Bitcoin drops below $16,000 to lowest since November 2020

Bitcoin zakt onder $16.000 naar laagste koers sinds november 2020

Bitcoin (BTC) started falling yesterday morning, but then held above $16,000. However, bitcoin also fell through last night and reached $15,650 and on some exchanges even $15,450.

That is the lowest price for bitcoin since mid-November 2020, more than two years ago. Also this morning, bitcoin is close to this low again. The BTC price stands at $15,670 on Binance and $15,270 on Bitvavo at the time of writing.

This puts the bitcoin price down 2% today. The trading volume increased by 14% in the past 24 hours. The total market capitalization is $302 billion and the dominance is 38.7%. The Fear & Greed Index comes out at 22 (Extreme Fear).

Genesis in trouble

The problems after the FTX crash continue to pile up for the time being. This time it is about Genesis that is under heavy pressure. The crypto company indicates that it needs money to avoid bankruptcy. Binance has once again decided not to come to the rescue.

If Genesis crashes, it could potentially have even bigger consequences for the crypto industry than the FTX crash. Several large parties and amounts are associated with it, as can be read below.

Then we are not even talking about Grayscale, the asset manager with the largest bitcoin fund in the world. Grayscale is also connected to Genesis through the Digital Currency Group.

Coinbase shares to all-time low

Not only the bitcoin price has reached a low point, in the meantime the shares of Coinbase (COIN) have also plummeted all time low failed. Coinbase was the first major US crypto exchange to go public in April 2021.

FOMC minutes tomorrow

Tomorrow we may get more insight into what the Federal Reserve is planning in terms of interest rate hikes. The so-called FOMC minutes are then published.

However, JPMorgan is already warning that a real recovery in the markets will require a strong rate cut from the Fed, but that this will probably not happen until sometime next year.

Bitcoin is flowing to exchanges again

Analyst IT Tech reports that exchanges are seeing a net inflow of BTC again. Last week there was a huge outflow as confidence took a hit after the FTX fiasco. Investors did not want to leave their BTC on exchanges. However, if investors do send their BTC to exchanges again, it is likely to sell.

Crypto Insiders technical bitcoin analysis

A new technical analysis of the bitcoin price was shared on Crypto Insiders this morning. This analysis comes from the Premium environment of Crypto Insiders. Crypto Insiders analysts also warn of a possible drop towards $14,000

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