Bitcoin (BTC) ranged round $16,500 on Nov. 17 as markets digested the most recent occasions surrounding trade FTX.
BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView
FTX CEO tells of “full failure of company controls”
Knowledge from Cointelegraph Markets Professional and TradingView confirmed BTC/USD seeing solely delicate volatility on the Wall Road open.
The pair confirmed acclimatization to occasions across the FTX insolvency, the most recent together with revelations that Alameda Analysis had been immune from liquidation whereas buying and selling on the platform.
After the departure of Sam Bankman-Fried, new CEO John Ray III wasted no time in acknowledging the extent of the issues left in his wake.
In a submitting with the U.S. Chapter Court docket for the District of Delaware, Ray describes the company management of FTX as a “full failure.” He wrote:
“By no means in my profession have I seen such an entire failure of company controls and such an entire absence of reliable monetary data as occurred right here.”
As Cointelegraph reported, United States lawmakers intend to carry a devoted listening to on FTX subsequent month, whereas Bankman-Fried is reportedly topic to efforts to extradite him from the Bahamas.
BTC value motion has nonetheless managed to shake off associated volatility, as evidenced within the modest response to information of contagion impacting the crypto lending arm of Genesis Buying and selling on Nov. 16.
Analyzing the present local weather, nonetheless, fashionable commentators on Nov. 17 have been removed from optimistic.
“Bulls actually need to reclaim $17,600 for us to have the ability to shift properly in an extended place,” Crypto Tony tweeted, including that “for now bears are in management.”
Il Capo of Crypto, repeating a warning that altcoins might see additional losses of as much as 50%, was even franker in his message to followers.
“I repeat… EXIT ALL THE MARKETS,” he said on Nov. 16, suggesting that “most individuals aren’t prepared for what’s coming.”
Bid liquidity presents $13,500 assist
On the subject of potential BTC/USD draw back targets, fellow analyst Titan of Crypto flagged varied high-liquidity zones on trade order books.
Associated: FTX Bitcoin stash price identical as Mt. Gox 840K BTC earlier than hack
The biggest of those, feedback mentioned, lies at $13,500.
“Though there’s liquidity to seize round $18.5k, $17.2k and $15.5k, the larger one is decrease at $13.5k,” they said.
Analytics useful resource Materials Indicators, in the meantime, calculated the full bid liquidity between the spot value and $13,000 as $195 million on the Binance order guide.
BTC/USD order guide knowledge (Binance). Supply: Materials Indicators/Twitter
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