Why is Bitcoin price down today?

Cointelegraph

Published Nov 08, 2022 04:05PM ET

Updated Nov 08, 2022 05:40PM ET

After topping the $21,500 mark on Nov. 4, Bitcoin (BTC) price is down by 14% on Nov. 8, reaching a new yearly low at $17,166 — and most altcoins are following suit.

While the Binance and FTX news initially caused an uptick in the market, the day turned south as various unconfirmed sources speculated that FTX’s losses could show a $6 billion deficit.

BTC long versus short and liquidations. Coinglass
Bitcoin price index. Source: Cointelegraph
FTX outflow chart. Source: DuneAnalytics

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