Bitcoin (BTC) ranged round $16,500 on Nov. 17 as markets digested the newest occasions surrounding alternate FTX.
FTX CEO tells of “full failure of company controls”
Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD seeing solely delicate volatility at the Wall Street open.
The pair confirmed acclimatization to occasions round the FTX insolvency, the newest together with revelations that Alameda Research 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. Bankruptcy Court for the District of Delaware, Ray describes the company management of FTX as a “full failure.” He wrote:
“Never 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 price motion has nonetheless managed to shake off associated volatility, as evidenced in the modest reaction to news of contagion impacting the crypto lending arm of Genesis Trading on Nov. 16.
Analyzing the current climate, however, popular commentators on Nov. 17 were far from optimistic.
“Bulls really need to reclaim $17,600 for us to be able to shift nicely in a long position,” 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 stated on Nov. 16, suggesting that “most individuals will not be prepared for what’s coming.”
Bid liquidity affords $13,500 assist
On the matter of potential BTC/USD draw back targets, fellow analyst Titan of Crypto flagged varied high-liquidity zones on alternate order books.
Related: FTX Bitcoin stash price similar as Mt. Gox 840K BTC earlier than hack
The largest of those, feedback stated, lies at $13,500.
“Although there’s liquidity to seize round $18.5k, $17.2k and $15.5k, the greater one is decrease at $13.5k,” they said.
Analytics useful resource Material Indicators, in the meantime, calculated the whole bid liquidity between the spot price and $13,000 as $195 million on the Binance order e-book.
The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Every funding and buying and selling transfer includes danger, you must conduct your individual analysis when making a call.