Topic: Bitcoin Falls To Sub-$17,000 After the FTX Exchange Demise (Read 474 times)

Yeah this was to me, and maybe for all the wrong reasons, the only thing that makes me think there is never again going to be a cycle we're familiar with. All bets are off, all patterns nullified, 2sf is dead, long live Bitcoin =)

What I imagined was people with 15.5 buy orders, very sad (#nojinx).

Typical way of the Defeated Bear trying to create panics and cause the bull to retreate. The bull just gave the bear some space this time around to have certain issues fixed then rush forward in "full force" and chase the bear away

Yes, it’s true, Luna, then FTX, and there’s more to come later. All these painful incidents that caused some to lose millions of dollars give us a big lesson that Bitcoin is the only safe coin. Of course, these incidents will cause a lot of anxiety and doubt in people about cryptocurrencies and some of them will ask what if Bitcoin collapses Moreover? But I am personally reassured and believe that even if the Bitcoin collapses to the lowest price, it will rise again to new peaks, so my advice to everyone is to invest Bitcoin only in the long term.

This happened because many funds and companies invested in FTX and therefore their collapse became very painful for the entire market. Actually, this story is not over yet, it is not clear what it can turn out for the crypto market, I see that many predict a further fall, perhaps even up to 10k. It sounds a bit implausible, but if this incident is followed by others like it, then anything can happen.

Well, FTX will announce it's complete collapse, and while we pretty much already know that, people will still panic. However, it's not about FTX doing anything else, it's the time it takes for people to digest the news, and when the price isn't recovering in a week's time, people then start to panic sell, which drives the price down even further. I'm not saying that will happen, but it's a possibility. Then, if in two months time we're hovering around the same amount, then people will again lose faith. It's a vicious cycle.

However, the FTX news isn't exactly FUD so not sure why you're referring to that. It has happened, and it will effect the short term price of Bitcoin. Plus, the more this happens, the more reason the government will step in, and regulate the space further. Something which some people will see as a positive as it should reduce the risk of something like this happening in the future or others will see it as more interference. I guess it depends on what side of the fence you're.

Also, it depends on what you mean by short term. This will probably have an effect on Bitcoin's price for at least a couple of months. However, the grander scheme of things, Bitcoin will likely be struggling well into 2023 due to the other things that have happened previously to this, this is just something that's compounding more doubt on top.

I do not think that the FTX FUD is going to do any more damage than it already has done. What more could push down the price at this point? SBF not finding the investors who will give him billions of dollars to save his sketchy exchange? Everyone already knows that that will never happen. If I had to take a guess, I would say the FTX news has already done the most damage that it can to the price of Bitcoin. And that damage will be very short term. However I do hope people will be panic selling for a while longer. I really do not mind filling up on cheap coins as often as I can.

How many people actually prepare for a recession? Individuals usually do not have the finances in the first place to accommodate problems related to global recessions but corporations can put plans in place to (try to) cope and can use the collateral damage route when wiping out their investment in loss making or sinking companies.

What happened with FTX sent a shock all over the crypto market and beyond, many individual and corporate investors will be cautious going forward.

Nah, I don't think that someone is putting a grand scheme of everything to pull down bitcoin or crypto economy. It just so happen so let it be. Fortunately, as the price goes to $15k'ish, in the last 72 hours, pushing for a new lower lows, the market seems to be bouncing back at $18k as of this time.

So just a matter of time before we can forget about this FTX and Binance drama on the side. And for sure we have learned lessons, so I just everyone should practice it. Like not putting their hard earn trading money on exchanges.

Plan or not or simply talking about manipulative acts then it wont really be that surprising which everything could really happen and these big fellas does have the capability in doing so on shaking up the entire market.

We cant really make out some conclusions whether those are indeed intentions or totally random thing which we cant really know on whats the story behind but one thing for sure that when it comes to these negative

news and fuds then it could really potentially or likely be affecting the market.Now the price is clinging up back up again but we cant really that make out conclusions if this one
would be sustaining or would really become even more worst over time.

This is the worst year in the crypto market and the year is not end yet. Let just hope it doesn’t go deeper than this cause what am looking at is saying crypto still going down.

