Few movement in cryptos; "Bitcoin hasn´t gone anywhere"

(Sharecast News) - There´s very little movement in the cryptocurrency market. Bitcoin (BTC) is practically flat on Monday and is below $29,400, while Ethereum (ETH) remains below $1,850. Craig Erlam, senior market analyst at OANDA, stated that the reigning cryptocurrency "has been very choppy over the last couple of months but it hasn't really gone anywhere in that time." "From trading largely between $30,000-$31,000 between late June and early July to mostly between $29,000-$30,000 since, it's not been the most thrilling of periods," the expert added.

According to the OANDA strategist, although Bitcoin has tried to regain $30,000 after a strong rally last Tuesday, it seems that it has not had the "necessary momentum" to escape the range in which it has been trading for the past few weeks. And it doesn't look like it's going to get it any time soon.

For his part, Joe DiPasquale, CEO of BitBull Capital, believes that the price stability of cryptocurrencies is "a positive sign", as it could support further rises in the market.

According to the expert, the market is still digesting some positive news such as the launch of PayPal's stablecoin, PayPal USD (PYUSD), which he defines as "a major set forward" as it is the first issue of its kind by a traditional and global payment service. "We believe such developments are likely to shape the market behavior moving forward, even if the general response is relatively muted at this point," he added.

Be that as it may, what is certain is that there is no big news in the cryptocurrency market. Possibly the most relevant development is the return of Sam Bankman-Fried to prison after his probation was revoked for allegedly attempting to tamper with witnesses.

According to Lewis Kaplan, district judge in the U.S. District Court for the Southern District of New York and charged with handling Bankman-Fried's criminal case, the FTX founder is willing to "risk crossing the line in an effort to get right up to [the line], wherever it is."

"My conclusion is there is probable cause to believe the defendant has attempted to tamper with witnesses at least twice. ... There is a rebuttable presumption that there is no set of conditions that will ensure Bankman-Fried will not be a danger," the magistrate noted.

According to the Justice Department, the fact that Bankman-Fried contacted Ryne Miller, former general counsel of FTX.US, and used a virtual private network to, in the words of his defense team, watch the Super Bowl, were enough to require a modification of his bail conditions. However, the last straw for the court was Bankman-Fried's sharing with 'The New York Times' part of the private diary of Caroline Ellison, former CEO of Alameda Research, FTX's investment arm.

In other market news, little movement, although declines predominate. Ripple (XRP) falls 0.3% and Dogecoin (DOGE) drops almost 2%.