Bitcoin Records Fresh Market Low At $17K, Was This The Bottom?

The crypto market is trading in the red, with Bitcoin and other cryptocurrencies recording double-digit losses over today’s trading session. Its profits are retraced from last week, and it falls back into its yearly lowest.

Bitcoin (BTC) is trading at $18,200. There has been a 13% loss over the last 24hrs and a 11% drop in seven days. The same trend is being followed by other cryptocurrencies, including Dogecoin (DOGE), which has suffered the most losses in this time. 

BTC’s price is trending to the downside. Source: View Tradingview BTCUSDT

Bitcoin Crashes Amid FTX “Lehman Moment”

The events surrounding Binance and FTX are causing a reaction in the crypto market. Dubbed the “Crypto Exchange Wars,” Binance emerged victorious when FTX confirmed a deal to surrender its assets, except for FTX.US. 

The Sam Bankman-Fried led platform could not redeem its users’ new request for withdrawal. The venue, which was reported to be missing up to $6 billion, was forced to stop its operations. 

Amidst this uncertainty, Bitcoin and the crypto market were subject to immense selling pressure. Rumors have surfaced about Alameda, FTX’s trading arm, possibly liquidating its BTC to cover some of its losses, but the team behind the platform has no official statement. 

The current market state is subject to speculation, as reflected in Bitcoins and other cryptocurrency. Additionally, there is the U.S. The uncertainty of the midterm elections is increasing. 

NewsBTC reports that yesterday’s win by the Republican party could prove to be a boon for digital assets and crypto. This party is more likely to support crypto and the industry than the Democratic party. 

Arthur Hayes is the founder of BitMEX and published his views on the future of Bitcoin. Hayes’s announcement of the purchase (sell or put) option contracts to Bitcoin made him appear bearish. 

These contracts have a strike price of $15,000, meaning they can exercise if BTC’s price records another fresh low and crashes into $15,000 to $14,000 or much lower. BitMEX founder wrote: 

The crypto market is resilient and has survived many capitulations. The industry could see a Lehman moment, but not further downside. Hayes also publicly declared its support for the crypto market. 

For more insights into today’s price action, check out the video below:

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