The crypto market is buying and selling within the purple, with Bitcoin and different cryptocurrencies recording double-digit losses over as we speak’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) 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 Change Wars,” Binance emerged victorious when FTX confirmed a deal to give up its property, aside 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 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 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 may very well be bullish for crypto and digital property. This occasion has been extra susceptible to help 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) choice contracts for Bitcoin.
These contracts have a strike worth of $15,000, that means they will 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.
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 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 as we speak’s worth motion, take a look at the video under: