Bitcoin Plunges Toward $16K on More FTX Bad News (Market Watch)

By akohad Nov12,2022

[ad_1]

The past couple of days have been a complete rollercoaster in the cryptocurrency field, and there are no signs of slowing down.

Just yesterday, FTX officially filed for voluntary Chapter 11 Bankruptcy proceedings in the US, sending the markets into another meltdown.

Bitcoin Plunges Toward $16K

Bitcoin’s price can’t catch a break. After attempting a recovery following positive CPI numbers Thursday, the cryptocurrency experienced another meltdown on Friday.

BTC plunged from above $18K down to almost $16K (on Binance).

btc_price_chart
Source: Binance via TradingView

As seen in the above chart, the cryptocurrency has since recovered to where it currently trades at around $18,800, but it remains down 3% in the past 24 hours.

Altcoins Take a Beating Too

As expected, the entire cryptocurrency market is in shambles as many expected FTX to make some sort of a deal that would lead to a quicker resolution and perhaps recovery of users’ balances.

This was, after all, hinted at and highlighted by the former CEO – Sam Bankman-Fried. To make matters even worse, the exchange purportedly suffered from a hack earlier this morning too.

The altcoin market is now painted red as a result.

btc_heatmap_cover
Source: Quantify Crypto

The altcoins that lost the most include Helium, Maker, and Cronos, all down about 13% in the past 24 hours. On the other hand, BTSE Token soared by 10.3% over the same period.

That said, the total liquidations have somewhat calmed down, and they total about $140 million over the past 24 hours, with only $580K being liquidated in the past hour.

The broader market sentiment plunged toward extreme fear Friday following the news of FTX’s Bankruptcy. The total cryptocurrency market capitalization is also down by about $30 billion.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



[ad_2]

Source link

By akohad

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *