CryptoWatch offers a round-up of last week's top cryptocurrency stories, with the top development centering on Bitcoin's massive rally toward its all-time high price, which reached $72,000. It also went alongside the conviction of disgraced FTX CEO and co-founder Sam Bankman-Fried, after the court found him guilty of all criminal charges filed against him.
(Photo : Tech Times)
Moreover, there is also the massive performance of the altcoin known as FLOKI, centering on its entry into the Top 60 Cryptocurrencies in the market, besting its rivals in the league.
Bitcoin All-Time High: $72,000 Pricing Achieved
(Photo : Dan Kitwood/Getty Images)
After previously struggling to meet $70,000 almost three years ago, Bitcoin's return as a bullish crypto paid off last week as it recorded its all-time high price of $72,717 on Monday, the first for the coin. This achievement saw a massive rise in its price versus the US dollar, with many anticipating the upcoming restriction of its supply, seeing a significant demand that drove its price sky-high.
Before this achievement, it followed a $69,000 value, which already beat its previous all-time high in November 2021, where it clocked in $68,000.
This follows the announcement by Great Britain's Financial Conduct Authority that it would permit the creation of crypto-related securities like the United States.
However, entering this week saw the loss of this all-time high, as Bitcoin's price now settled back to $67,390, with a 1.45 percent dip in the past week.
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Sam Bankman-Fried Convicted of Fraud
Months after Sam Bankman-Fried was found guilty by the US court on the seven charges of fraud and money laundering, the former top executive of FTX is now convicted of his crimes. The recent proceedings had federal prosecutors recommending to the presiding judge to impose a 40 to 50 years prison sentence for Bankman-Fried, alongside an order to pay more than an $11 billion fine.
According to The Wall Street Journal, Bankman-Fried showed no remorse for his actions, which center on seven charges, including wire fraud, conspiracy to commit wire fraud, and conspiracy to commit money laundering.
The disgraced FTX CEO will face his sentencing on March 28, with the court now deciding on the length of his incarceration, with SBF's legal team still arguing for a lighter sentence because of his autism.
FLOKI Rallies to Top 60 Crypto
While not known for its massive price and valuation, FLOKI, the renowned altcoin, is rallying. Last week, it entered the Top 60 Cryptocurrencies in the world, beating its rivals in the market. Among the many altcoins present, like Dogecoin, SHIBA Inu, Pepecoin, and more, FLOKI's performance is one noteworthy development as it saw a significant improvement in today's market.
Last week, it saw a new local high of $0.00027, its highest recorded price since November 2021, back when altcoins took the stage, with FLOKI best known for riding in Bitcoin's coattails.
CoinQuest (via Binance) reported a surge in its Total Value Locked to over $693 million, exceeding its aggregated trading volume of $2.7 billion in only the past 24 hours.
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