Bitcoin sales from FTX may have prevented a $100,000 BTC price, reactions to SBF trial testimony suggest.
Bitcoin sales by FTX come to light as part of the SBF trial, as one prediction suggests that they stopped the BTC price from hitting $100,000.In an X post on Oct. 12, Joe Burnett, senior product marketing manager at Bitcoin financial services firm Unchained, joined voicesThis week, Caroline Ellison, former CEO of affiliated firm Alameda Research, reportedly told the court that Bankman-Fried asked her to sell BTC should its spot price breach $20,000.
“Alameda was insolvent even during the bull market. It appears they used FTX customer bitcoin and other customer assets to buy ‘Sam coins’ ,” he wrote, referring to reports that Ellison’s firm had a negative value of $2.7 billion in 2021.Sam Bankman-Fried blamed Binance for balance sheet leak to media: Court evidence
Among those was the then-popular Stock-to-Flow Bitcoin price model, the creator of which — the pseudonymous entity known as PlanB — gave a BTC price target ofBitcoin is below $34K, triggered by Elon Musk's energy FUD and China's mining crack down. There is also a more fundamental reason that we see weakness in June, and possibly July. My worst case scenario for 2021 : Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135KWhile PlanB continues to give optimistic outlooks on where Bitcoin is headed, the SBF debacle is fast becoming a source of amusement on social media.Others disagree with Bankman-Fried’s motives.
So that sounds to me more like SBF"need USD liquidity sell BTC, but don't sell below $20k" and not"try to keep BTC under $20k. Ie below $20k is ridiculously cheap wait for higher.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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