Bitcoin Bulls Are Braving The Storms Around FTX’s Fall, But Is A Crash To $10,000 Really In The Offing?

Bitcoin Bulls Are Braving The Storms Around FTX’s Fall, But Is A Crash To $10,000 Really In The Offing?
фото показано с : zycrypto.com

2022-11-21 23:00

Bitcoin has steadied over the last few days in defiance of the pervading fiasco surrounding FTX’s collapse. The asset has been trading sideways for a week, settling on the $16,000 mark, which enthusiasts hope could be the bottom. El Salvador and Justin Sun have pledged to buy one BTC each day which may have played a role in propping up the asset.

After FTX imploded, Bitcoin critics predicted that Bitcoin would lose a chunk of its value, but it has been over a week, and the largest digital asset is holding up well.

As the week comes to a close, Bitcoin (BTC) has managed to stay above $16,000 despite numerous calls that the asset could fall all the way to $10,000. The predictions are coming on the heels of FTX’s ill-fated collapse and the unravelling of Sam Bankman-Fried’s empire.

At the start of the fiasco, BTC was trading at around $19K but fell to $15K before finding its feet at $16K. BTC has held the support position for an impressive nine days while the rest of the markets swung wildly, fuelling theories that the news may have been priced in.

“It might take another downfall of a major crypto company or a de-risking movement on Wall STreed to take bitcoin below its recent low,” noted Edward Moya, a market analyst at Oanda.

Solana (SOL), an asset in the eye of the storm, lost 18% of its market value within seven days, while Polygon (MATIC) and Cosmos (ATOM) both lost double digits during the week. FTX’s FTT, on the other hand, has slumped by over 90% as its cascading decline rolled on. The global market capitalization of the entire industry stands at $822 billion, while trading volume sank by 9.70 percent to sit at $43.08 billion.

Propping up Bitcoin

Several factors may have been responsible for Bitcoin’s survival during the past week. One such could be El Salvador’s decision to buy 1 BTC every day in a remarkable show of faith in the asset.

“We are buying one Bitcoin every day starting tomorrow,” said President Nayib Bukele. Justin Sun, Tron’s founder, mirrored El Salvador’s decision to announce that TronDAO will also be buying 1 BTC every day.

The BTC buying patterns of investors following FTX’s implosion show a spike among whale and shrimp demographics. The outflows from exchanges to cold wallets have signalled heavy institutional interest in BTC, helping it weather the FTX storm.

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bitcoin ftx value lose chunk holding well

Источник: zycrypto.com

bitcoin ftx → Результатов: 126


Bitcoin has fallen below $17,000 amid the FTX exchange’s liquidity crisis. The FTT token collapsed by 90%

Investors’ concerns about the solvency of the FTX cryptocurrency exchange and the safety of its users’ funds led to a drop in the cryptocurrency market. According to the Cryptovizor cryptocurrency screener, which determines the market price of BTC/USD based on the results of trading on the largest exchanges, the asset fell to $16,893.

2022-11-9 09:51


These Events Will Be Key For Bitcoin And Crypto This Week

The Bitcoin and crypto market is kicking off what could be an extremely important week. While the market is currently overwhelmed by the news surrounding the battle between Binance CEO Changpeng Zhao (“CZ”) and FTX CEO Sam Bankman-Fried (“SBF”), the midterm elections and the release of the CPI data in the US are two major events that could be of crucial importance for the market.

2022-11-7 14:30


Сэм Бэнкман-Фрид рассказал о роли Alameda Research в поддержке индустрии в условиях спада

Alameda Research предпринимает усилия для смягчения негативных явлений на криптовалютном рынке из-за проблем Celsius и Three Arrows Capital. Об этом заявил ее глава Сэм Бэнкман-Фрид. After the collapse of TerraUSD, as 3AC and Celsius faltered, and before the venture fund he founded lent $485 million to Voyager Digital as the #Bitcoin sell-off continues, @SBF_FTX and I talked about #crypto contagion risk: https://t.

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