Bitcoin (BTC) ranged round $16,500 on Nov. 17 as markets digested the newest occasions surrounding trade FTX.
BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView
FTX CEO tells of “full failure of company controls”
Information from Cointelegraph Markets Professional and TradingView confirmed BTC/USD seeing solely gentle volatility on the Wall Avenue open.
The pair confirmed acclimatization to occasions across the FTX insolvency, the newest 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, recent 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 Courtroom 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 worth 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, standard commentators on Nov. 17 have been removed from optimistic.
“Bulls really want to reclaim $17,600 for us to give you the chance to shift properly in a protracted place,” Crypto Tony tweeted, including that “for now bears are on top of things.”
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 should not prepared for what’s coming.”
Bid liquidity provides $13,500 assist
On the subject of potential BTC/USD draw back targets, fellow analyst Titan of Crypto flagged numerous high-liquidity zones on trade order books.
Associated: FTX Bitcoin stash value similar 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 overall bid liquidity between the spot worth and $13,000 as $195 million on the Binance order e book.
BTC/USD order e book information (Binance). Supply: Materials Indicators/Twitter
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