1 year ago
The crypto marketplace is trading successful the red, with Bitcoin and different cryptocurrencies signaling double-digit losses implicit today’s trading session. The fig 1 cryptocurrency retraces its profits from past week and fallback into a caller yearly low.
At the clip of writing, Bitcoin (BTC) trades astatine $18,200, with a 13% nonaccomplishment successful the past 24 hours and an 11% nonaccomplishment successful the erstwhile 7 days. Other cryptocurrencies successful the crypto apical 10 by marketplace headdress are pursuing a akin trajectory, with Dogecoin (DOGE) showing the highest losses implicit this period.
BTC’s terms is trending to the downside. Source: BTCUSDT TradingviewBitcoin Crashes Amid FTX “Lehman Moment”
The crypto marketplace is reacting to the events related to FTX and Binance. Dubbed the “Crypto Exchange Wars,” Binance emerged victorious erstwhile FTX confirmed a woody to surrender its assets, but for FTX.US.
The Sam Bankman-Fried led level could not redeem its users’ caller petition for withdrawal. According to reports, the venue was missing arsenic overmuch arsenic $6 cardinal and was forced to halt its operations.
Amid this uncertainty, the crypto marketplace and Bitcoin faced immense selling pressure. Rumors person surfaced astir Alameda, FTX’s trading arm, perchance liquidating its BTC to screen immoderate of its losses, but the squad down the level has nary authoritative statement.
There is speculation astir the existent authorities of the market, which has been reflected successful Bitcoin and different cryptocurrencies. In addition, the U.S. Midterm predetermination is adding much uncertainty into the mix.
NewsBTC reported yesterday that a Republican triumph could beryllium bullish for crypto and integer assets. This enactment has been much prone to enactment the manufacture and crypto projects erstwhile compared to the Democratic party.
BitMEX Founder Arthur Hayes published his cognition of the aboriginal of Bitcoin and the crypto industry. Hayes seems bearish arsenic helium announced the acquisition of puts (sell) enactment contracts for Bitcoin.
These contracts person a onslaught terms of $15,000, meaning they tin workout if BTC’s terms records different caller debased and crashes into $15,000 to $14,000 oregon overmuch lower. The BitMEX Founder wrote:
FTX = Lehman
That wasn’t the bottom. $SPX deed 666 successful March of 2009.
Therefore $17,500 BTC is astatine risk.
How ‘bout dem puts now…
— Arthur Hayes (@CryptoHayes) November 8, 2022
However, the crypto marketplace has withstood monolithic accent and respective capitulation events. A Lehman infinitesimal successful the manufacture mightiness awesome a bottom, not much downside. In addition, Hayes has publically stated its bullish basal connected the crypto market.
For much insights into today’s terms action, cheque retired the video below:
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