{"id":14363,"date":"2022-11-09T13:48:20","date_gmt":"2022-11-09T13:48:20","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-at-2-year-low-eth-down-20-as-ftx-turmoil-leads-to-crypto-bloodbath-market-updates-bitcoin-news\/"},"modified":"2022-11-09T13:48:20","modified_gmt":"2022-11-09T13:48:20","slug":"btc-at-2-year-low-eth-down-20-as-ftx-turmoil-leads-to-crypto-bloodbath-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-at-2-year-low-eth-down-20-as-ftx-turmoil-leads-to-crypto-bloodbath-market-updates-bitcoin-news\/","title":{"rendered":"BTC at 2-Year Low, ETH Down 20% as FTX Turmoil Leads to Crypto Bloodbath \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin plunged to a two-year low on Wednesday, as the FTX token sell-off continued to weigh on cryptocurrency markets. After an initial 30% slide, FTX token fell by as much as 80%, as Binance confirmed its intention to absorb the failing exchange. Ethereum was also lower, dropping below $1,200.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) fell to its lowest level in two years on Wednesday, as markets continued to react to the volatility caused by the FTX\/Binance affair.<\/p>\n

The world\u2019s largest cryptocurrency plunged to a low of $17,402.55 earlier in today\u2019s session, less than a day after trading at a high of $20,582.24.<\/p>\n

This move, which saw prices plummet by as much as 10%, took BTC<\/a>\/USD to its lowest level since November 2020.<\/p>\n

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BTC<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

As can be seen from the chart, the decline intensified when the token fell below its long-term support level of $19,000.<\/p>\n

In addition to this, the 14-day relative strength index (RSI) has also slipped to a floor of its own, which is near the 29.75 level.<\/p>\n

BTC<\/a> has somewhat rebounded from earlier lows, with the token now trading at $17,718.95, with some bulls hoping for a support around $17,900 to be established.<\/p>\n

Ethereum<\/h2>\n

In addition to BTC<\/a>, ethereum (ETH<\/a>) also fell considerably in today\u2019s session, as prices dropped below $1,200 in the process.<\/p>\n

Following a high of $1,564.55 on Tuesday, ETH<\/a>\/USD was down by as much as 20%, hitting a low of $1,157.23 .<\/p>\n

This drop saw ETH<\/a> move to its lowest level since July 14, when the token was trading slightly above $1,000.<\/p>\n

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ETH<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Like with bitcoin above, the RSI on this ethereum chart is now tracking at 33.00, which is marginally above a floor of 32.50.<\/p>\n

This reading, which is the weakest reading in the last five months, means that prices are now in oversold territory, which long-term bulls believe means that a bottom has been hit.<\/p>\n

However, the 10-day (red) moving average continues to fall downward, and should this trend continue, it is likely that ETH<\/a> will move below $1,000.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Have we reached a bottom, or will this week\u2019s sell-off intensify? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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