Bitcoin price drops to 17,500 USD, crypto market crisis

During the last night and early this morning, a series of unexpected developments occurred in the crypto market and caused the prices of many cryptocurrencies to fluctuate sharply.

The cause of this situation comes from the fact that the FTX exchange has difficulty in liquidity. This is one of the major cryptocurrency exchanges and has a strong influence on the world crypto community.

After Sam Bankman-Fried’s shared tweet last night to reassure users, the price of FTX’s FTT token rose sharply, creating a driving force that pulled the whole market up. However, this motivation is not significant when users realize that the problem of FTX is still unresolved.

The issue of FTX has cast a shadow over many other cryptocurrencies and sent the crypto market in the red this morning (November 9).

The red color is currently covering the crypto market. Photo: Trong Dat

As noted by VietNamNet, in the early hours of this morning, there were times when the Bitcoin price dropped to $17,500. This is the lowest price of Bitcoin recorded in 2022, knocking out the low of $17,567 recorded on June 18.

In just 24 hours, the price of Bitcoin (BTC) rose rapidly from $19,500 to $20,600 before plummeting to a bottom of $17,500.

Strong volatility in both directions of the price Bitcoin resulted in the liquidation of a series of “long and short” orders and caused many traders to “burn out” their accounts. There were times, the total value liquidated in 4 hours jumped to nearly 500 million USD with the victims mostly being “long” traders.

Similar to Bitcoin, Ethereum (ETH) – the world’s 2nd largest cryptocurrency in terms of market capitalization is equally volatile. In the last 24 hours, ETH price rose from $1,427 to $1,578 before falling back to $1,240.

The FTT token is the biggest loser this time around. At one point, FTT lost nearly 90% of its value. Photo: Trong Dat

The most tragic is the FTT token of the FTX exchange when there are times when this token loses nearly 90% of its value, falling from 21.2 USD to 2.51 USD. The sudden devaluation of FTT makes people think of the collapse of the previous LUNA monument.

As of 9am on 9/11, the crypto market is showing signs of a slight recovery. Bitcoin price this morning has now risen to $18,400.

Meanwhile, the price of Ethereum has also risen to the level of $1,330. With FTT, the token even doubled in value from the bottom, jumping from $2.50 to $5.6.

Trong Dat

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