Bitcoin, Ethereum, Dogecoin Tumble After Sam Bankman-Fried Found Guilty On All Charges: Analyst Says Apex Crypto To Enter 'Explosive' Phase As Long Term Indicators Flip Bullish
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies including Bitcoin, Ethereum, and Dogecoin experienced a drop after Sam Bankman-Fried, founder and former CEO of FTX, was found guilty of defrauding his customers and lenders. Despite this, analysts predict an 'explosive' phase for Bitcoin as long-term indicators turn bullish. Meanwhile, the S&P 500 and Nasdaq Composite saw gains as Treasury yields decreased, and labor market data showed easing inflation and a slowdown.
November 03, 2023 | 2:32 am
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NEUTRAL IMPACT
Bitcoin's price dropped after the guilty verdict for Sam Bankman-Fried, but analysts predict a bullish phase for the cryptocurrency.
The guilty verdict for Sam Bankman-Fried, a prominent figure in the crypto industry, has caused a short-term drop in Bitcoin's price. However, analysts predict a bullish phase for Bitcoin, indicating potential recovery.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Dogecoin's price dropped following the guilty verdict for Sam Bankman-Fried.
The guilty verdict for Sam Bankman-Fried has caused a short-term drop in Dogecoin's price. The news directly impacts Dogecoin as it is a major cryptocurrency.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Ethereum's price also dropped following the guilty verdict for Sam Bankman-Fried.
The guilty verdict for Sam Bankman-Fried has caused a short-term drop in Ethereum's price. The news directly impacts Ethereum as it is a major cryptocurrency.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70