Bitcoin Pushes Through $60K on Bull Rally; What Should Sam Bankman-Fried's Sentence Be?

Are we in a greedy environment? And Sam Bateman Fried's attorneys have a new request. You're watching Coin Desk daily. I'm your host, Jen Sani Bitcoin's bull rally continues. The largest Cryptocurrency by market cap surged above $59,000 in European morning hours reaching a $1.2 trillion market cap. Meanwhile, the broader coin desk 20 index jumped nearly 3%. The fear and greed index flashed 82 today. This implies extreme greed. The index is a sentiment metric that tracks the rate of change in asset movement against inherent fundamentals. A greedy environment is considered a sign of euphoria which could mean the market is due for correction regardless some traders out there expect Bitcoin to cross its previous highs of $69,000 next month. Blackrock's Bitcoin ETF is setting records recording volumes of over $1.3 billion for the second consecutive day and us listed spot. Bitcoin ETF S traded over $2 billion according to data cited by Bloomberg ETF analyst, Eric Balchunas. The large volumes happened as Bitcoin broke out from its sideways consolidation Monday rallying over 10% and hitting $57,000 after us market close. That was the highest price since November 2021. And Sam Bateman Fried's attorneys have requested a prison term of no more than 6.5 years. Bachman Fried was convicted on seven counts of fraud and conspiracy last year and is due to be sentenced next month. According to a court filing submitted on Tuesday, Binman Fried's lawyers objected to the presentence investigation report which recommends a sentence of 100 years in prison calling it grotesque. The filing said quote sims a 31 year old first time nonviolent offender who was joined the conduct at issue by at least four other culpable individuals in a matter where victims are poised to recover. We're always poised to recover 100 cents on the dollar. The filing heavily draws on how the harm to customers lenders and investors is zero because the FTX Bankruptcy Estate has said it expects to fully repay customers. That's a wrap for coin desk daily today, get more updates on coindesk.com and we'll see you next time.