Top cryptocurrencies have been struggling to find any upside this month.
Bitcoin and Ethereum prices get pushed lower
At the beginning of November, Bitcoin left its long multi-long crab in the low $20,000 - $20,300 range and fell sharply under $16,000.
Ethereum did its best to withstand the pressure but fell from $1,600 on November 7 to $1,095 on November 10 before regaining some strength and climbing to $1,316 on November 10.
Since then, it seems like BTC and the rest of the cryptocurrency market are in for another steep drop as the consequences of FTX's bankruptcy spread throughout the market.
The FTX hacker, who stole over $270 million from the exchange during its darkest hours, has also started to sell their tokens.
Hackers or regulators?
On November 20 the FTX hacker wallet proceeded to sell $250 million in ETH, causing Ethereum to dip sharply. Speculators and crypto investigators are unsure whether the hacker is in fact a hacker, or simply the Bahamian government making use of tokens that FTX exchange forfeited to regulators in the country.
The Bahamian government announced that they did seize a substantial amount of FTX’s assets while they were still operating on the island. Although, when millions of dollars worth of assets were transferred out of FTX, the exchange said that the transfer was malicious and out of its control.
Over time, it has become clear that the Bahamian government is not dumping tokens. FTX exchange was unfortunately hacked by a malicious entity.
Many traders believe BTC is due for more downturn regardless of the FTX situation and crypto bankruptcies. Some crypto traders have called for BTC lows under $15,000 and a return to sub $1000 ETH.
It's only a matter of time before their predictions may or may not come true.