Bitcoin price today: Remains above $70k, Sam Bankman-Fried Sentenced

price rose slightly on Thursday, though remained close to a trading range seen through most of the week amid anticipation of more cues on U.S. interest rates and fears of more regulatory scrutiny against cryptocurrencies. Meanwhile, former FTX CEO Sam Bankman-Fried was sentenced today.

Pressure from the dollar, which shot up to one-month highs this week, also limited any major gains in Bitcoin, especially as dovish comments from major global central banks saw traders largely prefer the greenback as a high-yielding, low-risk currency.Markets were now focused squarely on PCE price index data- the Fed’s preferred inflation gauge, which is due on Friday, and is likely to factor into the bank’s outlook on interest rates.

Governor Christopher Waller said on Wednesday that the bank was in no hurry to begin trimming interest rates, citing sticky inflation and enough headroom from a strong U.S. economy to keep monetary conditions tight.Sam Bankman-Fried, the former CEO of FTX, was sentenced to 25 years in prison for the fraud and conspiracy scheme that caused his once prominent crypto exchange to fail. SBF was also fined $11 billion.

The sentencing followed a monthlong trial in November, during which Bankman-Fried was found guilty of seven charges tied to the collapse of FTX and the disappearance of approximately $10 billion in customer deposits.Sentiment towards crypto markets was also rattled by a key development in the Securities and Exchange Commission's lawsuit against crypto exchange

Of this, $9.5 billion or 62% pertains to bitcoin options, with ether options making up the remainder. According to Deribit, this $15 billion expiration is among the largest in its history, erasing about 40% to 43% of the total notional open interest for both bitcoin and ether.

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