Bitcoin (BTC) falls below $16,000 for the first time in 2 years

In the turmoil caused by the FTX affair, the price of Bitcoin (BTC) falls back below $16,000 for the first time since November 16, 2020. Let’s take stock of the state of the market.

Bitcoin (BTC) Breaks $16,000 and Steps Into the Unknown

While we sought to reassure ourselves a few months ago by observing that “never after a bull run has Bitcoin gone back below its all-time high”, this assertion, which has since been contradicted, is now far behind us. And for good reason, BTC is at historic levels, falling back below $16,000 for the first time since November 16, 2020.

So it’s a very sad anniversary, exactly one year after the last ATH. Indeed, while volatility continues to challenge the numbers, the price of Bitcoin has lost more than 77% of its price since this previous high:

Figure 1 – BTC price in weekly data

This market behavior is obviously a continuation of the FTX affair, and more particularly following the fact that Binance withdrew from its offer.

Note, however, that at the same period of November 2020, ETH was trading at 450 dollars, against 1,110 today.

👉 To go further – Take back control of your cryptocurrencies with Ledger keys

The French unicorn of crypto wallets 🔒

A complete crypto experience, from buying to securing

toaster icon

Disparities in the market

While unsurprisingly, the overall trend is downward, not all cryptocurrencies on the market are in the same boat.

On the one hand, there are assets that fall more than the market. After Binance’s announcement, the FTT, whose future is more than compromised, continued its free fall to $1.3, before stabilizing around $1.85:

Hourly FTT

Figure 2 – FTT price in hourly data

As we have also pointed out, Solana’s SOL and other ecosystem tokens such as Raydium’s RAY or Serum’s SRM are also suffering the full force of the crisis. Since Sam Bankman-Fried and his companies are heavily invested in this blockchain, investors are losing confidence in these projects.

However, some cryptocurrencies fare better than others. These examples are of course anecdotal compared to the majority of the ecosystembut the TRX of Tron yields for example “only” approximately 15% where the values ​​with 25% of losses are common.

This is also the case dYdX platform token, which even allows itself to close the day in green, while the project teams seem to announce the arrival of their new blockchain. Indeed, dYdX must soon be developed on the Cosmos ecosystem:

Of course, whatever assets anyone may be fond of, it goes without saying that in a time of uncertainty like this, the greatest caution is required in terms of investment.

👉 Also read – Back to the beginnings of the FTX affair

Join Experts and a Premium Community


Invest in your crypto knowledge for the next bullrun

toaster icon

Source: Trading View

Newsletter 🍞

Receive a summary of crypto news every Monday by email 👌

What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.

Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky in nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.

Leave a Comment