Bitcoin Records Fresh Market Low At $17K, Was This The Bottom?

The crypto market is buying and selling within the pink, with Bitcoin and different cryptocurrencies recording double-digit losses over immediately’s buying and selling session. The primary cryptocurrency retraces its earnings 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 an analogous 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 Trade 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. Based on reviews, the venue was lacking as a lot as $6 billion and was pressured 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 workforce behind the platform has no official assertion. 

There may be hypothesis concerning 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 combination. 

NewsBTC reported yesterday {that a} Republican win might be bullish for crypto and digital belongings. This occasion has been extra vulnerable to help the business and crypto initiatives when in comparison with the Democratic occasion. 

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’ll train if BTC’s value information one other contemporary 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 

Nonetheless, the crypto market has withstood huge stress and several 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 immediately’s value motion, take a look at the video beneath: