BTC at 2-Year Low, ETH Down 20% as FTX Turmoil Leads to Crypto Bloodbath – Market Updates Bitcoin News

Bitcoin dropped to a low of two years on Wednesday due to the FTX token sell-off. After a 30% drop, FTX token plunged as high as 80% as Binance announced its intent to acquire the failed exchange. Ethereum dropped below $1,200, as well.


Bitcoin (BTC), which fell to its lowest point in 2 years, was due to markets continuing to react to volatility caused by the FTX/Binance scandal.

The world’s largest cryptocurrency plunged to a low of $17,402.55 earlier in today’s session, less than a day after trading at a high of $20,582.24.

Prices plummeted by 10% in this move. This brought the BTC/USD level to its lowest since November 2020.

BTC/USD – Daily Chart

You can see that the drop in token value was intensified after it fell below $19,000 as its long-term support.

The 14-day relative weakness index (RSI), has fallen to a floor, too, and is now at 29.75.

BTC is now at $17.718.95 and some bulls are hoping to establish support around $17.900. This has been a slight rebound from its earlier lows.


In addition to BTC, ethereum (ETH) also fell considerably in today’s session, as prices dropped below $1,200 in the process.

After a Tuesday high of $1564.55, ETH/USD fell as much as 20% to $1,157.23 on Tuesday.

This was ETH’s lowest point since July 14th, when it traded slightly higher than $1,000.

ETH/USD – Daily Chart

The RSI for this ethereum charts is tracking at 33.00. That’s marginally higher than the floor of 32.50.

This reading (which is the worst reading over the past five-months) means that prices have entered an area of extreme volatility, which, according to long-term bulls, indicates that the market has reached its bottom.

However, the red 10-day moving mean continues to drop. Should this continue, it is possible that ETH may move below $1,000.

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Have we reached a bottom, or will this week’s sell-off intensify? Please leave your comments.

Eliman Dambell

Eliman has a unique perspective on market analysis. He was previously a retail trading teacher and brokerage director. He is currently a commentator on various asset classes including Crypto, Stocks, and FX.

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