The Bitcoin price has broken below the $16,000 level once again, with the FTX crisis seemingly becoming worse by the day
value of Bitcoin It has come very close to reaching a two-year low.
Earlier today, the largest cryptocurrency plunged to as low as $15,784 on the Bitstamp exchange.
This is only slightly above the current two-year low of $15,632, which was recorded on November 9, the day cryptocurrency exchange Binance pulled out of the market. ftx deal,
On Nov. 10, the largest cryptocurrency experienced a significant rally, adding 14% within a single day due to lower-than-expected inflation.
However, the cryptocurrency market began erasing its macro-driven gains at No. 11 after FTX Group filed for bankruptcy.
In a recent tweet, trader Jake Wujastyk says that he would be “shocked” if the Bitcoin price doesn’t at least test the Nov. 9 low within the next few days.
as Reported by u.today, JP Morgan analysts recently predicted that the price of bitcoin could drop as low as $13,000. Mark Newton of Fundstrat believes that the bitcoin price could fall below the $10,000 level for the first time since November 2020.
The Bitcoin price is now down 76.84% from its record high of $69,044 which was achieved last November.
At press time, bitcoin is trading at $16,211 after touching an intraday high of $16,552.
According to the fear-and-greed index, Bitcoin markets have succumbed to extreme fear once again.
