In the turmoil caused by the FTX matters, the price of Bitcoin (BTC) is falling back below $16,000 for the first time since November 16, 2020. Let’s assess the market situation.
Bitcoin (BTC) Breaks $16,000 and Steps Into the Unknown
Although we tried to reassure ourselves a few months ago by noting that “Bitcoin has never gone back below the high in a row”, this assertion, which has since been contradicted, is far from over. behind us now. And for good reason, BTC is at historic levels, falling back below $16,000 for the first time since November 16, 2020.
So it’s a very sad anniversary, exactly one year after the last ATH. In fact, while volatility continues to challenge the numbers, the price of Bitcoin has lost more than 77% of its price from this previous high:
Figure 1 – BTC price in weekly data
It is clear that this market behavior continues with the FTX business, and especially after Binance withdrew from its offer.
Note, however, that at the same period of November 2020, ETH was trading at 450 dollars, against 1,110 today.
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Imbalances in the market
Although not surprisingly, the overall trend is downward, not all cryptocurrencies on the market are in the same boat.
On the one hand, there are assets that fall more than the market. After Binance’s announcement, the FTT, whose futures are bigger than its futures, continued to free fall to $1.3, before stabilizing around $1.85:
Figure 2 – FTT price in hourly data
As we also pointed out, Solana’s SOL and other ecosystem tokens such as Raydium’s RAY or Serum’s SRM also suffer the full force of the crisis. Since Sam Bankman-Fried and his companies are heavily invested in this blockchain, investors are losing confidence in these projects.
However, some cryptocurrencies are better than others. These examples of course they are historical compared to most of the ecosystembut TRX yield of Tron for example “only” about 15% where the values with 25% of losses are common.
This is also the case dYdX platform token, which even allows itself to close the day in a lock, although the project team seems to announce the arrival of a new blockchain. In fact, dYdX needs to be developed soon on the Cosmos ecosystem:
Loading dydX chain…
— dYdX (@dYdX) November 9, 2022
Of course, whatever assets anyone would be interested in, it goes without saying that in times of uncertainty like this, the greatest care is required from an investment point of view.
👉 Also read – Back to the beginning of the FTX business
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Source: Trade View
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