{"id":509040,"date":"2022-11-11T21:42:13","date_gmt":"2022-11-11T18:42:13","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-slips-under-17k-crypto-stocks-tumble-in-reaction-to-ftx-bankruptcy\/"},"modified":"2022-11-11T21:42:13","modified_gmt":"2022-11-11T18:42:13","slug":"bitcoin-slips-under-17k-crypto-stocks-tumble-in-reaction-to-ftx-bankruptcy","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-slips-under-17k-crypto-stocks-tumble-in-reaction-to-ftx-bankruptcy\/","title":{"rendered":"# Bitcoin slips under $17K, crypto stocks tumble in reaction to FTX bankruptcy"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a25875c1795e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a25875c1795e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-slips-under-17k-crypto-stocks-tumble-in-reaction-to-ftx-bankruptcy\/#%E2%80%9D_Bitcoin_slips_under_17K_crypto_stocks_tumble_in_reaction_to_FTX_bankruptcy_%E2%80%9C\" >&#8221; Bitcoin slips under $17K, crypto stocks tumble in reaction to FTX bankruptcy  &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-slips-under-17k-crypto-stocks-tumble-in-reaction-to-ftx-bankruptcy\/#Crypto-linked_stocks_decline\" >Crypto-linked stocks decline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-slips-under-17k-crypto-stocks-tumble-in-reaction-to-ftx-bankruptcy\/#Bitcoin_price_back_below_June_lows\" >Bitcoin price back below June lows\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-slips-under-17k-crypto-stocks-tumble-in-reaction-to-ftx-bankruptcy\/#Is_BTC_close_to_bottoming\" >Is BTC close to bottoming?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_slips_under_17K_crypto_stocks_tumble_in_reaction_to_FTX_bankruptcy_%E2%80%9C\"><\/span>&#8221; Bitcoin slips under $17K, crypto stocks tumble in reaction to FTX bankruptcy  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-e13e51fa>Bitcoin (BTC), Ether (ETH) and cryptocurrency-linked stocks like MicroStrategy are seeing a sharp downturn after <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> broke that FTX announced filing for Chapter 11 bankruptcy and Sam Bankman-Fried stepping down as CEO.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/3df846cd-652f-4a67-87b0-5e7f1498d8b3.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin, Ethereum and MicroStrategy comparison. Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Crypto-linked_stocks_decline\"><\/span>Crypto-linked stocks decline<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>MicroStrategy (MSTR), led by the outspoken advocate of Bitcoin Michael Saylor, is down 32.57% on Nov. 11 in a 5-day period. MicroStrategy holds about 130,000 Bitcoin and, therefore, its stock price is heavily correlated with BTC\/USD. Meanwhile, the tech-heavy NASDAQ has gained 0.79%. <\/p>\n<p>Mining stocks have seen losses today, with the Hashrate Index Crypto Mining Stock Index showing a 0.14% loss at midday Nov. 11. Top miners&#8217; market performance is much lower. Marathon (MARA) is down 4.95%, Riot (RIOT) is down 5.74%, and Hive (HIVE) is down 16.08%.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/06314518-4c13-4a6c-8bd8-6db34cfdca34.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Mining stock performance sorted by market cap. Source: Hashrate Index<\/em><\/figcaption><\/figure>\n<p>Meanwhile, ETH price saw a 22% decrease this past week despite Ether becoming deflationary for the first time since the Merge. Over 8,000 Ether have been burned in the last seven days bringing the yearly rate to -0.354%.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/1be0d26f-06a4-4778-b1a2-832c15620a6c.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>7-day Ether supply statistics. Source: ultra sound money<\/em><\/figcaption><\/figure>\n<p>In addition to the FTX debacle hindering the Ether price, a mass amount of futures liquidations caused the price to hit a 4-month low of $1,070 this week.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_price_back_below_June_lows\"><\/span>Bitcoin price back below June lows\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro\u00a0shows Bitcoin has lost 20% of its value in the past week as well. In addition, Bitcoin reached a new yearly low of $15,742 due to the FTX collapse. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/e9ae5507-b84c-4d85-bb03-5e3236d76913.