The crypto market is buying and selling within the pink, with Bitcoin and different cryptocurrencies recording double-digit losses over at this time’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 high 10 by market cap are following an analogous trajectory, with Dogecoin (DOGE) exhibiting the very 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 studies, 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 stress. Rumors have surfaced about Alameda, FTX’s buying and selling arm, probably liquidating its BTC to cowl a few of its losses, however the group 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 assist the trade and crypto initiatives when in comparison with the Democratic occasion.
BitMEX Founder Arthur Hayes revealed his notion of the way forward for Bitcoin and the crypto trade. Hayes appears bearish as he introduced the acquisition of places (promote) possibility contracts for Bitcoin.
These contracts have a strike value of $15,000, that means they’ll 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.
Subsequently $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 several other capitulation occasions. A Lehman second within the trade would possibly sign a backside, no more draw back. As well as, Hayes has publicly said its bullish stand on the crypto market.
For extra insights into at this time’s value motion, try the video beneath: