Bitcoin BTC has ranged between $15.6k and $18.5k with a week over week price change of -9.73%.
The absolutely criminal negligence of FTX has pushed cryptocurrency prices down just when market participants were starting to smell a recovery.
Sam Bankman-Fried has still not been brought into custody, which is extremely suspicious. His exchange was promoted by numerous celebrities and politicians, begging the question; how much did they know?
When analyzing events such as these, it's important to watch who benefits and why. The White House and SEC are now calling to push for crypto regulation, which will give them more power over the space.
Not only that, but the event curbed bullish Bitcoin price action just when things were heating up, shaking many normal people out of their coins while allowing the big financial bullies to buy up heavily discounted Bitcoin and Ethereum.
It also gives the FED another excuse to create a Central Bank Digital Currency (CBDC).