Black Friday Crypto Moves, El Salvador Doubles Down on BTC, Celsius CFO Arrested

Bitcoin rose on Sunday, recovering from the losses it experienced on Black Friday. Interestingly enough, many analysts are tying the 8% drop in price to concerns about the new Omicron strain of Covid-19 (I know, we’re all over hearing about new reasons for governments to enforce lockdowns, aka “strains”).

Prices for many altcoins also plummeted on Friday, despite positive crypto news being released (El Salvador doubles down, Ethereum breaks above 4M+ unique addresses). Similar to traditional financial markets, cryptocurrencies could enjoy some risk on/off moves with the emergence of the new covid strain.

El Salvador Doubles Down On Bitcoin

The El Salvador government bought 100 more Bitcoin. El Salvador President Bukele tweeted about the purchase on Friday “El Salvador just bought the dip. 100 extra coins acquired with a discount”.

On the 20th of November Bukele announced plans for an entire city to be built based upon bitcoin.

Currently Bitcoin is trading around $57,400.

BTC/USD 1D Chart, 29 November 2021

Celsius CFO Arrested

Yaron Shalem, the CFO of Celsius (a cryptocurrency lender) was arrested last week. The charges were tied to Shalem’s previous role as CFO at Singulariteam, whose founder was arrested last week as well on money laundering & other charges.

Celsius made a public statement quickly after, confirming that the arrest was not in relation to Shalem’s role at Celsius, and that Shalem was immediately suspended.

Celsius also confirmed that no assets of theirs have been misplaced or mishandled.

Both Singulariteam’s founder, Hogeg, and Yaron Shalem have been targeted in court previously. The two were both named in a lawsuit that alleged they dipped into investors funds for his own use.

Published by Tom Stewart

Head of data analytics at TradeProofer. Analyst at Opes Trading Group. FX enthusiast.

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