Despite the fall of FTX, other factors torment the price of Bitcoin according to this crypto specialist
The price of Bitcoin (BTC) has fallen sharply in recent days due to the news that the FTX exchange filed for bankruptcy and its value is at a floor of USD 16,000. Although the day of this Sunday, November 20, began with cryptocurrencies on the rise, most of the digital currencies fell in value after the fall of the exchange and have not been able to recover.
The company’s new CEO, John Ray III, acknowledged the problems Sam Bankman-Fried left behind after his departure and called FTX’s corporate management a “complete failure.”
“Never in my career have I seen such a complete failure of corporate controls and a complete absence of reliable financial information as happened here,” John Ray III remarked to the United States Bankruptcy Court, according to the specialized site Cointelegraph.
$BTC / $USD – Update— Crypto Tony (@CryptoTony__) November 17, 2022
While we are dancing around the lost range lows, well the bulls really need to reclaim $17,600 for us to be able to shift nicely in a long position
For now bears are in control … pic.twitter.com/Kj1oDz4wyd
Despite the fact that Bitcoin was not affected by the alarm that Genesis Global raised by preventing its investors from making withdrawals, the price of the world’s main cryptocurrency has not been able to exceed USD 17,000.
BAD FORECAST FOR BITCOIN
Crypto specialist Tony has remarked on his Twitter account that “bullish investors really need to recapture $17,600” so they can be “long” as “for now the bears are in control.”
On the other hand, the bitcoin analyst Il Capo of Crypto assured that digital currencies could present losses of up to 50% and assured that “most people are not prepared for what is coming.” In addition, he advised investors from his networks to “get out of all markets.”
BITCOIN AFTER THE FAIL OF FTX
The company specialized in cryptocurrency analysis Glassnode explained about the outflows of Bitcoin from exchanges after FTX filed for bankruptcy.
According to his analysis, minority investors began to hold bitcoins more than large investors. The shrimp had increased their coffers with 33,700 BTC, the crabs about 48,700 BTC, the sharks about 78,000 BTC and the whales 3,600 BTC.
This has resulted in positive balance changes across all wallet cohorts, from shrimp to whales.— glassnode (@glassnode) November 13, 2022
The failure of FTX has created a very distinct change in #Bitcoin holder behaviour across all cohorts. pic.twitter.com/HBKXf6XMZN
According to Glossnode figures, the total accumulated Bitcoin would be about 164,000 BTC, after the FTX bankruptcy was announced. This data would support Crypto specialist Tony’s theory that the market is currently in control of minority investors.