Bitcoin runs from the 100 day MA

Reports that Binance deal with FTX exchange is likely not to go through has sent Bitcoin and the FTX token currency FTT lower.

The price of bitcoin has moved to a new session low of $16936. That took out the low price from yesterday's trade at $17,114. The price has not traded this lower since November 2020. The price is down over 6% on the day.

Looking at the daily chart, the price earlier this week (and last week), moved above the 100 day moving average only to tumbled lower yesterday on the back of the FTX currency exchange news.

Since a high last week on November 9, the price of the digital currency has fallen over -21% from that high.

Meanwhile, FTT continues its tumble to the downside that has seen its price lose 89% from the high last week. It traded at the lowest level since May 2020 yesterday (at $2.73) before rebounding higher. The low today has reached $3.27 after bouncing to a high of $6.38. .

It is not looking good for FTX which will likely lead to losses of client funds IF there is not a knight in shining armour that comes to the rescue. It will also lead to increasing expectations toward more regulation as the wild, wild west of the crypto space starts to unravel.

FTT token is down -89% since the high last week.

I can't help to think back on how the forex market in the US was overly regulated back when, yet the crypto market gets a free pass with risk and other issues that are much more troublesome from many more different angles.

On the otherhand, regulating and having the manpower to do so, is a totally different story which perhaps is the reason it goes on and on. Then there is the political "will" which lobbyist can influence especially in the current political environment where every vote counts. Just ask those that support gun control.