'Santa Rally' Could Spark Bitcoin to $56K by Year-End; PayPal Faces SEC Inquiry

Bitcoin's price could get some holiday. Cheer and Saman Man Fried's fate will soon be left in the hands of 12 jurors. You're watching coin desk daily. I'm your host, Jen Sani. The price of Bitcoin nearly reached $36,000 in the last 24 hours as the Federal Reserve left interest rates unchanged for a second straight time. This comes as analysts at Matrix Port predict that the world's largest Cryptocurrency by market cap could rise to $56,000 by the end of 2023. Their head of research said quote, as Bitcoin trends to reach its peak by December 18th, we could call the 6 to 7 weeks from early November to mid December. Bitcoin's Santa Claus rally Bateman Fried's criminal trial is coming to an end and the former FTX founder was on the verge of tears in court on Wednesday. Beman Fried known for his jitters spent his final few moments of his team's closing arguments still staring at his parents and drinking gulps of water in closing arguments. Defense said, quote, Sam did his best to start and operate two multi billion dollar businesses in a new market while prosecutors reiterated that Fx's collapse meant thousands of people lost billions of dollars. The jury could deliver its verdict as early as Thursday afternoon, Paypal has received a subpoena from the SEC. The firm said in a quarterly earnings report on Wednesday quote on November 1st 2023 we received a subpoena from the US EC division of enforcement relating to paypal, UD stablecoin and quote the subpoena requests that the firm produce documents. Paypal released their Stablecoin Pyud in August this year making the company the first major financial services firm to launch a Stablecoin Py US D is an Ethereum based Token offered to online payments customers before expanding to the company's Venmo app. Paypal has also allowed customers to buy and sell cryptocurrencies since 2020. That's a wrap for coin desk daily, get more updates on coindesk dot com and we'll see you next time.