Bitcoin drops even lower amid rumors of the Binance takeover of FTX falling through.
“I want to remind everyone: DO NOT trade FTT tokens. If you have a bag, you have a bag,” it read.toldThis, in turn, pressured crypto market sentiment, leading to a drop that saw large-scale losses across Bitcoin and altcoins.in the past 24 hours at the time of writing, according to monitoring resource Coinglass.FTT/USD traded at just $3.60 on the day, down from $22 just two days previously, leading to comparisons with the Terra/LUNA debacle.
“Honestly, it feels weird, but things will be better from here on,” Michaël van de Poppe, founder and CEO of trading platform Eight,“Errors need to be made to improve a system and that’s what happened with Mt. Gox, $LUNA, and now FTX. It might feel like we’re on the edge of collapsing crypto entirely, but Bitcoin and crypto are here to stay.”With the crypto community distracted with internal problems, few paid attention to the Nov. 10 United States Consumer Price Index print.
The U.S. dollar index abandoned modest gains on the day, heading below 110, while both the S&P 500 and Nasdaq Composite Index tread water. “It’s clear that Bitcoin is yet again priced to buy for long-term spot but I’m happy to wait to see how the market reacts with how the FED handles things.”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.
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