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

[Darker45]

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.

[LogitechMouse]

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.

[Sarah Azhari]

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.

[Sebas.tian]

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.

[NotATether]

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.

[tbct_mt2]

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.

[worle1bm]

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.

[pooya87]

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.

[Kakmakr]

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. 

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. 

[airfinex]

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.

[Yaunfitda]

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.

[JollyGood]

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.

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.

[Welsh]

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.

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?

[Slow death]

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.

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


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)

[TanhyaTrudy]

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.

[JollyGood]

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.

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'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?

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

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

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.

[NotATether]

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

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.

[TheGreatPython]

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.

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.

[rendravolt]

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.

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.

[serjent05]

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

how did you calculate that number?.

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

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.

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.

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.

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.