Bitcoin Records Fresh Market Low At $17K, Was This The Bottom?
The crypto market is buying and selling within the crimson, with Bitcoin and different cryptocurrencies recording double-digit losses over at the moment’s buying and selling session. The primary cryptocurrency retraces its income from final week and fallback into a brand new yearly low.
On the time of writing, Bitcoin (BTC) trades at $18,200, with a 13% loss within the final 24 hours and an 11% loss within the earlier seven days. Different cryptocurrencies within the crypto prime 10 by market cap are following the same trajectory, with Dogecoin (DOGE) displaying the best losses over this era.
Bitcoin Crashes Amid FTX “Lehman Second”
The crypto market is reacting to the occasions associated to FTX and Binance. Dubbed the “Crypto Alternate Wars,” Binance emerged victorious when FTX confirmed a deal to give up its belongings, apart from FTX.US.
The Sam Bankman-Fried led platform couldn’t redeem its customers’ new request for withdrawal. In response to reviews, the venue was lacking as a lot as $6 billion and was compelled to halt its operations.
Amid this uncertainty, the crypto market and Bitcoin confronted immense promoting strain. Rumors have surfaced about Alameda, FTX’s buying and selling arm, presumably liquidating its BTC to cowl a few of its losses, however the staff behind the platform has no official assertion.
There’s hypothesis in regards to the present state of the market, which has been mirrored in Bitcoin and different cryptocurrencies. As well as, the U.S. Midterm election is including extra uncertainty into the combo.
NewsBTC reported yesterday {that a} Republican win may very well be bullish for crypto and digital belongings. This celebration has been extra liable to assist the business and crypto tasks when in comparison with the Democratic celebration.
BitMEX Founder Arthur Hayes printed his notion of the way forward for Bitcoin and the crypto business. Hayes appears bearish as he introduced the acquisition of places (promote) choice contracts for Bitcoin.
These contracts have a strike value of $15,000, which means they will train if BTC’s value data one other recent low and crashes into $15,000 to $14,000 or a lot decrease. The BitMEX Founder wrote:
FTX = Lehman
That wasn’t the underside. $SPX hit 666 in March of 2009.
Due to this fact $17,500 BTC is in danger.
How ‘bout dem places now…
— Arthur Hayes (@CryptoHayes) November 8, 2022
Nevertheless, the crypto market has withstood large stress and a number of other capitulation occasions. A Lehman second within the business would possibly sign a backside, no more draw back. As well as, Hayes has publicly acknowledged its bullish stand on the crypto market.
For extra insights into at the moment’s value motion, try the video under:
