One year ago today, bitcoin closed at an all-time high of $67,707
November 9, 2021 was a heady day in the crypto space as bitcoin capped a four-day rally from $60,974 to $67,707. The next day it reached $68,999 before a reversal of nearly $5,000.
That top marked a technical out, and it turned out to be a screaming sell signal.
Bitcoin late 2021
With news today that Binance is likely to pull out of the FTX deal after a look at the books, bitcoin is trading at $17,153.
If it results in a disorder bankruptcy
Bankruptcy
Bankruptcy or insolvency is a legal term that occurs when a company or entity is unable to repay debts. While mainly related to business, individuals can also declare bankruptcy. Individuals or companies can voluntarily declare bankruptcy, which involves filing with the courts on their own. This differs from involuntary bankruptcy where debtors force individuals or companies to go bankrupt by filing a petition with the courts. Bankruptcy can only happen with a court case. It’s worth noting that bankruptcy is a legal state, and once the petition is filed in the proper court, local and state laws vary widely. Understanding the Different Types of Bankruptcy In the United States, bankruptcy can take several forms and can be referred to as Chapter 7 and 11, 12 and 13. Chapter 7 is a liquidation procedure, in which all assets are sold and the court oversees the distribution of the money to creditors based on their score. Both companies and individuals can apply for Chapter 7. Chapter 11 is a reorganization process where companies can freeze their debts and continue to operate. In contrast, a method and procedure is negotiated through the courts to satisfy the obligations of the company. Meanwhile, Chapter 13 is called a wage earner plan and helps people try to restructure their debt to pay back the debt. This may include some forgiveness of debt from creditors or reduced interest or balances. Not all individuals qualify for Chapter 13, high amounts of debt do not qualify, and the individual must file Chapter 11 or 7. Many individuals choose Chapter 13 over Chapter 11 or Chapter 7 because it helps them avoid foreclosure on their home. Filing for bankruptcy is considered a last resort when companies and individuals have not been able to negotiate terms directly with their creditors.
Bankruptcy or insolvency is a legal term that occurs when a company or entity is unable to repay debts. While mainly related to business, individuals can also declare bankruptcy. Individuals or companies can voluntarily declare bankruptcy, which involves filing with the courts on their own. This differs from involuntary bankruptcy where debtors force individuals or companies to go bankrupt by filing a petition with the courts. Bankruptcy can only happen with a court case. It’s worth noting that bankruptcy is a legal state, and once the petition is filed in the proper court, local and state laws vary widely. Understanding the Different Types of Bankruptcy In the United States, bankruptcy can take several forms and can be referred to as Chapter 7 and 11, 12 and 13. Chapter 7 is a liquidation procedure, in which all assets are sold and the court oversees the distribution of the money to creditors based on their score. Both companies and individuals can apply for Chapter 7. Chapter 11 is a reorganization process where companies can freeze their debts and continue to operate. In contrast, a method and procedure is negotiated through the courts to satisfy the obligations of the company. Meanwhile, Chapter 13 is called a wage earner plan and helps people try to restructure their debt to pay back the debt. This may include some forgiveness of debt from creditors or reduced interest or balances. Not all individuals qualify for Chapter 13, high amounts of debt do not qualify, and the individual must file Chapter 11 or 7. Many individuals choose Chapter 13 over Chapter 11 or Chapter 7 because it helps them avoid foreclosure on their home. Filing for bankruptcy is considered a last resort when companies and individuals have not been able to negotiate terms directly with their creditors.
Read this term at FTX it will mean further position liquidations and customer losses. There is also a high chance of criminal investigations if consumers are not made whole.
Moreover, the downfall of one of the biggest names in crypto is a devastating development for confidence in the space. There are some advantages to off-exchange bitcoin
Bitcoin
Bitcoin is the largest and the world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. As a digital currency, a defining characteristic of Bitcoin is that it operates without a central bank or single administrator. Instead, Bitcoin can be sent via peer-to-peer (P2P) networks, which are themselves absent of any intermediaries. Rather than being a physical currency, Bitcoins represent chunks of digital code that can be sent and received across a kind of distributed ledger network called a blockchain. Since Bitcoins are not issued or backed by any governments or central banks, it is considered to be legal tender. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called Bitcoin mining. In exchange for Bitcoin mining, computers receive rewards in the form of new Bitcoins. Over time, mining becomes increasingly difficult, causing subsequent rewards to become smaller and smaller. Given the structure of code, only 21 million Bitcoins will ever exist. But in 2020, there were already 18.3 million Bitcoins in circulation. Bitcoin Makes History Since its launch back in 2009, Bitcoin has been the most popular and largest cryptocurrency by market capitalization in the world. Its popularity has also contributed significantly to the release of thousands of other cryptocurrencies, which are now known as altcoins. At its inception, the crypto market was initially hegemonic, but currently the landscape contains countless altcoins. Bitcoin has also been controversial since its original launch. It has been heavily criticized for its use in illegal transactions and money laundering given its decentralized nature. Since Bitcoin is untraceable, this makes the cryptocurrency an ideal target for illegal behavior. Critics also point to the high electricity consumption for mining, violent price volatility and thefts from stock exchanges. Bitcoin has been seen by some as a speculative bubble due to the lack of oversight.
Bitcoin is the largest and the world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. As a digital currency, a defining characteristic of Bitcoin is that it operates without a central bank or single administrator. Instead, Bitcoin can be sent via peer-to-peer (P2P) networks, which are themselves absent of any intermediaries. Rather than being a physical currency, Bitcoins represent chunks of digital code that can be sent and received across a kind of distributed ledger network called a blockchain. Since Bitcoins are not issued or backed by any governments or central banks, it is considered to be legal tender. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called Bitcoin mining. In exchange for Bitcoin mining, computers receive rewards in the form of new Bitcoins. Over time, mining becomes increasingly difficult, causing subsequent rewards to become smaller and smaller. Given the structure of code, only 21 million Bitcoins will ever exist. But in 2020, there were already 18.3 million Bitcoins in circulation. Bitcoin Makes History Since its launch back in 2009, Bitcoin has been the most popular and largest cryptocurrency by market capitalization in the world. Its popularity has also contributed significantly to the release of thousands of other cryptocurrencies, which are now known as altcoins. At its inception, the crypto market was initially hegemonic, but currently the landscape contains countless altcoins. Bitcoin has also been controversial since its original launch. It has been heavily criticized for its use in illegal transactions and money laundering given its decentralized nature. Since Bitcoin is untraceable, this makes the cryptocurrency an ideal target for illegal behavior. Critics also point to the high electricity consumption for mining, violent price volatility and thefts from stock exchanges. Bitcoin has been seen by some as a speculative bubble due to the lack of oversight.
Read this term as it remains unassailable, but the wider crypto ecosystem and de-fi in particular will struggle.
Traders can also recoil further with bitcoin’s year-over-year loss currently sitting at nearly 75%.
Technically, a break of $17,000 would be a rough blow for bitcoin and would highlight a test of $14,000, if not lower.
Bitcoin weekly
