Bitcoin (BTC) lost 25.4% in 48 hours, bottoming at $15,590 on Nov. 9 as investors rushed to exit positions after the second largest cryptocurrency exchange, FTX, halted withdrawals. More importantly, the sub $17,000 levels were last seen almost two years prior, and the fear of contagion became evident.
The move liquidated $285 million worth of leverage long (bull) positions, leading some traders to predict a potential downside of $13,800.
What an exciting time to be alive! Loving the volatility these elites are creating! They really wana buy LOW before the next bull cycle! Thank goodness we were ready months in advanced!
— JD (@jaydee_757) November 14, 2022
As described by independent