The price of major crypto tokens fell on Friday after crypto entrepreneur and former FTX founder Sam Bankman-Fried was found guilty of multi-billion dollar FTX fraud.

Sam Bankman-Fried, the former cryptocurrency kingpin accused by US prosecutors of stealing billions of dollars from his customers, was convicted guilty on all counts on Thursday and now faces up to 110 years in prison.
The jury deliberated for only five hours after a five-week trial in New York. The sentencing of the individual known as “SBF” will take place at a later date.

Meanwhile, as a result of the news, the global cryptocurrency market cap fell 1.8% in the last 24 hours to $1.28 trillion.
At roughly 1.25 p.m., Bitcoin was trading 2.5% down at $34,389, while its largest peer, Ethereum, was trading at $1,796, down 2%.
The majority of MCap’s top 20 cryptos are now trading in the red. BTC was on the verge of breaking the $36k barrier before correcting and returning to trade over $34.5k. Many investors believe that this is a reaction to Sam Bankman-Fried’s guilty judgement in the FTX fraud trial.

Bitcoin is currently trading above the $34,400 mark, with some traders locking in profits following the October rally. Bitcoin must break beyond the $35,000 barrier or find support near $34,300 to resume its upward trend. Market sentiment is now neutral as investors await the release of the US Non-farm payroll report later today.

Solana was the worst performer among the major crypto tokens, plummeting more than 10%. Dogecoin, Tron, Polkadot, XRP, and Shiba Inu were all down 1-3%.

Bitcoin’s, the world’s largest cryptocurrency, market cap has dropped to $671 billion in the previous 24 hours. According to CoinMarketCap, Bitcoin presently has a 52.6% market share. BTC volume fell 24.6% in the last 24 hours to $19.2 billion.