Bitcoin Falls To Sub-$17,000 After the FTX Exchange Demise - page 2.

Yaunfitda

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Quote from: tbct_mt2 on November 09, 2022, 11:15:35 PM

It is hilarious to see Bitcoin falls because of altcoins.

In May, it fell because of Terra fiasco.
In November, it fell because of FTX fiasco.

Do you think these fiascos are real reasons for Bitcoin falls ?

I don't think they are real reasons. Bitcoin needs tip-of-iceberg reasons to fall like these events or pandemic. If we think neutrally, they are not real reasons but just borrowing ones for market makers to make price falls.

It has domino or ripple effects, and it just shows that both bitcoin and altcoin market are correlated if others are saying otherwise.

Of course it's not the real reason, but as I have said, investors are very fearful and maybe thinking that the whole crypto market is going to fall very hard. And it did, it went $15k'ish, lowest low. But still bitcoin is breathing, around $16k and maybe in the next couple of days, everything will settle down. And who knows, we might see another push to $20k at the end of the year. But we can't say on the rest of the altcoins though, very risky investments.

airfinex

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Quote from: JollyGood on November 09, 2022, 12:55:56 PM

Imagine what the losses would amount to the day Binance gets hacked again.

This is unlikely since Binance stores 95% of its own and user assets on a cold wallet.

And, Binance has a $ 1 billion insurance fund created to fully cover losses from hacks. If Binance collapses, it will happen for other reasons.

Kakmakr

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Changpeng Zhao (Binance) strategically pulled the carpet out under FTX Exchange to eliminate one of it's competitors... and there is nothing more to it. Roll Eyes

I have seen this move several times before, where big companies buy into the smaller startups and then suddenly dump a lot of their shares or in this case "tokens" to cause panic.... then they offer to rescue to stop other people from doing it... en then at the last moment... pull out on the deal.

We should blame Changpeng Zhao (Binance) more for this disaster..... not just FTX Exchange. Angry

pooya87

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Quote from: JollyGood on November 09, 2022, 12:55:56 PM

one day the castle CZ built could also crumble. Imagine what the losses would amount to the day Binance gets hacked again.

The demise of Binance is almost guaranteed, like all its predecessors. But about the effects of it, these things always depend on the market situation. If there is a bear market going on or if the order books are thin because of the newbies panicking and stay away, then the effects would be a lot more than if the market is thriving and the panic and market manipulation is at a minimum.
Besides, Binance is still an altcoin exchange not exactly a bitcoin exchange to directly affect bitcoin price.

worle1bm

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With the meltdown the whole market is facing dump at this time and FTX is going down with SBF networth just vanishing within one day so now hope is if CZ backup them with complete acquisition and if the deal is finalized there could be some stop otherwise we might see new lows.We are already seeing btc at $16k and next dips might surround the market but if you want then it's again an opportunity for investment because you are not getting it again so go for bitcoin investment.

tbct_mt2

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It is hilarious to see Bitcoin falls because of altcoins.

In May, it fell because of Terra fiasco.
In November, it fell because of FTX fiasco.

Do you think these fiascos are real reasons for Bitcoin falls ?

I don't think they are real reasons. Bitcoin needs tip-of-iceberg reasons to fall like these events or pandemic. If we think neutrally, they are not real reasons but just borrowing ones for market makers to make price falls.

NotATether

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Quote from: OgNasty on November 09, 2022, 02:11:04 PM

It may seem like a fire sale now, but if we continue to dip down to $13,000 it might look like the last bull trap... I'd be very careful rushing in to buy here. There are a lot of coins hanging over the market that need to be sold. Between FTX unwinding leverage, mtgox coins set to be distributed sometime next year, and now the US government sitting on a massive stack they will need to auction, it seems like there's good reason for the market to be on sale. Hopefully at some point there's a big buyer like Apple or Amazon, but with the recession coming and those companies already pausing hiring, it looks likely that any future investment is a ways off.

You're right that this is probably a bull trap. I think the prices will go sub-$16K for a brief moment while FTX flails around trying to save itself (but only if they declare bankruptcy), but by then prices should go back to $18K.

