Bitcoin fell below $20,000 on Tuesday, November 8. Let us note that for the first time in almost four weeks. Ether also suffered a loss – resulting from a token related to the FTX cryptocurrency exchange dropping below the critical level.
BTCUSD has fallen to $ 19,587 (almost 6%) in the last 24 hours. This is the lowest closing price since October 24. The ETHUSD, on the other hand, fell to $ 1,485 (over 5%) over the same period, which is also the coin’s lowest in two weeks.
The decline in the value of the two major cryptocurrencies is closely related to the decline in the price of FTT, the native FTX token. Its value was down 19% in 24 hours (to about $ 18).
BTC Falls Below $20,000: Binance And FTX Tensions
Let us add that the tensions between the big crypto exchanges: Binance and FTX, have been growing recently. The relationship between Sam Bankman-Fried (CEO of FTX) and Changpeng Zhao (CEO of Binance) went cold since Zhao announced on Sunday that Binance would sell the remaining FTT tokens. On November 7, Bankman-Fried replied, “a competitor is trying to go after us with false rumors.”
1) A competitor is trying to go after us with false rumors.
FTX is fine. Assets are fine.
— SBF (@SBF_FTX) November 7, 2022
This drama was commented on by Naeem Aslam, chief market analyst at AvaTrade, (which I quote from marketwatch.com). He said:
“The selloff in the FTT token has made the whole industry vulnerable once again, and major crypto titans like bitcoin and Ethereum are out of balance and moving lower.”
He also added that pressure could send bitcoin to $ 15,000 or lower.