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Bitcoin dips below $16,000

The FTX case is wreaking havoc in the crypto market.

By Finst News
• 4 min read
Bitcoin dips below $16,000

The FTX case is wreaking havoc on the crypto market. Bitcoin dropped to a two-year low after a looming bankruptcy. And altcoins were hit hard as well.

Following Terra (LUNA), 3AC and Celsius, the looming bankruptcy of the crypto exchange FTX is shaking up the crypto market for the fourth time this year. Combined with all the uncertainties in the traditional financial markets that spill over into Bitcoin and all other cryptocurrencies.

New two-year low for Bitcoin

Tonight, November 10, Bitcoin fell below $16,000 for the first time, briefly trading at $15,663, the lowest BTC price since November 2020. While Bitcoin is trading around $17,101 at the time of writing, the $20,000 level that Bitcoin has hovered around for months is once again a distant memory.

And the altcoin sector isn’t looking any better. Ethereum is currently trading at around $1,260, but is down 14.8% from last week. Its previous low was $1,087 in June, when ETH barely stayed above the $1,000 mark.

Solana’s price looks far more dramatic. The altcoin has fallen 45.5% over the past week, trading at $16.66, after sliding to an intraday low of $12.80 last night — a SOL token hasn’t been this cheap since March 2021. And its previous all-time high of $259.96 also seems further out of reach.

Bitcoin and other cryptos fall: Is it SBF's fault?

The trigger for the current crash in Bitcoin and other cryptocurrencies is the looming bankruptcy of the crypto exchange FTX, founded by Sam Bankman-Fried (SBF), which is getting closer. After the View post on X and its CEO Changpeng "CZ" Zhao, a rescue for the exchange is no longer to be expected, and at the same time accusations against SBF, FTX and Alameda Research are growing louder.

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