BTCUSD Forex Signal: More Downside Amid Contagion Risks Bitcoin
Bitcoin plunged to a two-year low of 15,501, which was about 24% below the highest point this month. Other altcoins like Solana, Ethereum, and FTT crashed by a bigger pace.Cryptocurrencies are having their worst week since May as concerns about the industry continued. In May, the main concern was the collapse of Terra, which pushed companies like Voyager Digital and Celsius.
FTX collapsed after a report highlighted its relationship with Alameda Research. According to CoinDesk, most of Alameda’s assets are in FTX Token . Following the revelation, Binance announced that it was selling $500 million worth of FTT token. Therefore, the BTC/USD pair declined as investors sold their cryptocurrencies following the collapse of one of the biggest players in the industry.
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