Bitcoin Surges on Inflation Slowdown, Bankman-Fried Denies Stashing Billions, Blockchain.com Restructuring

• Bitcoin had its best day in two months after the Consumer Price Index (CPI) report shows inflation slowdown.
• Sam Bankman-Fried, the disgraced former chief of FTX, denied stashing away billions of dollars and gave his take on what happened to his bankrupt crypto exchange in a lengthy new post on Substack.
• Blockchain.com has cut jobs as part of a restructuring.

Bitcoin had its best day in two months on Thursday, surging to over $19,000 following the release of the Consumer Price Index (CPI) report which showed inflation had slowed. The digital-asset rally extended into the weekend, and the cryptocurrency has now cemented itself as one of the world’s most popular investments.

The news came as Sam Bankman-Fried, the disgraced former chief of FTX, released a lengthy new post on Substack in which he denied stealing funds and stashing away billions. Bankman-Fried is currently facing numerous federal charges including conspiracy to commit fraud and is now free on bail.

In his post, Bankman-Fried alleged that the trading firm “failed to sufficiently hedge its market exposure” and said he “hasn’t run Alameda for the last few years.” He concluded the post by stating that Alameda lost money due to a market crash it was not adequately hedged for.

In addition to the Bitcoin rally and Bankman-Fried’s post, Blockchain.com has also announced that it is cutting jobs as part of a restructuring. The move is aimed at streamlining operations and improving efficiency, and the company has said it hopes to be able to rehire many of the affected staff once the restructuring is complete.

Overall, it has been a busy week in the world of cryptocurrency, with Bitcoin continuing to surge, Bankman-Fried giving his account of what happened to his bankrupt crypto exchange, and Blockchain.com announcing job cuts. It remains to be seen how these developments will affect the market in the coming weeks and months.

Comments are closed.