Sam Bankman-Fried’s parents are petitioning President Trump for a pardon. Trump recently pardoned Silk Road founder Ross Ulbricht, but Bankman-Fried may be a more difficult case.

SBF contributed millions to defeat Trump’s Presidential campaign in 2020 and was sentenced to prison less than a year ago. For these and other reasons, a pardon seems much less likely.

Could SBF Get a Pardon?

Sam Bankman-Fried (SBF), one of the most infamous criminals in crypto history, may receive a pardon from President Trump. According to a Bloomberg report, his parents, Joseph Bankman and Barbara Fried, are spearheading the effort.

Both parents are law professors, and they’ve been consulting with figures in Trump’s orbit.

Since Donald Trump re-took office, he’s been fulfilling obligations to the crypto community. He pardoned Ross Ulbricht on his second day in office, making good on a campaign promise.

Ulbricht’s mother was a key figure in petitioning for this pardon, and SBF’s parents want to use the same strategy. Indeed, due to Trump’s early string of pardons, he’s facing many requests.

“I have been hearing from people in prison, from people recently sentenced who haven’t reported to the Bureau of Prisons yet, from people who have been indicted. They are looking for somebody who knows somebody,” claimed Jeffrey Grant, who runs a legal and advisory firm in New York for white-collar defendants. He has received around 100 pardon requests.

Rumors about an SBF pardon have circulated a few times since Trump won the Presidential election, but nothing has materialized yet. Indeed, it might be much more difficult than Ulbricht’s pardon.

For example, the new US Attorney in the SDNY pledged that his office would stop a crypto crackdown, but only after defeating Bankman-Fried’s appeal.

In other words, even when the legal system wants to ease up on crypto criminals, the Bankman-Fried case is still very recent. He was sentenced less than a year ago, whereas Ulbricht spent more than a decade behind bars.

If Trump gives SBF a pardon this soon, it might directly encourage these large-scale financial crimes.

“In my opinion, SBF will be pardoned and released. There are more truths to be revealed. Nothing is what it seems and definitely not what you were told. Watch this space. The real criminals will be exposed,” wrote Martin Folb.

Additionally, before his arrest, Ulbricht was a libertarian with no strong affiliation to either political party. Bankman-Fried, on the other hand, was a major Democratic donor who directly contributed millions to defeat Donald Trump in 2020.

If SBF wishes for Trump to pardon him now, his contributions to the Republicans might not be enough to clear the bad blood. In other words, it doesn’t seem particularly likely that SBF will receive a pardon anytime soon. 

Reports suggest that his parents consulted a lawyer who helped several clients receive clemency in Trump’s first term. They were told that “Trump is busy doing other things” and should contact him again in a month.

Bitcoin price started a fresh upward move above $103,200. BTC is now correcting gains and might revisit the $102,000 support zone.

• Bitcoin started a decent upward move above the $103,200 zone.
• The price is trading above $103,000 and the 100 hourly Simple moving average.
• There is a key bullish trend line forming with support at $103,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it stays above the $102,000 zone.

Bitcoin Price Recovers Above $102,000

Bitcoin price started a decent increase above the $101,500 resistance zone. BTC was able to surpass the $102,200 and $103,200 resistance levels to move into a positive zone.

It even cleared the $104,500 resistance zone. The pair settled in a positive zone and now faces hurdles near the $106,500 zone. A high was formed at $106,414 and the price is now correcting gains. There was a move below the $105,000 level.

It is now testing the 23.6% Fib retracement level of the upward move from the $97,688 swing low to the $106,414 high. Bitcoin price is now trading above $103,000 and the 100 hourly Simple moving average.

There is also a key bullish trend line forming with support at $103,500 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $105,500 level. The first key resistance is near the $106,500 level. The next key resistance could be $107,000.

A close above the $107,000 resistance might send the price further higher. In the stated case, the price could rise and test the $108,800 resistance level. Any more gains might send the price toward the $110,000 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $105,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $103,500 level. The first major support is near the $102,500 level and the 50% Fib retracement level of the upward move from the $97,688 swing low to the $106,414 high.

The next support is now near the $102,000 zone. Any more losses might send the price toward the $100,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $103,500, followed by $102,500.

Major Resistance Levels – $105,500 and $106,500.