Bitcoin News

Elon Musk says BTC ‘will make it’ — 5 things to know in Bitcoin this week

Elon Musk says BTC 'will make it' — 5 things to know in Bitcoin this week

Bitcoin (BTC) starts a new week on shaky ground after its lowest weekly close in two years.

The largest cryptocurrency, considerably weakened after last week’s implosion of exchange FTX, continues to grapple with the fallout.

In what is becoming an increasingly erratic market, investors are unsure what will happen next as more firms sound the alarm over solvency and regulators step up investigations in the crypto space.

The mood among the majority is intensely fearful, and even some of the industry’s best-known names warn that it has been set back several years as a result of last week’s events.

At the same time, for Bitcoin, it is business as usual. FTX is not the first such debacle it has weathered, and under the hood, the network remains as robust as ever.

Cointelegraph takes a look at the factors set to influence BTC price action in the coming days as the average hodler gets to grips with major losses and ongoing volatility.

Crypto braces for fresh FTX fallout

While little is for certain in the current crypto market environment, it is safe to say that FTX and its aftermath is now the number one source of Bitcoin price volatility.

The weekly chart says it all — a -$5,500 “red” candle for the seven days through Nov. 13 to the lowest weekly close since mid-November 2020, data from Cointelegraph Markets Pro and TradingView shows.

BTC/USD 1-week candle chart (Bitstamp). Source: TradingView

At the time of writing, BTC/USD is still around that close — $16,300 reappearing as a relief bounce after the pair wicked to just $15,780 on Bitstamp overnight.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

The story is far from over when it comes to FTX, as firms with exposure to the exchange and related entities find themselves in trouble.

As such, commentators forecast, there may be repeat performances in the coming days and weeks as the knock-on effects put more and more crypto names out of business.

Exchanges are particularly on the radar, with, Kucoin and others becoming the source of suspicion over liquidity.

On the day, a spike in withdrawal transactions at and led to warnings that it may be the latest exchange seeing a “bank run” as investors seek to take control of their funds.

Data from on-chain analytics firm CryptoQuant showed 1,500 BTC leaving on Nov. 13, with Nov. 14 currently at nearly 800 BTC and rising.

Bitcoin outflows ( chart. Source: CryptoQuant

More broadly, data showed exchange BTC…

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