Bitcoin prices have had a volatile week as markets responded to FTX’s ongoing developments. (Photo … [+]
Bitcoin prices have had a turbulent week, falling sharply as markets responded to the ongoing developments surrounding troubled exchange FTX but then recovering and managing to hold on to the bulk of their gains.
The world’s most prominent currency stood at $20,759.24 at approximately 9 a.m. EDT on Friday, November 4, CoinDesk data shows.
Later that night, it reached its high point of the week, climbing to more than $21,400, additional CoinDesk figures reveal.
Over the next several days, the digital asset encountered some severe volatility, falling to a two-year low of $15,625 on November 9, CoinDesk reported.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
In the next few days, bitcoin prices rallied, climbing to more than $18,100 yesterday afternoon on CoinDesk, representing a roughly 16% increase from the intraweek low of close to $15,600.
Following that upward movement, bitcoin fell back, approaching $17,000 late last night and trading at $17,228.50 around 9 a.m. EDT today.
FTX’s Ongoing Saga
Bitcoin prices experienced these fluctuations as market participants responded to a series of developments involving FTX, where the Bahamas-based exchange’s uncertain situation seemed to change quite a bit in a short period of time.
Earlier this month, CoinDesk reported that Alameda Research, a trading firm founded by FTX founder Sam Bankman-Fried, held more than one-third of its $14.6 billion worth of assets in either FTT, the native token of FTX, or “FTT collateral.”
This development helped provoke concerns about the nature of the relationship between FTX and Alameda, its sister company.
Market participants responded, withdrawing…
