Bitcoin Price and Ethereum Prediction FTX Down 35% amid Insolvency

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The Asian session has started with a crypto market massacre, with all of the main cryptocurrencies on a strong negative run and the global crypto market cap plummeting below $1 trillion amid FTX insolvency fears. Bitcoin price fell sharply and broke through an upward trendline to trade at $19,600. Similarly, Ethereum fell 7.5% to $1,470. Billionaire Sam Bankman-FTX Fried’s cryptocurrency exchange was the subject of increasing rumors throughout the night, but the company’s CEO tweeted first thing Monday morning: “FTX is fine. Assets are fine.”We covered a story earlier today that Alameda Research, a subsidiary of FTX, carried a large amount of its native exchange token, FTT, on its balance sheet. A public spat ensued between Alameda CEO Caroline Ellison and Binance CEO Changpeng Zhao, who also owns a substantial amount of FTT tokens. The CEO of FTX says that speculations about the company’s financial health are unfounded. After rival crypto exchange Binance announced it would sell its holdings of FTX’s native token on Monday, FTX founder and billionaire Sam Bankman-Fried took to Twitter to reassure crypto investors. Sunday, Binance CEO Changpeng Zhao tweeted that “due to recent revelations that have come to light,” the exchange would be selling its FTX token holdings. But Zhao did not elaborate on which disclosures he was referring to or how many tokens Binance actually had. In response, FTX’s Bankman-Fried encountered with series of tweets, saying:”A competitor is trying to go after us with false rumors.”Check out this link if you want to read more about the FTX backstory. In the last 24 hours, the top performers were Toncoin (TON), VeChain (VET), and Chainlink (LINK). Overall, the bullish bias is a bit weaker as the market is exhibiting risk-off sentiment. Toncoin has lost over 4% to trade at $1.66, and Polygon has risen by more than 2% to $0.026. At the same time, the price of LINK has increased by about 1% to $8.35. In the last 24 hours, FTX Token has been a major victim of FTX insolvency rumors, losing more than 27% to $16. We’ll go over it in greater depth in the section below. BitDao (BIT) is down 17% to $0.3400, while Solana (SOL) is down 17% to $26.75. The current Bitcoin price is $19,600 and the 24-hour trading volume is $60 billion. Bitcoin lost over 6% during the Asian session. CoinMarketCap currently ranks it first, with a live market cap of $378 billion, down from $438 billion yesterday. Bitcoin has broken through an upward channel at $20,400 and triple bottom support at $20,000, shifting Bitcoin’s technical outlook to the bearish side. Bitcoin has also formed a “three black crows” candlestick pattern on the 4-hour timeframe, indicating a strong bearish bias among investors. On the downside, Bitcoin’s immediate support is at $19,230, and a break of this level could expose BTC to $18,650. Leading and lagging indicators such as the RSI, MACD, and 50-day moving averages all support a downward trend.

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