Cryptocurrency news and weekly price recap for November 11

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Cryptocurrency prices suffered staggering losses this week as they reeled from FTX’s liquidity crunch and Friday’s bankruptcy filing. Bitcoin is down 25% since Sunday and nearing its lowest level in two years, while Ethereum has fallen 32% to its lowest level since June. There has been a whirlwind of headlines in recent days surrounding what used to be the fourth largest crypto exchange. From FTX’s costly relationship with sister trading firm Alameda Research, and Binance’s withdrawal from its proposed takeover, to the resignation of former FTX CEO Sam Bankman-Fried, and new investigations into the exchange of crypto. Catch up on the entire FTX bankruptcy saga with this week’s crypto recap.




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Also be sure to check out this week’s coverage of cryptocurrency ETFs like BITQ, BLOK, and BITS.

Click here for the latest cryptocurrency prices and news. And if you’re new to Bitcoin, Ethereum, blockchain and more, stop by our What is Cryptocurrency page.

Cryptocurrency News: Price Action

Bitcoin fell below $16,700 on Friday after FTX announced its bankruptcy filing. The world’s biggest crypto reversed above $18,100 on Thursday after the CPI report, after nearly recovering the $21,000 level the previous weekend. This week’s losses pushed Bitcoin to its lowest level since November 2020. It fell below technical support at around $18,814 and traded between that level and a high at around $23,460 during of the past three months, according to ARK Invest’s Monthly Bitcoin Report.

Ethereum fell to around $1,250 on Friday afternoon, after rebounding above $1,300 on Thursday. The second-largest crypto dropped to $1,100 over the week after nearly hitting $1,650 last weekend.

Cryptocurrency price heatmap:

Investments in digital assets are extremely volatile. Although the fundamentals and technical indicators of cryptocurrency may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, cut losses, or make a profit. Second, get ready to profit if the cryptocurrency starts bouncing back.

Despite their initial promise, cryptocurrencies have not acted as inflation hedges. Instead, they tend with the broader indexes. Read The Big Picture and Market Pulse to follow daily market trends.

Check out IBD’s Best Cryptocurrencies and Crypto Stocks to Buy and Watch page to help you navigate the world of digital asset investing.

Want a deeper dive into crypto? Discover What is cryptocurrency? explanatory page.

FTX files for bankruptcy

FTX officially filed for bankruptcy and CEO Sam Bankman-Fried stepped down in the morning. The company was unable to raise funds to fill the $10 billion hole owed by sister trading company Alameda Research.

FTX under investigation

Meanwhile, FTX is facing a regulatory probe into its handling of client funds and lending practices.

Binance walks on takeover

On Wednesday, Binance announced that it would drop its offer to buy FTX, The Wall Street Journal reported. Binance previously announced that it had signed a non-binding letter of intent to purchase FTX’s non-US operations in an effort to address FTX’s liquidity issue.

Adoption of bitcoin

One in five US consumers bought or sold Bitcoin as crypto markets crashed earlier this year, according to a new report.

Read more cryptocurrency news

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