The Bitcoin price prediction has not changed much during the Asian session today, as BTC remains above the important support level of €16. Given the bullish technical signals, the market is waiting for a critical on-chain signal. before entering a typical bull market.
The current market fear is keeping Bitcoin and other cryptocurrencies under pressure.
Sam Bankman-Fried cancels extradition contest
A former FTX chief executive, Sam Bankman-Fried, plans to appear in court in the Bahamas on Monday to withdraw his opposition to extradition to the United States, where he faces fraud charges. While he was riding the cryptocurrency bubble to make FTX one of the largest exchanges in the world, Bankman-Fried acquired an estimated wealth of more than €20 billion.
The 30-year-old cryptocurrency mogul was charged in Manhattan federal court Tuesday with allegedly stealing billions of dollars from FTX clients and using the money to pay off debt, cover personal expenses and invest in his crypto hedge fund, Mall. Search LLC.
If he agrees to extradition, he could face charges of wire fraud, money laundering and misuse of campaign funds in a US court.
Bankman-Fried will have to plead guilty and the judge will decide on bail in his first Manhattan trial, according to Margulis-Ohnuma. That hearing should take place within 48 hours of Bankman-Fried's arrival in the United States, the attorney said, adding that it is likely to take place much sooner.
Mazars discontinues collaboration with cryptocurrency companies, Binance in danger?
Sam Bankman Fried's fall from grace is over and his rival, Changpeng Zhao, founder of cryptocurrency exchange Binance, is coming under increasing scrutiny.
Concerns were raised again on Friday when auditing firm Mazars Group suspended work by Binance and other cryptocurrency companies on reports purporting to show the companies are holding sufficient reserves to cover any potential surge in consumer withdrawals.
Zhao has frequently stated that Binance does not embezzle client funds as FTX would have and that his exchange can handle any number of withdrawals. Binance has been around longer than FTX, which means it has weathered previous "crypto winters" such as Bitcoin's 80% drop in value between December 2017 and December 2018.
Still, these few days have been difficult.
In fact, it was probably the market's lack of confidence in Mazars' "proof of stock" reports that caused the company to put all that work on hold. This latest move by Mazars threatens to blur an accounting landscape already thought by many to be opaque.
Binance's market dominance following the FTX crash does not sit well with an industry that preaches decentralization, even with those who ostensibly support CZ and its exchange.
The recent drop in cryptocurrency prices in response to news from CZ's company adds fuel to the fire, sending Bitcoin and other major altcoins tumbling. Let's take a look at the technical side of the market.
bitcoin price prediction
The current price of Bitcoin is €16,747 and the 24-hour trading volume is €11 billion. Bitcoin price has fallen almost 0,20% since yesterday.
The BTC/USD pair is likely to find immediate support near €16 on Sunday. BTC prices could reach the 560% Fibonacci retracement level of €23,6 as the RSI and MACD indicators are in the oversold zone.