Investing.com | Editor Venkatesh Jartarkar
Published Oct 12, 2023 01:14PM ET
In recent cryptocurrency news, Bitcoin (BTC) has demonstrated its resilience despite a significant downturn and ongoing legal scrutiny. On Wednesday, Bitcoin experienced a significant single-day drop to $26,561, falling below the $26,600 mark. This slump is reminiscent of last year’s geopolitical tensions similar to the Ukraine conflict.
Despite this drop from its all-time high of $68,000, Bitcoin has shown notable resilience with a 62% rise since the beginning of the year. The daily trading volume for Bitcoin has increased by 7.5%, indicating continued interest and activity in the market.
In parallel to Bitcoin’s market movements, Sam Bankman-Fried (SBF), former CEO of Alameda Research, has come under legal scrutiny. Caroline Ellison revealed his alleged efforts to suppress Bitcoin prices below $20,000 using strategic price stabilization tactics involving customer-held BTC.
Amidst these developments, some remain optimistic about Bitcoin’s future. Credible Crypto predicts a rebound for BTC with a target of at least $27,100. The firm emphasized the importance of maintaining a bullish trajectory in the face of current market challenges.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Written By: Investing.com
