InvestMate|Bitcoin why it drop₿ Bitcoin why it drop?
₿ Bitcoin today scored a slide from its local peak by a full 20% hitting new lows.
₿ In my last analysis, I hypothesised that the improving outlook for slowing interest rate hikes and the gradual strengthening of the dollar would help bitcoin to rise.
₿ This is likely to be the case in the long term.
₿ Looking from a fundamental point of view, Can be blamed for today's slide investors' fears about the insolvency of the FTX exchange and rumours that losses may have reached $6 billion.
₿ FTX fell victim to the run on the bank which is when a very large customer base wants to withdraw their money, contributing to the liquidity crisis
In the first week of November, capital outflows amounted to $1.1 billion
₿ Binance has already come to the rescue by taking up proposals to buy the exchange, as part of the decision Binance will fully acquire the FTX exchange, in exchange for covering the cash shortfall.
₿ For traders like me, this is the perfect time to buy.
₿ From a technical point of view, it was a vehicle for the feet of all the people sitting in longs for a long time
₿ I don't think there is a chance of going even lower looking at the buy reaction that took place.
₿ I think we are in an ideal place to start the upside.
₿ If you want to know more reasons why I believe this I invite you to read my previous post on Bitcoin.
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