Cryptocurrency News And Price Weekly Wrap-Up For Nov. 11
Cryptocurrency prices faced staggering losses this week as they reeled from FTX’s liquidity crisis and its bankruptcy filing on Friday. Bitcoin is down 25% since Sunday and closing in on two-year lows, while Ethereum tumbled 32% to its lowest level since June. There’s been a whirlwind of headlines in recent days surrounding what was the fourth-largest crypto exchange. From FTX’s costly relationship with sister trading firm Alameda Research, and Binance backing out of its proposed buyout, to FTX former CEO Sam Bankman-Fried’s resignation and new probes into the crypto exchange. Catch up on the entire FTX bankruptcy saga with this week’s crypto wrap-up.
Be sure to also check this week’s coverage of cryptocurrency ETFs like BITQ, BLOK and BITS.
Click here for the latest Cryptocurrency Prices and News. And if you’re new to the world of Bitcoin, Ethereum, blockchain and more, stop by our What Is Cryptocurrency page.
Cryptocurrency News: Price Action
Bitcoin fell below $16,700 on Friday after FTX announced it filed for bankruptcy. The world’s largest crypto reversed above $18,100 Thursday following the CPI report, after nearly reclaiming the $21,000 level over the prior weekend. This week’s losses pushed Bitcoin to its lowest level since November 2020. It fell below technical support around $18,814, and has traded between that level and a ceiling around $23,460 for the past three months, according to ARK Invest’s monthly Bitcoin report.
Ethereum dropped to around $1,250 by Friday afternoon, stalling from its rebound above $1,300 on Thursday. The second-largest crypto sank as low as $1,100 during the week after almost hitting $1,650 this past weekend.
Cryptocurrency Prices Heat Map:
Digital asset investments are extremely volatile. While cryptocurrency’s fundamentals and technical indicators may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, cut losses or capture profits. Second, prepare to profit if the cryptocurrency starts to rebound.
Despite their original promise, cryptocurrencies haven’t acted as hedges against inflation. Instead, they’ve trended with the broader indexes. Read The Big Picture and Market Pulse to track daily market trends.
View IBD’s Best Cryptocurrencies And Crypto Stocks To Buy And Watch page to help navigate the world of digital asset investments.
Want a deeper dive into crypto? Check out the What Is Cryptocurrency? explainer page.
FTX Files For Bankruptcy
FTX officially filed for bankruptcy and CEO Sam Bankman-Fried resigned in the morning. The company was unable to raise funds to fill the $10 billion hole owed by sister trading firm Alameda Research.
FTX Faces Investigations
Meanwhile, FTX faces a regulatory probe over its handling of customer funds and lending practices.
Binance Walks On Buyout
On Wednesday, Binance announced it would walk away from its proposal to buy FTX, the Wall Street Journal Reported. Binance had earlier announced it signed a nonbinding letter of intent to buy FTX’s non-U.S. operations in an effort to solve FTX’s liquidity crunch.
One in five U.S. consumers bought or sold Bitcoin as the crypto markets crashed early this year, a new report shows.
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