Markets
November 10, 2022

Bitcoin hits lowest price in two years as Binance cancels FTX acquisition

In Brief

 

Cryptocurrency prices fell across the board in Thursday morning trading amid news that Binance Global Inc.

Cryptocurrency prices fell across the board in Thursday morning trading amid news that Binance Global Inc., the world’s biggest crypto exchange, had backed out of a deal to acquire struggling rival FTX.com just 24 hours after making the offer and leaving FTX facing potential collapse if no other buyers emerge.

Binance tweeted on Thursday morning that it was no longer planning to acquire FTX, saying the decision had been made as a result of “corporate due diligence” and because of “the latest news reports regarding mishandled customer funds and alleged US agency investigations.”

The market reacted swiftly, with bitcoin hitting its lowest price in two years as investors worried about the uncertain future of crypto exchanges. Many experts are now calling for greater regulation in the industry to instill more trust and confidence among traders, with some even arguing that cryptocurrencies may never reclaim their past highs without it.

Despite these concerns, there are still many who believe that cryptocurrency has a bright future ahead and that we will see a resurgence in the market over the coming year as institutional investors and larger companies begin to take an interest in crypto. Whether this prediction will come true or not remains to be seen, but there’s no doubt that many are watching the situation closely.

As the market continues to struggle, crypto investors need to stay informed and keep a close eye on developments in this rapidly changing industry. Whether bitcoin hits its lowest price yet or bounces back from this latest setback, only time will tell what the future holds for cryptocurrency. 

What do technicals suggest about BTC?

Based on technical analysis, several indicators suggest that bitcoin may be approaching a bottom soon. For example, many chart-based indicators such as RSI and MACD show that BTC is oversold and likely to bounce back soon. 

Source: Tradingview

The Ichimoku Cloud indicator is also showing a bullish trend, with the Tenkan-Sen and Kijun-Sen lines both pointing upward. Overall, many analysts believe that bitcoin may be nearing a bottom soon and could potentially experience a significant price increase in the months ahead. 

Additionally, there has been a recent increase in trading volume, which suggests that more traders are getting into the market, potentially indicating that a bottom is near. However, some factors could delay or prevent a recovery, such as increased regulatory scrutiny and poor sentiment among investors. 

Overall, it remains to be seen whether bitcoin will continue to fall or begin to recover in the coming weeks, but many analysts and traders are hopeful that we may see a bottom soon and that, in the long run, cryptocurrency will continue to thrive and grow.

Conclusion

Despite the recent challenges faced by the cryptocurrency market, there is still hope that bitcoin and other digital currencies will experience a resurgence in the coming months and years. Whether this prediction comes true or not remains to be seen, but many believe that bitcoin has strong potential for growth over the long term. As always, crypto investors need to stay informed and keep a close eye on developments in this rapidly changing industry.

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Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Moses is an experienced freelance writer and analyst with a keen interest in how technology is disrupting the financial sector. He has written extensively on the subject of cryptocurrencies from an investment perspective, as well as from a technical standpoint. He has also been involved in trading cryptocurrencies for over two years.

More articles
Moses Kimathi
Moses Kimathi

Moses is an experienced freelance writer and analyst with a keen interest in how technology is disrupting the financial sector. He has written extensively on the subject of cryptocurrencies from an investment perspective, as well as from a technical standpoint. He has also been involved in trading cryptocurrencies for over two years.

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