Bitcoin Bolts Past $23,000 | Bankman-Fried’s Hellish Week In Prison

CRYPTO RECOVERS FROM THE FTX COLLAPSE

Bitcoin prices continued to climb throughout the week to trade at its highest level since last August. The biggest cryptocurrency by market capitalization is over $444 billion and crypto’s entire market cap remains above $1 trillion. In addition, Wall Street giant Goldman Sachs has reported that bitcoin has been the best-performing asset in the world during the first month of 2023—outperforming gold, the S&P 500 and the Nasdaq 100. Bitcoin topped the year-to-date chart with 27% of total returns and a risk-adjusted ratio of 3.1. Gold has seen a 5% rally, along with real estate, while the Nasdaq 100 and the S&P 500 added 3% and 2%, respectively. Ether is down 2.0% on the week to trade at $1,558. Bitcoin gained on ether throughout the second half of the month as investors likely see it as a less-risky asset.

All eyes will now turn to the next meeting of the Federal Reserve’s Open Market Committee on February 1, where analysts are expecting a 25 bps rate increase that would increase the federal funds rate to a range of 4.5%-4.75%.

STALE WONDER BREAD, NEWSPAPERS AND SHOWERS WITH A HOSE

In an exclusive interview with former FTX CEO Sam Bankman-Fried at his parents’ home in Stanford, California, he broke down what life was like in a Bahamian prison for nine days as well as detailed why he ultimately agreed to be extradited to the U.S. Hint: his lack of access to the internet was driving him insane. Forbes also uncovered the previously unreported story of the circumstances behind Bankman-Fried’s arrest on December 12. Specifically, he was warned ahead of time by the Federal Bureau of Investigation and given the opportunity to flee the island nation that night as the Bahamian police were coming to bring him into custody. He declined and spent more than a week in the notorious Fox Hill prison before being extradited to the U.S. and granted bail to live under house arrest. Read the full story here.

Source: Forbes Digital Assets, powered by Nomics. Prices as of 4:00 p.m. on January 27, 2023.

FTX’s SURPRISINGLY LONG LINE OF CREDITORS

Add Google, Meta, TikTok, Twitter and Apple to the list of companies owed money by the ill-starred crypto exchange FTX in the aftermath of its catastrophic collapse. A new “creditor matrix,” published by FTX’s lawyers on Wednesday to the United States Bankruptcy Court of Delaware, runs 115 pages-long and contains thousands of names, providing even more complexity to the murky nature of the FTX bankruptcy estate. It’s unclear how much money is allegedly owed to the tech companies; that information is not provided in the matrix. Other names included Netflix, LinkedIn, Amazon and Microsoft. Outside observers were not the only ones surprised with some of the findings. Netflix spokesperson Emily Feingold told Forbes that the company was “not aware of ever having any business relationship with FTX and do not understand why they would have listed us as a creditor.”

The True Value Of Cryptocurrencies

The geopolitical strife taking place in Ukraine has once again underlined the true value proposition of digital currencies that are censorship resistant and easily transportable. To get in-depth research, interviews, trading signals and other valuable information unavailable anywhere else subscribe to Forbes CryptoAsset & Blockchain Advisor.

Get Forbes CryptoAsset & Blockchain Advisor

ELSEWHERE

White House Calls On Congress To ‘Step Up Its Efforts’ On Crypto Regulation [CoinDesk]

Genesis Demise Marks End Of Era For Crypto’s Pseudo-Banks [Wall Street Journal]

FTX Seeks Permission To Subpoena Sam Bankman-Fried, Family And Insiders [The Block]

Steven Elrich
Nina Bambysheva
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