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Former Alameda Co-CEO Caroline Ellison is set to face sentencing in a New York court on September 24. Ellison, who is also the ex-girlfriend of former FTX CEO Sam Bankman-Fried, pleaded guilty in December 2022 following the collapse of the cryptocurrency exchange, which cost consumers billions of dollars. The fraud charges against Ellison include two counts of conspiracy to commit wire fraud, two counts of actual wire fraud, and one count of conspiracy to commit money laundering, among others. The charges carry a maximum sentence of 110 years in prison, but Ellison could face a lesser sentence because she cooperated with prosecutors.
Other former FTX executives, Gary Wang and Nishad Singh, were also charged but have cooperated with prosecutors. Wang’s sentencing is scheduled for November 20, while Singh’s is scheduled for October 30. Bankman-Fried was sentenced in March to nearly 25 years in prison and ordered to repay as much as $11 billion in losses to investors and lenders.
Bitcoin BingX Chart
Bitcoin BingX 1D Chart 09/11/2024 | Source: TradingView & BingX
BTC price action is expected to accompany US macroeconomic data and the presidential debate, while Bitcoin traders remain cautious about the recent recovery. Bitcoin held steady as Wall Street opened on September 10 as bulls refused to let BTC prices fall. Risk assets avoided major moves ahead of the US CPI for August released on September 11, along with the first presidential debate between candidates Donald Trump and Kamala Harris.
“Macroeconomic uncertainty dominates crypto markets ahead of the presidential debate, with the 30-day correlation with the MSCI Global Equity Index reaching 0.6, near a 2-year high,” trading firm QCP Capital wrote in part of its latest newsletter to Telegram subscribers. QCP revealed that deep interest in BTC price volatility will return in the next 24 hours, with the options market “implying a move of more than 3.3% from the current level of 56.8k tomorrow after the debate.”
BTC 's current support level is $55,500 and resistance level is $58,500.
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