Sebas.tian

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Quote

I think 12K for 1 BTC would be a great price in the next 2 weeks

I don't think, the price of Bitcoin will decrease more than $16,000 in this month of November before it will increase higher for both traders and investors to believe that the price will definitely hit back to $50,000 before the end of this year. I think, there are opportunities for those that invested little capital in Bitcoin when the price was $20,000 some months ago, to use this current market price to buy a huge amount of bitcoins and hold until the price increase higher before they can sell to make a passive incomes. Bullish market is very close to investors to experience from the market soon, because there are some signs in the crypto market that showed that the bearish market will soon be over from the market.

Sarah Azhari

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Quote from: mayax on November 09, 2022, 05:03:54 PM

I think 12K for 1 BTC would be a great price in the next 2 weeks

how did you calculate that number?.
12K is enough dip and maybe is very crash than another time. I just read on social media in several weeks ago, I don't remember his name, but he told this price 12k, but many arguments to break his prediction which makes that status to be spamming chart and fundamental news. And, why many people wait for dip?, are they still sane?. I hope the bitcoin price not more dip than 15K, let them miss the train.

LogitechMouse

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Quote from: JollyGood on November 09, 2022, 12:55:56 PM

Today Bitcoin fell to below $17,000. How much lower will it go before it bounces back from the fallout?

As low as $15,000 is my prediction because for me, I always see either a psychological support or resistance at the prices divisible by $5,000. It's my own strategy on whether I need to buy or not, and there are times that I tweak this strategy of mine but... it's working fine for me. If bad news continues to be released online, we might see Bitcoin go down even lower to at around $10,000-$12,000.

This is like a Christmas sale for us long term holders TBH. Bad news like these is good news for those who want to take risks. Take the opportunity. Bitcoin never fell to these prices since November of 2020. I will buy some Bitcoins to add to my holdings that's for sure. I'm thinking of putting my money into stock market but seeing what's happening right now, I change my mind and will put it into Bitcoins. Cheesy

Darker45

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These empires and castles wouldn't last forever. It's always wrong to think that grand crypto edifices won't crumble down. CZ's empire is no exception. Sooner or later, it will have to face its own demise, too.

The history of crypto doesn't lack examples of this kind, so everybody should learn his/her lessons. Those who bought FTT and kept them in FTX had a double whammy. I hope they will finally realize the lessons this time.

But, all in all, we are all losers in this to a certain extent. Not only is this another stain in the industry's reputation, the entire market is also very badly affected. But, of course, this is also an opportunity to stack some more cheap Sats and wait for the better days.

harapan

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Quote from: JollyGood on November 09, 2022, 12:55:56 PM

Today Bitcoin fell to below $17,000. How much lower will it go before it bounces back from the fallout?
amount to the day Binance gets hacked again.

As for Bitcoin, the price will bounce up and down then steady before the next big news makes the price bounce all over again and the cycle continues.

Do you also feel Bitcoin will drop more than this like down to $12,000k?
I have been expecting such reduced level for Bitcoin, maybe a further dramatic news in the crypto space will send it downing. The recent market displays also has shown the power of exchange, thousand must have panic sell follow their mentors in the process. Meanwhile some are busy complaining of not buying the dip due to lack of available cash. @OP the price of Bitcoin does not matter keep gathering while you can another chance to gather. Dramatic 🐻 Bear Market

mr.vivalavida

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These last days I checked coinmarket cap (https://coinmarketcap.com/currencies/bitcoin/) several times to check the volume traded in the last 24 hours. I know that this value is a hard thing to measure due to wash trading.

So during these last days, the volume traded in 24 hours is usually between 30 billion and 36 billion USD.

In the last 24 hours, accordingly to coinmarketcap, it was traded more than 102 billion USD in bitcoin markets.

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Quote from: rendravolt on November 09, 2022, 06:10:54 PM

I recently read the news about SBF vs CZ on twitter. Actually I don't really care about this drama but what is happening now is very real and maybe the main cause is FTX going bankrupt which will be sold to Binance. I'm still looking at the bitcoin chart now and it has broken below $15860 which is very bad, but also an advantage to be able to buy bitcoin or other altcoins for such a low price.

