneys filed a lawsuit against the former FTX boss and a criminal fraud charge was dismissed.

they He argued Crypto Crook – now serving a 25-year prison sentence – was “presumed guilty” from the start and the collapsed exchange always had the money to pay back customers.