With all these happenings, sometimes I think these are all planned moves to really hurt the crypto economy....think of it as systematic manipulation. Why should one company's down fall pull the whole market down   I think it's about time we have an independent crypto regulator to help protect markets from such avoidable situations! Otherwise with Binance also pulling out from that Ftx bail out we might see price still going down, hope not below 15k !

I think he just utter a random BTC price, though I also think why $12k and not $10k?



I think 12k is too much for a dip.  If it touches $12k, we can possibly see Bitcoin selling at lower than $10k because more people will panic sell and buyer would love to take advantage of this confusion so they will set they buy order lower in order to take advantage of the FUD.


It isn't just now but ever since that keeping asset in exchange is risky.  So as much as possible we should avoid keeping our assets in an exchange to avoid the current scenrio of FTP users where their fund is trapped inside the system of FTT.

Now keeping assets in exchange is very risky, it is better not to have all assets stored in one exchange. Had read the posts of some friends in the facebook group there were those who withdrew their money but for several hours it still hadn't come from FTX. This is very worrying considering the market is also in a state of collapse.

Yes because if we think about or look on the past, so many top exchanges have also collapsed or have been de-throned. If that can happen to them then why not on the current top exchanges we have today? For us crypto users, we shouldn't think that we are losers but think of this as another opportunity. The prices are cheap again. You know the drill.

Only those who are literally losing are the ones who invest in FTT because it was the root cause of this issue. The only bad thing about this is that it give cryptos or exchanges a bad impression which can affect the rate of adoption but time heals as they say. Let's only hope for the better.

There we go, the global recession is here.

The only question is, are you ready for it?

When companies left and right are suddenly writing off their investments in even one company, if that one company went bankrupt, it creates a massive collateral effect where the 2nd-level investors (those who invested in the businesses who directly invested in the failed company) also write off their investments - because the direct investors are now failing too - and the effect reverberates all over the market... for a second time. This time with a more targets than CeFi lenders - now every exchange is also a target.

What still surprises me is the sheer number of people that are using Binance thinking it will never get hacked (or will never collapse) and are leaving their coins there. There is too much power concentrated in one place when it comes to Binance and that cannot be a good thing in the crypto.

It cannot be denied that money usually tight during the Christmas and new year period because of obvious increase in expenditure therefore maybe there will not be too many people buying and Bitcoin price overall will probably reflect this.

As for us old timers, yes to accumulate more is what we want but without knowing which way is the market is shifting over the next few days and weeks makes it difficult? Will it bounce around even lower than $15,000 and above $17,000 before settling, or vice-versa? If we all knew the correct time to buy we would all be multi-millionaires by now

Imagine what those FTX token holders are going through right now watching their investment sink in value. A month ago FTX was trading at over $26 each and are now just $3.50 after hitting a low of $2 a couple of days ago.

The root cause of this incident was that the investment arm of FTX misappropriated the assets of its subscribers for investment and eventually became insolvent leading to bankruptcy.CZ merely stated the facts, not that he caused it.

from what i can understand binance has given up (and i doubt they will change their mind) to buy FTX may after the due diligence that binance did, they found that FTX mishandled customer funds and also US agencies were investigating FTX, binance didn't mention that US agencies are investigating FTX, but added that these FTX issues were out of binance's control, meaning problems so big and serious that even if binance bought FTX they wouldn't be able to resolve the issues. good thing i only use binance

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well, the price is dropping and the bad news keeps coming, it looks like we're really heading for the abyss.

Sequoia Capital marks down entire $214M FTX stake to zero

this is a time when people have to save as much money as they have and wait for the price to drop a lot and then buy a lot, after 2 years they will have high returns, but attention: I'm just talking about buying bitcoin and not shitcoins (altcoins)

It's approaching the Christmas period, I don't have the data so this is just an assumption, but I would've thought the majority potential investors would've already invested by now, since the Christmas period is notoriously expensive. Unless, you're talking about high profile investors, which are more likely to believe in a recovery than not.

If you're talking about every day investors, this might've happened at the perfect time. Investment might have been low anyhow, but we would've recovered from this news a few months into the new year, and that'll be when we see more investors.

That could mean that we see a further drop though. However, that's just a prime time for us old timers to accumulate more, right?

If it drops below the $15,000 mark it will be highly damaging to potential investors. Rather than bring in opportunists or seasoned investors who will rush in to buy, I think the opposite will happen because of the fear factor of not knowing how bad the market will become before it climbs again.