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Bitcoin trades near $61,000 as analysts warn of a bear market. Meanwhile, Sam Bankman-Fried has formally applied for a presidential pardon.
Bitcoin is hovering around $61,000 after briefly dropping below $60,000 last week, marking its lowest level since October 2024 [2]. This price action represents a decline of more than 50% from record highs above $126,000 reached last year [2]. While the cryptocurrency market faces headwinds, former FTX CEO Sam Bankman-Fried has officially filed a petition seeking a presidential pardon to commute his 25-year prison sentence for fraud [3].
Key takeaways
The cryptocurrency recently experienced its worst week since the 2022 FTX crash, with analysts suggesting the market may have entered a bear phase [2]. Bitcoin has fallen below its 200-week moving average, a technical indicator that historically signals volatility and potential further declines [2]. This downturn contrasts with the broader stock market, as the S&P 500 is up approximately 8% in 2026, while Bitcoin is down 30% year-to-date [1].
Market observers attribute the weakness to a rotation of capital into the technology sector. Investors are
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The largest hack occurred in February 2025, when $1.5 billion in ether was stolen from a Bybit cold wallet.
Exchanges are major targets because they often hold large amounts of digital assets in hot wallets or through smart contracts that can be exploited by hackers.
Safety recommendations include keeping cryptocurrencies in offline cold storage when not actively trading and avoiding custodial accounts that lack insurance.
AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 3 outlets · Jun 12, 2026 · How we report
Yes, in the 2021 Poly Network hack, the attacker returned all stolen assets after developers appealed for the funds and requested exchanges to blacklist the hacker's addresses.