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Bitcoin Drops Below $20,000…Here’s Why!

Bitcoin Drops Below $20,000…Here’s Why!

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Answer Bitcoin Drops Below $20,000…Here’s Why!

Bitcoin price suddenly fell back below the psychologically important $20,000 level.

The world’s largest cryptocurrency reached an intraday low of $19,448 at 4:20 UTC on the Bitstamp trading platform.

According to cryptocurrency data platform Coinglass, $112.83 million worth of cryptocurrencies have been liquidated in the past hours alone.

Long positions represent 94.94% of the positions surveyed.

The recent drop is likely a result of contagion and negative sentiment stemming from the uncertainty from the crypto giant FTX in light of the recent spat with Binance.

The price of the digital currency FTT suddenly dropped by 14% in one hour.

The price of the coin is now down an astonishing 28% in the last 24 hours.

Read:PundiX Project Intends to Support Binance Blockchain in New Update

According to blockchain analytics platform PeckShield, $284 million worth of cryptocurrency has been withdrawn from the FTX trading platform by a whale.

Binance CEO CZ shocked the market by announcing that the company has decided to sell all of its FTT cryptocurrency.

This came amid rumors that Alameda Research, a company closely associated with FTX, was experiencing financial problems.

While Sam Bankman tells Fred that the company’s assets are in good shape, in an attempt to dispel the rumours.

Meanwhile, Binance CEO “CZ” made it clear that he wasn’t trying to fight FTX

Read:Learn about the five best apps to track cryptocurrency prices

But the market had a different opinion…

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