All eyes are watching the crypto market this week, as many big banks and analysts state that a shift may be imminent in the coming days. The US economic data is due for release this week, which will shed light on economic policy, and possibly have drastic impacts on the direction of major crypto-players such as Bitcoin and Ethereum. To add to the stakes of this week, the market’s top villain of the day, Sam Bankman-Fried saw the arrest, this morning in the Bahamas, bringing a close to the uncertainty regarding his fate.
Crypto-Highlights of the week
Authorities in the Bahamas arrested Sam Bankman-Fried early this morning after reports emerged citing the country’s attorney general. According to various news reports, authorities took in SBF following a formal communique by US law enforcers regarding criminal charges filed, and the initiation of an extradition process.
As the end of 2022 comes, market analysts have been surveying the crypto-losses of the last 12 months of this fateful year. It was found that the total value locked in defi fell by 83% since last year, with the major blow coming from the FTX collapse.
BTC price was relatively stable during the past week, with market participants anticipating major change with the release of US inflation reports. If inflation data shows significant improvement, as many are expecting, it would provide a strong basis for the US Fed to reverse its aggressive interest rate policy, giving room for the crypto market to take off once again.
The world’s largest crypto-exchange, Binance recorded capital outflows exceeding $900 million, surpassing the combined amount of all other exchanges, in the last 24 hours. This panic comes after an increase in scrutiny of the exchange, following an audit report claiming its assets face over-collateralization.
According to South Korean officials, the former boss of Luna and TerraUSD, and now fugitive, Du Kwon may be living in Serbia. Du Kwon has an Interpol red notice to his name, with authorities around the world on the hunt for him. His arrest could be a big deal across the crypto-markets and act as a milestone toward the capital market