Bitcoin: Big slide to €16,000 after FTX bankruptcy fiasco   

It is raining revelations about the case

The downward spiral of cryptocurrencies continues after the massive FTX scandal rocked the market for good. Going into details, from $21,476 on Saturday November 5th, the price of Bitcoin has been on a downtrend for an entire week, reaching $15,520 momentarily on Wednesday November 9th.

Now, its value appears to be stabilizing above $16,000, but many investors are fearing the worst. Among others, the issue was commented on by the richest man in the world, Elon Musk, who predicts that “Bitcoin will make it, but it could be a very long winter” .

Of course, the “bleeding” of the cryptocurrency market is due to the FTX fiasco. Sam Bankman-Fried’s firm, one of the world’s largest stock exchanges, filed for bankruptcy on November 11. However, a lot seems to have happened behind the scenes, as after the bankruptcy announcement, FTX reported that it had been hacked, losing all of its customers’ funds.

At the same time, information is circulating on the Internet about the abuse of billions of customers by Sam Bankman-Fried, who was questioned by the police in the Bahamas, with various other financial authorities now targeting him. The whole issue seems to have political ramifications, since there are reports that FTX was used to launder money from illegal activities and more.