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There have been many important developments recently in the world of Bitcoin and the cryptocurrency market. It is essential that all participants stay up to date on price changes and other events within the market, so here is a look at the news on Bitcoin and cryptocurrencies as of Friday, October 13, 2023.
He bitcoin price It experienced a slight drop below $27,000 on Wednesday and has remained relatively stable since then, a rarity in the ever-changing crypto market. On Thursday night, Bitcoin was trading around $26,720 after breaking through the $28,000 mark earlier this month. However, it has been hovering around the $26,000 range since August. The highest point Bitcoin reached in 2023 was $31,809 on July 13. However, it has struggled to regain its position above $30,000 since July 24. This year, the leading cryptocurrency has recovered 61%.
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Overall, cryptocurrency prices saw a broad decline on Thursday. After falling below $1,600 on October 9, Ethereum faded to around $1,530 on Thursday afternoon. Since early September, ETH has mostly hovered around its $1,600 level and momentarily reached its $1,700 level on October 1. Ethereum's peak this year was reported at $2,139 on April 16, just after the Shanghai market upgraded to a proof-of-stake (PoS) on April 13. The mid-April peak marked the highest level ETH has reached since May 2022. Year to date, ETH is up 28%.
In other news, disgraced cryptocurrency mogul, founder and former FTX CEO Sam Bankman-Fried has come under additional criticism. Former Alameda Research CEO Caroline Ellison testified Tuesday that Bankman-Fried directed her to commit crimes. The defendant in the trial, Bankman-Fried, faces multiple charges of fraud for the role he played in the stock market crash last year. After she was asked if she had directly and knowingly committed crimes under Bankman-Fried's instructions, Ellison confirmed that she had and added that she, the defendant and others participated in criminal activity. Ellison said Bankman-Fried, Alameda's CEO and owner at the time, oversaw funds that took several billion dollars out of the pockets of FTX clients and used them to pay lenders and for his own investments. In December 2022, Ellison pleaded guilty to seven felonies, including conspiracy and fraud.
Regarding current cryptocurrency prices, it is essential for anyone looking to invest to know that all digital asset investments are very volatile. Although the technical indicators and fundamentals of a cryptocurrency may differ, all investors should focus on the same main goals. Learning when it is time to sell, take profits, and cut losses is critical to staying protected. It is also vital to be prepared to make profits in case cryptocurrencies begin to recover. The most essential point to reiterate concerns the variability of the market. Although Bitcoin has remained relatively stable this week, that is generally not the case for digital assets, so being prepared for fluctuations is essential.
