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Bitcoin on Cusp of Dropping to New Two-Year Low

Mon, 11/14/2022 - 06:58
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Alex Dovbnya
The Bitcoin price has broken below the $16,000 level once again, with the FTX crisis seemingly becoming worse by the day
Bitcoin on Cusp of Dropping to New Two-Year Low
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The price of Bitcoin has come awfully close to reaching yet another two-year low. 

Earlier today, the largest cryptocurrency plunged to as low as $15,784 on the Bitstamp exchange. 

This is just slightly above the current two-year low of $15,632 that was recorded on Nov. 9, the day cryptocurrency exchange Binance pulled out from the FTX deal

On Nov. 10, the largest cryptocurrency experienced a significant rally, adding 14% within a single day due to lower-than-expected inflation.

However, the cryptocurrency market started erasing its macro-driven gains on No. 11 after FTX Group filed for bankruptcy.

Ethereum’s Vitalik Buterin Makes Another Donation to Dogecoin Foundation

In a recent tweet, trader Jake Wujastyk says that he would be “shocked” if the Bitcoin price doesn’t at least test the Nov. 9 low within the next few days. 


As reported by U.Today, JPMorgan analysts recently predicted that the price of Bitcoin could collapse to as low as $13,000. Fundstrat’s Mark Newton believes that the price of Bitcoin could end up collapsing below the $10,000 level for the first time since November 2020.  

The Bitcoin price is now down 76.84% from its record high of $69,044 which was achieved last November.  

At press time, Bitcoin is trading at $16,211 after touching an intraday high of $16,552.

According to the fear-and-greed index, Bitcoin markets have succumbed to extreme fear once again. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at