The aftermath of filing for bankruptcy of FTX, the world’s top three cryptocurrency exchanges, has not subsided. Major crypto prices have continued to plunge, while stock prices of other cryptocurrency exchanges have also plunged. Bitcoin prices fell below the psychological support level of 16,000 dollars.
According to Coin Market Cap, a coin market site, on the 22nd, the Bitcoin market price fell to 15,500 dollars the previous day. This is the lowest in two years since November 2020. As of 10:45 a.m., the market price was around 15,700 dollars.
Bitcoin prices, which exceeded $20,000 at the end of last month, plunged more than 20% this month alone. Controversy over FTX’s liquidity crisis has risen to the surface, and even Binance, the world’s largest cryptocurrency exchange, has declared its abandonment of the acquisition, facing an uncontrollable situation in which a large number of funds are withdrawn from the market. This month alone, the short-term support line of $16,000 collapsed three times (9th, 14th, and 21st). The market price stayed in the $15,000 range for five trading days.
If you turn the clock back a year, the yield is more disastrous. In November last year alone, Bitcoin could be purchased only at least $53,000 and up to $68,000. However, investor sentiment froze as a series of large-scale scandals broke out this month, including the collapse of Luna and Terra in May and the application for bankruptcy protection of FTX. Investors who bought Bitcoin for $68,000 a year ago lost more than 70%.Not only Bitcoin but also Ethereum coin prices are weak.
Ethereum’s market price, which exceeded $1500 at the end of last month, has now fallen to around $1,100. As of this day, $1,100 has collapsed and is in the 1,097 range.
Coinbase, the largest cryptocurrency exchange in the U.S., also failed to avoid aftermath for FTX. Coinbase’s stock price, which was above $70 at the end of last month, fell 40% this month alone, barely maintaining the $40 range. Microstrategy’s stock price, which holds the largest number of bitcoin among companies listed on the U.S. stock market, has also fallen from around 270 dollars at the end of last month to around 150 dollars. According to Morningstar, a data analysis company, bond prices issued by coin-related companies such as Coinbase and Microstrategy also fell more than 10% this month.