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The crypto market is buying and selling within the purple, 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 the same trajectory, with Dogecoin (DOGE) exhibiting 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, aside from FTX.US.
The Sam Bankman-Fried led platform couldn’t redeem its customers’ new request for withdrawal. According to experiences, 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, presumably liquidating its BTC to cowl a few of its losses, however the crew behind the platform has no official assertion.
There is theory 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 combo.
NewsBTC reported yesterday {that a} Republican win could possibly be bullish for crypto and digital belongings. This get together has been extra vulnerable to assist the trade and crypto initiatives when in comparison with the Democratic get together.
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, which 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.
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 trade 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, take a look at the video beneath:
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