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

[Woodie]

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 !

[jinmioluwaseyi]

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.

[dunfida]

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 !

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.

[cryptomaniac_xxx]

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 !

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.

[JollyGood]

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.

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.

[goldkingcoiner]

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.

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.

[Welsh]

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.

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.

[Inwestour]

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 !

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.

[yhiaali3]

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.

[Ucy]

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.

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

[buwaytress]

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! 

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

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).