Bitcoin falls below $60,000

The price of the cryptocurrency Bitcoin fell below $ 60,000 after Changpeng Zhao, who resigned from his position as CEO of Binance ahead of the US Federal Reserve’s (Fed) interest rate decision, was sentenced to 4 months in prison. According to data from analysis firm Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, decreased by approximately 5.2 percent in 24 hours, falling to $ 2 trillion 210 billion. The price of Bitcoin, the largest cryptocurrency, fell to $ 59,120 in the last 24 hours after Changpeng Zhao, who resigned from his position as CEO of Binance ahead of the Fed’s interest rate decision, was sentenced to 4 months in prison. As of 23:38 (GMT+3), Bitcoin’s weekly loss of value is approaching 10 percent. Bitcoin, which recorded its all-time high of $ 73,750 on March 14, has declined by 18 percent in its price in 46 days. The price of Ethereum, which ranks second in terms of market value, also fell below $ 3,000. As of 23:38, Ethereum was traded at $ 2,954. Analysts stated that the crypto market was negative after data signaling that inflationary pressures continue in the US. Analysts also stated that the stronger-than-expected employment cost in the US indicates permanent inflationary pressures, and that crypto investors are cautious ahead of the Fed's interest rate decision to be announced tomorrow. In addition, analysts emphasized that the unexpectedly strong increase in housing prices indicates that the recovery in the US real estate market is on the way, and reminded that the possibility of the Fed starting an interest rate cut has been postponed to the last quarter after data signaling that the fight against inflation in the US may last longer than expected. Zhao's 4-month sentence also had an impact The 4-month prison sentence of Changpeng Zhao, who resigned from the position of CEO of the cryptocurrency exchange Binance in accordance with the agreement he made with the US government in November 2023, also had an impact on the sharp sell-off in the crypto world. In the criminal case seen in Seattle Federal Court, prosecutors sought a 3-year prison sentence for Zhao as a deterrent, while defense attorneys requested 5 months of supervised release. Zhao's attorneys argued that the former CEO admitted his mistake, came to the US voluntarily, had not violated the law before, and was cooperative. Once considered "the most powerful person in the crypto industry" and known as "CZ", Zhao was sentenced to 4 months in prison for "failing to provide adequate protection against money laundering."