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin index. Source: Cointelegraph<\/em><\/figcaption><\/figure>\n<p>Moreover, Bitcoin\u2019s price crunch is leading miners to sell at an accelerated rate further increasing downward pressure. <\/p>\n<p>According to Charles Edwards, founder of the Capriole Fund, Bitcoin miners reached the red level on an open-source Bitcoin Miner Sell Pressure chart, which shows the most selling in almost five years.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin miners are in pain and selling more than they have in almost 5 years!<\/p>\n<p>Introducing: Bitcoin Miner Sell Pressure. <\/p>\n<p>A free, open-source indicator which tracks on-chain data to highlight when Bitcoin miners are selling more of their reserves than usual. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/sXpxXXdUiW\">pic.twitter.com\/sXpxXXdUiW<\/a><\/p>\n<p>\u2014 Charles Edwards (@caprioleio) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/caprioleio\/status\/1591024605640019968?ref_src=twsrc%5Etfw\">November 11, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The uptick in miner selling has also coincided with a Bitcoin whale moving 3,500 BTC\u00a0for the first time since 2011.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_BTC_close_to_bottoming\"><\/span>Is BTC close to bottoming?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>But analysts are mixed on whether BTC has bottomed. For instance, trader Mags sees two possibilities. <\/p>\n<p>He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/thescalpingpro\/status\/1590608522328539136?s=20\">tweeted<\/a>:<\/p>\n<blockquote><p>&#8220;Bottom is in already ($15.5k) and we front run everyone waiting for $14k,&#8221;\u00a0Otherwise, &#8220;We see a deep re-test &amp; go way lower than $14k , maybe $11.5k &#8211; $12k.&#8221;<\/p><\/blockquote>\n<p>Other popular analysts like John Wick don&#8217;t believe the bottom is in.\u00a0<\/p>\n<p>&#8220;I gave everyone heads up and said if this lower end of the support broke that I would short again,&#8221;he said.&#8221; I also mentioned that I did not think the lows were in. I hope you put in your orders ahead of time&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> <\/p>\n<p>I gave everyone heads up and said if this lower end of the support broke that I would short again. I also mentioned that I did not think the lows were in.<\/p>\n<p>I hope you put in your orders ahead of time  <\/p>\n<p>Dots again catching the move early and have predicted every move  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/FVF0aMSq3X\">https:\/\/t.co\/FVF0aMSq3X<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/ADlgNyBcC8\">pic.twitter.com\/ADlgNyBcC8<\/a><\/p>\n<p>\u2014 John Wick (@ZeroHedge_) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ZeroHedge_\/status\/1591078098103328768?ref_src=twsrc%5Etfw\">November 11, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-slips-under-17k-crypto-stocks-tumble-in-reaction-to-ftx-bankruptcy\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin slips under $17K, crypto stocks tumble in reaction to FTX bankruptcy &#8220; Bitcoin (BTC), Ether (ETH) and cryptocurrency-linked stocks like MicroStrategy are seeing a sharp downturn after news broke that FTX announced filing for Chapter 11 bankruptcy and Sam Bankman-Fried stepping down as CEO.\u00a0 Bitcoin, Ethereum and MicroStrategy comparison. Source: TradingView Crypto-linked stocks&#8230;<\/p>\n","protected":false},"author":1,"featured_media":509041,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvYjQ2ZWRmYjYtNDFmNS00NjlmLThjZjgtMzQwNjEzYTA5MzVmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,74937,74863,74860,74891,135234,122847,75042,76514,73785,70359],"class_list":["post-509040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-price","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-ethereum","tag-ftx","tag-microstrategy","tag-mining","tag-stock-market-indexes","tag-markets","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=509040"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509040\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/509041"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=509040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=509040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=509040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}