Bitcoin (BTC) hovered around $16,500 on Nov. 17 as markets digested the latest events involving the FTX exchange.
FTX CEO Speaks of “Total Failure of Corporate Controls”
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair experienced only mild volatility at the Wall Street open.
The pair showed acclimation to the events surrounding FTX’s insolvency, the latest of which includes revelations that Alameda Research had been immune from liquidation while operating on the platform.
Following the departure of Sam Bankman-Fried, new CEO John Ray III wasted no time in acknowledging the extent of the problems he left in his wake.
In an application to the United States Bankruptcy Court for the District of Delaware, Ray describes corporate control of FTX as a “complete failure”. He wrote:
“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of reliable financial information as happened here.”
As Cointelegraph reported, US lawmakers intend to hold a dedicated hearing for FTX next month, while Bankman-Fried is reportedly the target of efforts to extradite him from the Bahamas.
Nevertheless, BTC price action has managed to shake off related volatility, as evidenced by the modest reaction to contagion news affecting Genesis Trading’s cryptocurrency lending arm on Nov. 16.
However, when analyzing the current climate, the popular commentators on November 17 were far from optimistic.
“The bulls really need to recapture $17,600 for us to trade well into a long position.”, tweeted Crypto Tony, adding that “for now the bears are in control.”
Il Capo of Crypto, repeating a warning that altcoins could see further losses of up to 50%, was even more outspoken in his message to followers.
“I repeat… GET OUT OF ALL MARKETS”, stated on November 16, suggesting that “most people are not prepared for what is coming.”
Offer liquidity offers support at USD 13,500
On the subject of possible downside targets for the BTC/USD pair, fellow analyst Titan of Crypto framework several highly liquid areas on the exchange’s order books.
The largest of them, according to the comments, is at USD 13,500.
“Although there is liquidity to take around $18,500, $17,200 and $15,500, the largest is lower at $13,500,” declared.
The Material Indicators analysis resource, for its part, calculation the total liquidity of the offer between the spot price and $13,000 as $195 million on the Binance order book.
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