Bitcoin (BTC), hovered around $16,500 on Nov. 17 as the markets tried to digest recent events related to the FTX exchange.
FTX CEO talks about failing corporate controls
Cointelegraph Markets Pro andNewsOfFinanceAccording to data from , BTC/USD showed only slight volatility at the Wall Street open.
The pair seems to have gotten used to the events surrounding the FTX bankruptcy. New CEO John Ray III wasted no time in exposing the scale of the problems Sam Bankman-Fried left behind after his departure.
In a filing with the U.S. Bankruptcy Court for the District of Delaware, Ray described FTX’s corporate control as a “total failure” and stated:
“Never in my career have I seen such a complete failure of corporate controls and such a complete loss of reliable financial information.”
As Cointelegraph reported, Bankman-Fried is also reportedly the subject of extradition efforts from the Bahamas, as US lawmakers plan to hold a private hearing on FTX next month.
Popular commentators analyzing the current situation were far from optimistic on 17 November.
Shared by Crypto Tony in the tweet“The bulls really need to reclaim $17,600 before we can slide nicely in a long position,” he said. “For now, bears are in control.”
Il Capo of Crypto chose to be even more outspoken in its message to its followers, reiterating its warning that altcoins could see losses of more than 50 percent.
Posted on November 16 in the tweet“I repeat… EXIT ALL MARKETS,” he suggested, suggesting that many were not ready for what was to come.
The price could drop to $13,500
Analyst Titan of Crypto points out the various high-liquidity zones in the exchange’s order books regarding BTC/USD’s potential downside targets. marked.
The comments indicate that the largest of the liquidity zones in question is at the level of 13,500 dollars. was in the direction.
Meanwhile, analytics resource Material Indicators calculated total bid liquidity between the spot price and $13,000 at $195 million on the Binance order book.
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