The crypto market is buying and selling within the crimson, with Bitcoin and different cryptocurrencies recording double-digit losses over at this time’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 identical trajectory, with Dogecoin (DOGE) displaying the 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 stories, 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 staff behind the platform has no official assertion.
There is concept concerning 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 combination.
NewsBTC reported yesterday {that a} Republican win may very well be bullish for crypto and digital belongings. This celebration has been extra susceptible to assist the business and crypto initiatives when in comparison with 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) choice contracts for Bitcoin.
These contracts have a strike value of $15,000, which 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.
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 several other capitulation occasions. A Lehman second within the business would possibly sign a backside, no more draw back. In addition, 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:
