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Elon Musk argues that Bitcoin will make it and reveals 5 things to keep in mind about BTC for this week.

December 5, 2022

Bitcoin starts a new week in the very unstable territory after having a lower weekly close in the last 2 years. The benchmark cryptocurrency is considered weakened after the failure of the FTX Exchange a few days ago, which is still giving consequences to the price of BTC and other altcoins.

All investors are confused and no one predicts what can happen in the future, as more companies create alarms for economic solvency, regulators begin to intensify investigations in the space of different cryptocurrencies, which is making it difficult for different investors to work. Exchanges and Traders.

With low spirits and fearful investors, even several of the world’s largest investors express that the world of cryptocurrencies has gone back several years, looking at the results of the events that occurred last week.

However, for BTC everything remains the same, what happened with the Exchange FTX is not the first setback suffered by Bitcoin, however, it has managed to overcome them and after these crises, it has reached its all-time highs.

Cryptocurrencies are already preparing for the consequences that the FTX bankruptcy will bring.

Although nothing is certain about the current cryptocurrency market, it is important to say that FTX and the consequences of its bankruptcy are the main sources of the volatility that is occurring with Bitcoin and other cryptocurrencies.

If we analyze the Bitcoin charts, a red candle of -5,500 dollars can be established during these 7 days until November 13, which means the lowest weekly close since November 2020 as evidenced by TradingView data.

At the time of writing this article, the price of BTC is at 16,005, considered as an upward rebound after its price fell to 15,780 USD during the night of the FTX bankruptcy.

However, this nightmare is not over yet, there are many companies with exposure to the FTX Exchange and other related entities that are in big trouble which, based on the solution they give to them, could affect prices vary considerably. of cryptocurrencies.

Therefore, famous commentators and investors are already predicting that the stocks may repeat the decline in the coming days and weeks, which is necessary to consider that the effects of the fall of FTX will leave out more investors and companies than in In the next few days they will declare bankruptcy due to lack of liquidity.

At this moment all the Exchanges are on the radar, many people are watching and pending the different Exchanges such as, and Kucoin among others, which at the moment present suspicions of liquidity problems.

The day that FTX fell, it was possible to show a large spike in the withdrawal transactions of Crypto. And funds, which led to the warning of what would be the next Exchange that may suffer some economic problems and could be close to having financial solvency problems.

The graphs of analysis companies such as on-chain CryptoQuant showed that 1,500 BTC were withdrawn from Exchange on November 13, and on November 14, 800 BTC were withdrawn and these withdrawals continue to increase.

However, the graphs show that the BTC reserves of this Exchange are 2.09 million, but CryptoQuant reported that due to the turmoil, the true state of things might not be reflected.

Experts say that you have to be patient, this is because we must remember that Bitcoin took almost a year to recover in 2014 after the Mt. Gox hack, after finding its bottom, it started its recovery again; however other experts argued that the market was ready for this so this time it should not take so long.

It should be noted that although many are selling their cryptocurrencies and seeing how to recover their losses, other traders and investors have started to buy, evidencing that when Bitcoins and other altcoins have fallen to small minimums and giant investors have started buying processes, managing to get a little profit at the problems.