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Cryptocurrencies return to quiet trading today with the trial of the founder of FTX grabbing the spotlight yesterday

Today's Cryptocurrenices analysis on behalf of Samer Hasn Market Analyst and part of the Research Team at XS.com

 

October 6, 2023 (Investorideas.com Newswire) There was generally calm trading in the cryptocurrency market on Friday morning. Bitcoin is trying to maintain the level of $27,500 after yesterday's losses, and Ethereum is also trying to maintain the level of $1,620 after a series of losses extending since the beginning of the week. Also, XRP token price is still trying to consolidate at $0.5220, after the strong gain achieved by the cryptocurrency after some positive judicial developments regarding the Ripple Labs case.

While we have witnessed continuing indicators of positive sentiment for Bitcoin. We witnessed further growth in the number of open interests for Bitcoin derivatives, which exceeded 8.404 billion positions, which is the highest level we have not seen since August 16, according to data provided by CryptoQuant. It seems that Bitcoin investors are anticipating more upward momentum to come.

Today, the markets are awaiting more US labor market numbers, whether from non-farm payrolls (NFP) numbers, the unemployment rate, and the average hourly earnings. The numbers to be released today may help shed light on the future path of inflation and what may be followed by the Federal Reserve's next steps regarding interest rates.

Yesterday, attention turned to the third day of the trial session of the founder and CEO of the collapsed cryptocurrency exchange FTX, Sam Bankman-Fried. Yesterday witnessed the testimony of two people close to Bankman-Fried who had access to what had happened at FTX before its collapse.

The most recent former engineer at FTX and a close friend of its founder, Adam Yedidia, said that for months customer deposits were going to a bank account controlled by Alameda Research, which is under the control of Bankman-Fried as well. He also reported that Alameda Research's trades were ultimately profitable for Bankman-Fried.

This statement was followed by another statement from FTX's former chief technology officer, Gary Wang, who confessed to his crime while working at the company and being responsible for writing codes. He also said that unlimited fund has been made to Alameda Research.

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