Analysts project there is a "60% likelihood that November will be a green month for BTC."
There were also interesting revelations during the cross-examination, with Bankman-Fried admitting that he did not know Caroline Ellison would be cooperating with the government but suspected the government had a search warrant for his Google account.
The island country shared details about Project Guardian, which saw the MAS partner with numerous financial institutions to launch pilots on "asset tokenization in fixed income, foreign exchange, and asset management products."
While whales moving their Bitcoin stash is not unusual in the crypto world, Binance moving a huge amount of crypto assets does not happen every day, which is why it created a big fuzz within the community.
The announcement came just days after Kraken informed its clients that it is sending sensitive customer data to the IRS in November.
There is still excitement surrounding spot Bitcoin exchange-traded fund, with the world's largest crypto asset by market capitalization trading in the green zone.
While Bankman-Fried described Ellison and Trabuco as "good people," he criticized his ex-girlfriend, stating that she was "proficient in research" but lacked focus on risk management.
The SEC chairman's statement created a myriad of speculations in the cryptocurrency industry, especially among those eagerly waiting for the official rollout of the products that would be offered by Wall Street giants, including BlackRock.
By far, this is the highest rate Bitcoin's dominance has reached over the past two and a half years or since the bull market in April 2021 where it hovered within the 50%–60% range.
At the end of the hearing Thursday, Judge Lewis Kaplan compared the situation to that of someone who purchased a house with funds he robbed from a bank but did not tell his real estate lawyer where the funds really came from.
Though not a typical strategy, the defense's choice to have their client take the stand is perceived by many as a possible "Hail Mary" move.
Contrary to many speculations, Deaton believes that the legal battle between Ripple Labs and the SEC could be protracted and may last a year.
The public will have a preview of Bankman-Fried's team's defense strategy this week.
The Wall Street Journal published a report that claimed Hamas raised millions in crypto to fund its attacks on Israel. U.S. lawmakers, including Sen. Elizabeth Warren, used the article to demand answers from the Biden administration on the use of crypto assets by terrorist organizations.
Long-term holders are not impacted by the recent rally of Bitcoin since nearly 30% of their supply is being held at a loss, which according to the report, is high, historically.
Bankman-Fried, whose case has faced intense scrutiny due to explosive testimonies from former colleagues in recent weeks, will take the stand following the testimony of three defense witnesses.
If the government had sold the same number of Bitcoin at an average price of $35,000, it could have raked in $345,135,000, which meant it missed around $129,135,000 worth of gain.
In a court filing, Binance's lawyers argued that the Irish units of the business should not be named as defendants in the lawsuit considering that those entities are located outside of the jurisdiction of the CFTC.
BlackRock, whose spot Bitcoin ETF filing is at the center of speculations, maintained that the application in question is still within the SEC's "filing restriction period."
The substantial transfers worth over $10 million include 2,904 ETH ($5.18 million), 1,341 MKR ($2.02 million), 198,000 LINK ( $2.26 million) and 12,000 AAVE ($1.03 million).
Based on the analysis, BTC will continue to surge and could hit the $39,000 price level anytime soon.
Ripple Labs' landmark victory against the U.S. financial regulator, followed by the dismissal of the charges against its top executives, seemingly suggests that the long legal battle of the blockchain firm against the SEC is finally over.
This decision basically solidifies the court's earlier ruling on Aug. 29, which noted that the SEC was "arbitrary and capricious" in its decision to reject Grayscale's bid to convert its $17 billion Grayscale Bitcoin Trust (GBTC) into a spot ETF.
Bitcoin rallied to $31,000 at the start of the week, but it seemed like the king of crypto was poised to surge to a much higher price level as it climbed to the $35,000 threshold later in the day until early Tuesday.
Early Monday morning, BTC was trading at $30,936.86 painting a huge gain of around 3% over the past 24 hours and a double-digit spike of over 10% in the past seven days.
Apollo was interested in investing in FTX, but it wanted to know how a popular crypto derivatives exchange had a $7 billion shortfall.
After reports were released revealing that Hamas and its ally, the Palestinian Islamic Jihad, received around $90 million worth of crypto in funding, Chainalysis released a blog, noting that the reports might have overblown metrics and used "flawed analyses."
Caroline Ellison is hoping to get leniency when the SBF trial ends in exchange for her cooperation.
According to the ETF analyst, the updated spot Bitcoin ETF prospectus also confirms that issuers are engaging in discussions with the financial regulator, signifying a positive indication of progress in the filings.
The successful conversion of GBTC into a Bitcoin ETF hinges on NYSE Arca's 19b-4 application approval and the SEC declaring Form S-3 effective.