Bitcoin Slips to $37K; How Big of a Flight Risk Is Former Binance CEO Changpeng 'CZ' Zhao?

A debate is brewing over whether B's former CEO is a flight risk and Kathy Woods Ark invest is making new moves. Welcome to Coin Desk Daily. I'm your host, Jen Sani Lawyers for former Binance, Ceo Chang Peng Zhao are asking a judge to reject the justice department's request to bar him from returning to his home in the UAE until he is sentenced for violating anti money laundering laws. The justice department responded in a new filing that CZ doesn't need to be locked up until his sentence but he shouldn't leave the United States either arguing that he's a quote, flight risk that could be managed end quote. Last week. CZ pleaded guilty for breaking anti money laundering laws in the US and stepped down as finances CEO. His sentencing date is slated for February 2024 terror founder Do Kwan's extradition has been approved by a Montenegro court. According to a post on the judiciary's website, he can be extradited to the United States or South Korea. The final decision will be made by the Montenegrin Justice Minister after Kwan serves a four month prison sentence for document forgery. Kwan was arrested in the country in March after being caught at the airport with falsified documents, he faces multiple counts of fraud charged by us. Federal prosecutors in addition to existing civil charges in the US and an ongoing investigation in South Korea related to last year's terror US D collapse. Meanwhile, Bitcoin is trading under $37,000 after touching levels not seen since May 2022 on Friday. This comes as Deutsche Bank research thinks the fed could become the most dove among advanced nations. Central banks. As traders predict it will cut rates by 100 basis points in 2024. Such a move could weaken the dollar and incentivize risk taking in crypto and traditional markets. And Kathy Woods Ark invest sold more than 100 and 63,000 gray scale Bitcoin Trust shares last week worth just over $5 million. The sales took place as the discount for the Bitcoin investment vehicle narrowed to its lowest in more than two years. A sign of increasing optimism that a spot Bitcoin ETF approval is on the horizon. That's a wrap for coin desk daily. Get more updates on coindesk.com and we'll see you next time.