Bitcoin News

Amid Strong Liquidations, Bitcoin (BTC) Hits New 2022-Low

The demise of the cryptocurrency exchange FTX dealt a devastating blow to the whole crypto industry. As Bitcoin falls more than 5% and dips below $16,000 for the first time in two years, selling pressure on the larger cryptocurrency market has returned.

The BTC is now selling at $15,970 and has a market worth of $306 billion, touching a new low for 2022. The overall cryptocurrency market has lost more than $200 billion during the past week. Market liquidity has been drying up quickly recently, according to on-chain statistics from Coinglass, which could be cause for concern moving forward.

Users’ faith in centralized platforms has significantly decreased with the recent collapse of the cryptocurrency exchange FTX. The entire BTC balance on exchanges has decreased to less than 2.3 million, which is the lowest level since 2018. On-chain College reports using data from Glassnode as follows:

Since the crisis started, FTX’s sister company Alameda Research has been selling a significant portion of its Solana (SOL) holdings. Because of this, the Ethereum rival has experienced the biggest correction among all altcoins, falling more than 60% in a single week.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.