New $15.6k Bitcoin Low For The Year As Nervousness Rules Crypto Market

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Last Updated on 10 November 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Whereas we would have cheered a value of $16,000 per Bitcoin in 2020 and pretty much every year prior, the fact that the biggest cryptocurrency in the world just touched a new year low for 2022 sends the market into a frenzy again.

The new yearly bottom was touched as FTX’s demise sends shivers through the market, as people fear the deal with Binance may not hold and as others start to ask: is Solana next?

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FTX volatility

Whereas the price of Bitcoin at first rebounded to $20,000 when it heard the news that Binance would buy the remaining parts of Sam Bankman-Fried’s company FTX, it dropped back down to the $16,000 range when the market heard rumors that the Binance deal might not go ahead after all.

In fact, after it seemed to finally go up around 4 November and touched a multi-month high of $21,500, the price of Satoshi Nakamoto’s invention has fallen off a cliff, briefly touching a new yearly low of $15,600 with most altcoins are following suit.

At the moment of writing, Bitcoin is being traded for $16,400.

Too big to fail

The news comes as the fallout of FTX’s failure still rocks markets.

Many veteran crypto traders and executives thought Bankman-Fried could never make mistakes. FTX meanwhile assured customers they would receive all their money back but it would take “a bit” of time.

This is a historical moment, a bit of a ‘what the fuck’ moment, explained Pascal Gauthier, chief executive of digital wallet provider Ledger. It shows that no one is too big to fail. FTX seemed untouchable.