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

[JollyGood]

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.

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[franky1]

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

[avikz]

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!

[NotATether]

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...

[OgNasty]

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.

[seoincorporation]

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.

[cheezcarls]

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.

[royalfestus]

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.

[Falconer]

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

[ultrloa]

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.

[mayax]

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

[imamusma]

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.

[Fatunad]

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.

[AmoreJaz]

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.

[JollyGood]

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.

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.

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 

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.

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.

[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.

[darkangel11]

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

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.

[n0ne]

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.

[mr.vivalavida]

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.

[harapan]

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