Bitcoin Slammed After FTX Meltdown!
Bitcoin has melted down, as the FTX platform faces insolvency issues. Binance came to the rescue, offering to rescue non-US divisions of the company. This follows a bank run in FTX's token, FTT, after Binance sold over 11B of the token, causing a 'bank run' which impacted the entire crypto market. The whole ordeal spurred worries of liquidity and solvency issues in crypto. Major cryptocurrencies plummeted as did the stock of any major platform that sells crypto (e.g. Coinbase and Robinhood). Bitcoin was edging higher, making meager gains. It was starting to look like it was able to hold the 20K's, but after the news it plummeted down to the 18K's, which we anticipated as a floor. This was not the end of the move, as the selloff bled into the APAC session. We have now breached our (yearly) low of 17.6K, which we anticipated to hold as a floor. We are currently hovering below this level at 17.5K or so. If we can manage to pivot, watch for Bitcoin to claw itself back to 18.6K, where we may equilibrate as the markets digest the news.
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