After another fall following the bankruptcy of the FTX platform, bitcoin is stabilizing

In agony since the beginning of the week, the cryptocurrency exchange platform drags bitcoin down with it.

If the price has stabilized for the past two days, there is no reason to foresee a lasting lull.

Cyclone FTX got the better of bitcoin price

It is difficult to miss this crucial information at the beginning of November, which is the descent into hell of one of the major crypto platforms, FTX. While Binance gave up buying its competitor for lack of a positive result in the due diligence process, FTX did not experience a miracle with the arrival of another potential buyer.

This earthquake has done much more than collateral damage since November 8, since in the wake of FTX, many crypto-currencies have seen their respective prices fall. A market reaction that is anything but illogical, since the crisis of confidence around such volatile assets has only been reinforced by the successive announcements of FTX in an already tense context.

As a result, this Sunday, November 13, 2022 at noon, bitcoin appears to be slowly emerging from the hurricane after a particularly turbulent week. Indeed, the impact of the Binance and FTX announcements was such that bitcoin fell to $15,700 on the night of Wednesday November 9, 2022, a level it had not reached since November 2020 in full COVID-19 pandemic.

Stability regained, but at a very low level

After temporarily climbing around $18,000 on November 10 around 9 p.m. (Paris time), BTC plunged again following the withdrawal of Sam Bankman-Fried, the now ex-CEO of FTX, from the chair of the platform. His announcement that FTX and the 130 legal entities under it fell under Chapter 11 US law (within the State of Delaware), i.e. bankruptcy, did not help matters for the bitcoin.

Since November 11, 2022 at 2:30 p.m., its value has stabilized around 16,600 dollars, twice less than at the beginning of last June. The fall may well not be halted permanently. On the one hand, if Bankman-Fried tried as best he could to play the card of transparency by multiplying the tweets on the evolution of FTX, he was not the only one to want to express himself.

On the other, usually reserved about communicating about its competitors, Binance CEO Changpeng Zhao announced on Twitter that he planned to ” break somewhat with this policy and communicate on the problems [qu’il voit] in this industry [les crypto-monnaies, ndlr] “. The return to calm is therefore not for now.

Source : Boursorama