The recent event following FTX's downfall has made selling pressure on crypto holders. BTC is struggling between $16k - $17k, what we can expect next?
After the FTX's downfall, BTC has been going through a very tough phase. The exchange's bankruptcy has shaken the whole crypto industry and made selling pressure on big financial institutions and holders. After the whole incident, investors and holders are more preferring self custody wallets. i.e Cold storage wallets such as ledger, trezor and hot wallets such as trust wallet and metamask etc. The incident has made more self-awareness among holders to take control and responsibility for their own assets.
Bitcoin had a difficult situation as the coin dropped from its critical support level of $20K. The price of BTC is struggling around the $16 - $17K region. The current situation is creating more fear and doubt for new investors in the crypto industry. But the positive development is that recently the US Bureau of Labor Statistics has released data about October's CPI and it can out 7.7% which is way lower than the expected 7.9%, which shows that inflation is getting lower and is a good sign for major stock markets.
The crypto market is also following these factors. As the reports on CPI data also affect the prices of crypto assets. October's CPI data shows a sign of optimism as the investors may expect the Fed could show some relaxation during its next meeting in December for upcoming interest rate hikes. As of now, at the time of writing this article, BTC is trading at $16,800 with a market capitalization of $323.5 Billion.
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