The crypto market is buying and selling within the pink, with Bitcoin and different cryptocurrencies recording double-digit losses over in the present day’s buying and selling session. The primary cryptocurrency retraces its earnings from final week and fallback into a brand new yearly low.
At 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. Other cryptocurrencies within the crypto prime 10 by market cap are following an analogous trajectory, with Dogecoin (DOGE) displaying the very best losses over this era.
Bitcoin Crashes Amid FTX “Lehman Moment”
The crypto market is reacting to the occasions associated to FTX and Binance. Dubbed the “Crypto Exchange 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. According to 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, probably liquidating its BTC to cowl a few of its losses, however the crew behind the platform has no official assertion.
There is hypothesis in regards to the present state of the market, which has been mirrored in Bitcoin and different cryptocurrencies. In addition, the U.S. Midterm election is including extra uncertainty into the combo.
NewsBTC reported yesterday {that a} Republican win could possibly be bullish for crypto and digital belongings. This celebration has been extra inclined to help the business and crypto tasks compared to the Democratic celebration.
BitMEX Founder Arthur Hayes revealed his notion of the way forward for Bitcoin and the crypto business. Hayes appears bearish as he introduced the acquisition of places (promote) possibility contracts for Bitcoin.
These contracts have a strike worth of $15,000, that means they can train if BTC’s worth data 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.
Therefore $17,500 BTC is in danger.
How ‘bout dem places now…
— Arthur Hayes (@CryptoHayes) November 8, 2022
However, 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. In addition, Hayes has publicly acknowledged its bullish stand on the crypto market.
For extra insights into in the present day’s worth motion, try the video under:
