Topic: Bitcoin Falls To Sub-$17,000 After the FTX Exchange Demise - page 3. (Read 414 times)
I think 12K for 1 BTC would be a great price in the next 2 weeks
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.
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.
Another low is $15.8K at the moment, and it turns out that history is completely different this time around and some mindsets about beliefs can change quickly due to such a rough market reaction.
I have a buy order at $15.5K at the moment, I would love it if it would be filled completely by panic traders. Then another dip could appear as soon as $15.5K hit. If November 2021 is said to be November rain, then November 2022 is November fire. Lol
I have a buy order at $15.5K at the moment, I would love it if it would be filled completely by panic traders. Then another dip could appear as soon as $15.5K hit. If November 2021 is said to be November rain, then November 2022 is November fire. Lol
It is my hope that bitcoin will not make or start a bad historyof dump in November. For the last cycle, Bitcoin reached its bottom in November 2018. The present crash started in November and now another dump. There's just an unfortunate connection with the FTX market dip.
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.
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.
Imagine how happy all those people with $17,000 buy orders must be right now...
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.
Well I can no longer say that Bitcoin's all-time-low of the current cycle never goes lower than the previous cycle's ATH!
Fortunately, that is irrelevant now, as I have found a much better method for explaining the Bitcoin price to people: Logarithmic rainbow charts.
Imagine how happy all those people with $17,000 buy orders must be right now...
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.
Well I can no longer say that Bitcoin's all-time-low of the current cycle never goes lower than the previous cycle's ATH!
Fortunately, that is irrelevant now, as I have found a much better method for explaining the Bitcoin price to people: Logarithmic rainbow charts.
Imagine how happy all those people with $17,000 buy orders must be right now...
The situation is temporary to be honest! Currently a panic selling is ongoing and people are trying to cash out from FTX. Also today multiple international companies like Meta, Intel, Stripe have announced thousands of layoffs. Overall the day is not good to judge the fundamental of bitcoin. There's panic all over the place.
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!
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!
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
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
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.
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.
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