According to the coinmarketcap data, the price have come down reaching $15700. As mentioned it is good to buy considering it an opportunity than analysing what these exchanges do. Being the cryptomarket leader Binance perfectly takes position to take hold. Maybe for users who doesn't find flaws with centralized system can now understand how things could happen.

darkangel11

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Quote from: JollyGood on November 09, 2022, 06:05:03 PM

I agree, rushing in to purchase at this moment might not be very a good idea.

This is exactly how the capitulation in the bear market looks like when people who were in this game for some time don't want to buy at 75% discount from the top. Feels like 2018

Quote from: franky1 on November 09, 2022, 01:32:40 PM

we seen a similar thing with MTGOX.. the issue is the other exchanges blind sheep followed mtgox prices down. instead of severing the connection and letting mtgox fall by itself

bitcoin price vs value still has not hit its calculated bottom level. but its getting close.

i think its time other exchanges set aside FTX based partner exchanges rates. and not be so sheep following an exchange in demise

.. but then again.. the lower the price the better the discount to buy cheap coins. even im tempted to buy a load more even though i have more hoard than i need already

I also think it's weird the exchange doesn't process withdrawals and is insolvent but it still produces data about price that is getting displayed on indexes.
Many smaller exchanges aren't taken into account by price tickers but insolvent exchanges are?
Also, in traditional markets if there's a threat of insolvency and panic dumping you stop trading for the day at least until there's a full statement from the people in charge. Here people are left to themselves to add fuel to the fire and burn in it.

I'll end this rant with a joke: Bankman is officially bankrupt.

rendravolt

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I recently read the news about SBF vs CZ on twitter. Actually I don't really care about this drama but what is happening now is very real and maybe the main cause is FTX going bankrupt which will be sold to Binance. I'm still looking at the bitcoin chart now and it has broken below $15860 which is very bad, but also an advantage to be able to buy bitcoin or other altcoins for such a low price.

JollyGood

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Quote from: franky1 on November 09, 2022, 01:32:40 PM

we seen a similar thing with MTGOX.. the issue is the other exchanges blind sheep followed mtgox prices down. instead of severing the connection and letting mtgox fall by itself

bitcoin price vs value still has not hit its calculated bottom level. but its getting close.

i think its time other exchanges set aside FTX based partner exchanges rates. and not be so sheep following an exchange in demise

.. but then again.. the lower the price the better the discount to buy cheap coins. even im tempted to buy a load more even though i have more hoard than i need already

Mt Gox, there is a name I have not heard in a long time. FTX most probably will not survive in the coming days.

Quote from: avikz on November 09, 2022, 01:50:06 PM

For me, it's an wonderful (once in a lifetime) opportunity to score some more bitcoins at a cheaper price. People who have surplus money, can average out their buying price during this period. The market will be up pretty soon!

The price for BTC is currently under $16,000 but I would not call it an opportunity to buy at a cheaper rate. The market is too volatile, the price could drop much lower.

Quote from: NotATether on November 09, 2022, 01:57:51 PM

Imagine how happy all those people with $17,000 buy orders must be right now...

I suspect they wished they had purchased at the current price of less than $16,000 Shocked

Quote from: OgNasty on November 09, 2022, 02:11:04 PM

It may seem like a fire sale now, but if we continue to dip down to $13,000 it might look like the last bull trap... I'd be very careful rushing in to buy here. There are a lot of coins hanging over the market that need to be sold. Between FTX unwinding leverage, mtgox coins set to be distributed sometime next year, and now the US government sitting on a massive stack they will need to auction, it seems like there's good reason for the market to be on sale. Hopefully at some point there's a big buyer like Apple or Amazon, but with the recession coming and those companies already pausing hiring, it looks likely that any future investment is a ways off.

I agree, rushing in to purchase at this moment might not be very a good idea. That recession you mentioned has already started and it is hitting hard in many parts of the world, we have no idea when the price will hit $20,000 again.

