# Bitcoin Near $61K, SBF Files for Presidential Pardon

**Published:** 2026-06-12T11:55:33.323Z  
**Topic:** Crypto Exchange Hack  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/e2309f1f-dc01-4fa5-b198-3d6877e8ba30

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**
*   Bitcoin is trading near $61,000 after falling more than 50% from its record high last year [2].
*   Analysts link the sell-off to investors moving capital into upcoming tech IPOs, including SpaceX, and outflows from spot ETFs [2].
*   Sam Bankman-Fried has formally requested a presidential pardon, though Donald Trump has reportedly expressed only hesitance [3].

## Market downturn linked to tech sector rotation

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

## Sources
1. Investopedia — [The Price of Bitcoin Fell Below $60,000—Or Less Than Half Last Year's Record Highs](https://www.investopedia.com/bitcoin-price-falls-below-usd60k-less-than-half-last-years-record-high-11991911)
2. Nypost — [Bitcoin sinks to $61K as Wall Street braces for SpaceX IPO ...](https://nypost.com/2026/06/09/business/bitcoin-sinks-to-61k-as-wall-street-braces-for-spacex-ipo-analysts-fear-crypto-bear-market/)
3. Thecurrencyanalytics — [Sam Bankman-Fried Seeks Presidential Pardon After 25-Year ...](https://thecurrencyanalytics.com/crypto-exchanges/sam-bankman-fried-seeks-presidential-pardon-after-25-year-sentence-for-ftx-fraud-265322)

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Cite as: TrendWatcher, "Bitcoin Near $61K, SBF Files for Presidential Pardon", https://www.trendwatcher.in/article/e2309f1f-dc01-4fa5-b198-3d6877e8ba30