Due to the FTX collapse Bitcoin dips below $16K

• Bitcoin dips below $16K
• What caused Bitcoin to underperform
• Most recently with FTX

Due to the FTX crash, Bitcoin suffered enormous losses, dropping from nearly $21,000 to a two-year low of $15,500 last week. It attempted to regain ground over the weekend, reaching $17,000 before tumbling below $16,000 on Monday.

On the final day of the week, 69,329 dealers were liquidated for a total of $187 million. On Bitmex, the most significant single liquidation order for $7.05 million was placed.

Fresh information about FTX, Alameda, or Sam Bankman-Fried, the person behind both companies, was the main driver of price movements for bitcoin. Projects directly related to them suffered significantly more, just as they did.

Businesses like Tether attempted to distance themselves in the case of Solana. This ultimately drives up the price of SOL. Due in part to rumors that some of the $663 million that FTX lost when it filed for bankruptcy, Ether underperformed Bitcoin as well.

The person or group that raided FTX last week became one of the biggest holders of Ether in the world with a haul of almost $288 million.

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A blockchain startup called Chainalysis asserted in tweets on Sunday that funds seized from FTX were “on the move” and that some of them were shifting from Ether to Bitcoin, possibly for “payout.”

Bitcoin has lost roughly 4% of its value over the last two days, while Ether, which is ranked second, has lost about 7%. The meme token Dogecoin, a gauge of the most speculative bent in an already risqué digital realm, is down 11%.

Although the previous week, which saw the demise of one of the main cryptocurrency exchanges, was noticeably less dramatic in terms of price swings, last week was nevertheless highly eventful owing to additional discoveries about FTX, Alameda, and other relevant parties.

Administrators are already sorting through the FTX bankruptcy’s remnants and have discovered that the biggest creditors are owed $3.1 billion. The amount of capital raised is fueling worries that more digital asset enterprises would fail.

Since the FTX fallout began, cryptocurrency lenders BlockFi and Genesis Global Capital have stopped accepting withdrawals from their platforms due to exposure to FTX, and Gemini, owned by the Winklevoss twins, has shut down its Gemini Earn program, which offered customers yield through, you guessed it, cryptocurrency lending through Genesis.