The trader described the likely scenarios for the movement of the price of bitcoin
BTC

The crisis of the FTX trading platform has set off a chain reaction that will lead to a further fall in the cryptocurrency market. The collapse of Solana (SOL) by 34% per day is only the first major step. The Terra ecosystem, which collapsed in May, is a small player compared to FTX.

The fear and greed index in the digital asset market stopped at 21, which may seem low. But this is not an extreme fear — historically, Bitcoin has stalled or bounced below 10.

The chart below shows the fixing of the first cryptocurrency under the level of $18,400. Overnight, the price managed to return to the range of $18,400–20,400. On the eight-hour timeframe, the bears are showing high aggression without signs of a possible rebound.

conclusionsThe cryptocurrency market has broken through summer lows. At the time of writing, it shows no signs of rebounding anytime soon. A flat trend is possible within a few days, but the main forecast is a further decline.

ABOUT US

PRIVATE SIGNALS

CRYPTO SCHOOL

TRUST MANAGEMENT
https://bestcryptopump.com/2022/11/09/btc-crisis-ftx/

Comments

Post a Comment

Popular posts from this blog

Image
Over the past year, the main financial regulator of the United States – the Federal Reserve (Fed) – increased the base interest rate in the country by 225 points. This will bring down the rate of bitcoin and Ethereum cryptocurrencies, but in 5-10 years they will grow again. Mike McGlone, senior commodity strategist at Bloomberg, said this on the air of the Kitco News channel. Meanwhile, according to the largest European crypto exchange WhiteBit, on September 19, the value of BTC updated an almost three-month low, but has since risen to $19.2 thousand per coin. "I think everything will be even worse than the 2008 correction and the Great Financial Crisis. The Fed has started easing (the base interest rate. – Ed.) in 2007, and then added massive liquidity. They can't do it anymore," McGlone said. With the adoption of cryptocurrency technologies in the world, the exchange rate of bitcoin and Ethereum will set new records. But this will happen only after a significant correct
Read more
Image
The US is considering a bill requiring crypto miners to report CO2 emissions, writes yahoo!finance. U.S. Senator Edward J. Markey and Representative Jared Huffman have introduced a draft crypto-asset environmental transparency bill that would require crypto mining operations that consume more than 5 megawatts of energy, which is the majority of bitcoin mining projects, to report carbon emissions. Senator Jeff Merkley co-sponsored the proposed legislation. The lawmakers said bitcoin miners use up to 1.4% of the electricity in the US, citing an August report from the White House Office of Science and Technology Policy that said that was equivalent to the power needed to light every home in the country. The bill also directs the Environmental Protection Agency to conduct an interagency study of the impact of cryptocurrency mining on the environment. Cryptocurrency miners responded to criticism of fossil fuel use in an October report released by the Bitcoin Mining Council (BMC) lobbying gr
Read more