Quote from: seoincorporation on November 09, 2022, 03:58:52 PM

Imagine those people who already bought at $17k and now they see how is at $16.5 and keeps going down.

Even if $17k looks low this is not the end of the run... And don't forget the panic sales, that will make the crash even harder. Is hard to know what to expect now, anything can happen.

Maybe a big whale see this as a nice opportunity and send the price back to $20k or even higher, just grab some popcorn and enjoy the madness.

My sentiments exactly.

AmoreJaz

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Quote from: ultrloa on November 09, 2022, 04:51:51 PM

Quote from: cheezcarls on November 09, 2022, 03:59:59 PM

Quote from: JollyGood on November 09, 2022, 12:55:56 PM

Today Bitcoin fell to below $17,000. How much lower will it go before it bounces back from the fallout?

Twitter of all places was where FTX CEO Sam Bankman-Fried claimed the business was solvent whereas Binance CEO Changpeng Zhao claimed the opposite and pulled out of a potential deal to buy out (or bail out) FTX.

It is looking like a disaster for those that bought Bitcoin for $30,000, $40,000, $50,000+ but what about all those FTX token holders and the losses they will incur, they will be huge too.

Relying on any one exchange to conduct so much business (FTX) has pitfalls when things go wrong as they regularly do. Binance might have the financial might at the moment to be a massive player in crypto but one day the castle CZ built could also crumble. Imagine what the losses would amount to the day Binance gets hacked again.

As for Bitcoin, the price will bounce up and down then steady before the next big news makes the price bounce all over again and the cycle continues.

Now we're close to hit below $16k as of this time of writing. I just don't know how long will it go down further, but it will be a big win for those who have shorted BTC, ETH, FTX, etc. Will be holding on to my BTC and ETH now though despite all of them are at a loss since I've started doing DCA.

We won't likely going to see a major bull run before the year ends, so most likely we stay bearish for long.

If the drama will continue to circulate and people think about more negative effects on the market for sure we can see more dump to come. Bitcoin hit the $15k low so big chance for it to hit $13k and that one is really bad to see since it might create more desperation for more people to dump more because they see how crazy the market moves at the moment. Hopefully we will not go below $10k since we are really in bad position with that.

now, is the good time to buy your satoshis at this price range. remember, those people who are wishing btc to go down below 20k. where are they now? because imo, btc always bounce back. it may not be these coming days or months but surely, in the next coming years. we can't say also that we will experience bearish run all throughout this year. who knows, something good will come up next month and will trigger the uptrend? in this market, everything is possible to happen.

Fatunad

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Quote from: mayax on November 09, 2022, 05:03:54 PM

I think 12K for 1 BTC would be a great price in the next 2 weeks

I do actually have the funds for that if ever we would be dumping out that low but considering on the current value which is playing around $15k then it wont really be that a bad thing on buying cheap Bitcoin.
The market is in total reds now because of that FTX situation which we cant really be able to point out other relevant events which might be potentially attached to it.
Manipulation? Something which other people been throwing out.Instead of freaking out and minding and stressing yourself about the cause or the reason.It would be always
be best if you do consider on buying as of this moment and make out some DCA if the price do gets even more lower.

imamusma

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Quote from: ultrloa on November 09, 2022, 04:51:51 PM

If the drama will continue to circulate and people think about more negative effects on the market for sure we can see more dump to come. Bitcoin hit the $15k low so big chance for it to hit $13k and that one is really bad to see since it might create more desperation for more people to dump more because they see how crazy the market moves at the moment. Hopefully we will not go below $10k since we are really in bad position with that.

I strongly believe the Binance and FTX wars have caused this mess, otherwise I don't think dump like this just happened.

It's bad to think the price of bitcoin touched $10K, but maybe that's what big investors are now getting ready to get their hands on bitcoin at low bottom. I don't know where the bottom line lies for the price, but it looks like $12K is still very good not to worry about being touched for the rest of the year.

Now the bitcoin price is -76% from November 10 last year.

Topic: Bitcoin Falls To Sub-$17,000 After the FTX Exchange Demise - page 2. (Read 474 times)