Galaxy

Bitcoin

The sentencing of Sam Bankman-Fried (SBF) to a 25 year prison term over multiple charges linked to the horrible <a href="https://news.todayq.com/ftx-urges-us-to-cut-bankruptcy-claim-shareholders-left-empty-handed/" rel="noopener noreferrer nofollow">collapse of FTX</a> brings an end to a most hectic chapter in the crypto market’s history. The courtroom drama finally concluded, however, there are many more visible signs of the industry’s recovery and evolution. What to look for in the crypto market? 
The global crypto market recorded several major rallies since the beginning of 2024, still, the industry is witnessing some big number changes which is just boosting investors’ confidence. Just like Coinbase recently completed a $1 billion convertible notes offering to retire existing debt.&nbsp;
On the other hand, MicroStrategy Inc., known for its massive Bitcoin holdings went on to raise $800 million. It didn’t stop there as then it did an additional $600 million through similar offerings within 10 days.&nbsp;
In the crypto mining sector, Bitdeer Technologies Group is also in discussions with private credit firms to secure $100 million in financing.&nbsp; It is a crypto-mining company owned by Chinese billionaire Jihan Wu.
An increase in inflow in capital markets activity reflects a broader trend in the industry. A report on Galaxy Digital’s $2 billion investment banking pipeline can be seen as a piece of clear evidence. Christopher Ferraro highlighted the shift and linked it to a newfound confidence among investors.
It is important to note that the influx of capital comes in line with the launch of spot Bitcoin exchange-traded funds (ETFs). The investment products got approval by the US Securities and Exchange Commission (SEC) which had attracted billions of dollars into the asset class. Bitcoin to lead? 
Despite concerns about potential risks, investor interest remains strong which led Bitcoin to register a new all time high (ATH) of $73,750 on March 14, 2024. BTC price has seen a jump of 66% in the last 60 days, while, meme coins are hitting back to back rallies. The biggest digital asset is trading at an average price of $69,927, at the press time.
The global crypto market cap now stands at $2.63 trillion with a 24 hour trading volume of over $100 billion.
It is now a situation to see signs of fragility emerging with Bitcoin proxies like MicroStrategy recording a sharp decline alongside BTC’s price slump. Amid the ongoing bull run, some investors are even hedging their bets against a potential drop. This is evident by watching a high increase in short interest against crypto stocks this year.

SBF’s 25 year prison term closes a chapter in crypto, Where to focus next?

Todayq News

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