Today’s Crypto Market: Bitcoin Holds Strong Above $21,000, FTX Congress Talks

Today’s Crypto Market: Bitcoin Holds Strong Above $21,000, FTX Congress Talks

MORE: Crypto bank Silvergate reports $1 billion loss in fourth quarter. Stocks closed mixed on Q4 earnings reports from major banks. More than one in three of the 535 US ambassadors and representatives showed up to a new session on the FTX wallet, after receiving media support from one of the leaders of the crypto industry, according to reports latest from CoinDesk. Jesse Hamilton, Cheyenne Ligon and Elizabeth Napolitano.

This article originally appeared on Crypto Market Today, CoinDesk’s daily newsletter that dives into what’s happening in the crypto market today. Subscribe to get it in your inbox every day.

CoinDesk has identified 196 new members of Congress — most of whom were sworn in last week — who received money from Sam Bankman-Fried or other executives at FTX, the crypto exchange that ran filed for bankruptcy in Delaware in November after CoinDesk. was revealed. An unprecedented close relationship between FTX and Alameda Research, a hedge fund. Names in Congress from the top of both chambers, including new House Speaker Kevin McCarthy (R-Calif.) and Senate Majority Leader Chuck Schumer (D-N.Y.) are new recipients of political posts is high.

When the authorities received the money, it became clear – based on the work of journalists, criminal charges, and confessions of guilt of FTX insiders – that the money came from this huge financial fraud. CoinDesk contacted 196 lawmakers to ask what they would do with the money.

Many of the politicians who responded said they gave it to charities to remove negative consequences from the donations of executives such as FTX CEO Bankman-Fried, who has been indicted on federal fraud charges including allegations that he violated the law. advertising revenue. Others revealed that they had discussions with the United States Department of Justice about withdrawing the money until it could be put into a fund to pay FTX victims.

represents Lou Correa (D-California) is among many current or incoming members of Congress who have accepted FTX’s donation, in his case, a limit of $2,900 directly from Bankman-Fried.

“I don’t know the gentleman — I’ve never spoken to him,” Correa told CoinDesk. But Correa said he intends to donate the same amount to his alma mater, California State University, Fullerton, “to support their Education Fund.”

Bitcoin (BTC): The largest cryptocurrency by market value was recently trading above $21,300, which is good for the day but is up more than 23% in the past seven days. The driver of the recovery remains uncertain, although many indicators provide at least some explanations. Markets closed on a mixed note as traders looked ahead to fourth-quarter earnings reports from banks including Goldman Sachs. Crypto bank Silvergate Capital (SI) reported a loss of $1 billion for the fourth quarter on Tuesday. The Dow Jones Industrial Average (DJIA) fell 1.1%, while the S&P 500 was down 0.2%. The tech-heavy Nasdaq Composite rose 0.1%. Ether (ETH): the second largest cryptocurrency followed the trajectory of BTC, trading on Tuesday at $ 1,590. The price of Ether has risen 19% in the past week.

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