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Bitcoin holding above $70K amid Q1 end, Bankman-Fried sentencing

Josh Lipton and Akiko Fujita

Bitcoin (BTC-USD) is holding above $70,000 on Thursday, the final trading day of the first quarter of the 2024 fiscal year. Year-to-date, the cryptocurrency has seen over 60% in gains.

Yahoo Finance Anchors Akiko Fujita and Josh Lipton break down the trajectory of bitcoin's price this year, putting the broader digital asset space in perspective alongside today's sentencing of former FTX CEO Sam Bankman-Fried.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

Editor's note: This article was written by Nicholas Jacobino

Video transcript

AKIKO FUJITA: We are watching Bitcoin closely here, once again rising above that $70,000 mark. You see 70,524 is the level we're looking at. A reminder-- Josh, you were talking about this be the end of the quarter here as we round out this month. We're talking about being-- trading below 43,000 at the start of the year.

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An incredible run in Bitcoin here today alone. Up nearly 3% there. Of course, a big, big story around crypto today is the sentencing of Sam Bankman-Fried. And sort of-- you know, I mention that, because you kind of go back to just the full arc of where crypto has come here at least particularly on Bitcoin since the lows that we saw.

Remember back in 2021, the record that we saw then. You have the collapse of FTX hits a low, and here we are back talking about 70,000.

JOSH LIPTON: Yeah. I mean, it is interesting, Akiko. It's just sort of you kind wonder with today's news with SBF, with Sam Bankman-Fried, whether it also sort of is the end of a chapter in some way. I mean, just broadly for that asset class. He is convicted. He is sentenced.

And it does feel like you kind of maybe turned a chapter when it comes to this asset class. I mean, now it's not SBF who champions it. It's Larry Fink, right.

AKIKO FUJITA: Well, and that's what we've heard from some analysts talking about, you know, this rally is a bit different, because you have had that shakedown since the FTX collapse. You also have, you know, what's happened with CZ as well. So there's others who are buying in. Obviously, ETFs have had a big role in this run up that we've seen for Bitcoin.