Bitcoin (BTC<\/a>)\u00a0stayed lower at the Nov. 7 Wall Street open as the day before the United States midterm elections opened to flat equities performance.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD nearing $20,600 at the time of writing \u2014 a three-day low. <\/p>\n Volatility was expected around the midterms and the Consumer Price Index (CPI) print for October later in the week. <\/p>\n An additional hurdle in the form of controversy<\/a> over trading platform FTX added to the market\u2019s cold feet, with commentators wary of unnecessary damage to growth.<\/p>\n \u201cThis whole thing is incredibly bad for the industry, and especially for retail,\u201d popular trader and analyst Pentoshi summarized<\/a>. <\/p>\n \u201cRetail is the one who pays for it when war is waged. But it can also end up with unintended consequences. Unfortunate to see.\u201d<\/p><\/blockquote>\n Bitcoin had headed south overnight amid comments from Changpeng Zhao<\/a>, CEO of the largest global exchange Binance, in which he confirmed that the exchange would be ridding itself of FTX\u2019s in-house cryptocurrency, FTX Token (FTT<\/a>).<\/p>\n William Clemente, co-founder of crypto research firm Reflexivity, offered a silver lining in the form of increased value for decentralized exchanges (DEXs) going forward.<\/p>\n \u201cSimilar to how the mismanagement of risk from centralized crypto lenders earlier this year laid out the bullish case for DeFi, this centralized exchange drama is also laying out the bullish case for DEXs,\u201d he tweeted<\/a>, referring to the\u00a0Terra debacle and associated repercussions<\/a>.<\/p>\n A look at the top 10 cryptocurrencies by market capitalizati showed mixed performance on the day, with 24-hour losses heaviest<\/a> for Solana (SOL<\/a>), down 12.4%.<\/p>\n Back on Bitcoin, trader Il Capo of Crypto stayed close to an existing theory of $21,500 marking a local top to come, which would be followed by more severe downside.<\/p>\n \u201c21500 and nuke. Do it,\u201d he wrote<\/a> on the day.<\/p>\n That theory included a target macro low of $14,000, in stark contrast to other forecasts, which called for $30,000<\/a> within weeks.<\/p>\n Both the S&P 500 and Nasdaq Composite Index were meanwhile unmoved ahead of the midterms.<\/p>\n Related:\u00a0Funding rates hit 6-month high before CPI \u2014 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n The U.S. dollar index (DXY), busy attempting a reprieve from last week\u2019s losses<\/a>, circled 110.5 at the time of writing, unable to find bullish momentum.<\/p>\n Precising<\/a> research into macro markets, Raoul Pal, founder and CEO of Global Macro Investor, called dollar weakness \u201cthe key to everything right now.\u201d<\/p>\n \u201cWe\u2019re not totally convinced that we can\u2019t make a final push higher towards 117 but we\u2019re closing in on a top,\u201d the research piece added<\/a>.<\/p>\n The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n <\/p>\n<\/div>\nCrypto wobbles on FTX woes<\/h2>\n
Analyst: DXY \u201ckey to everything\u201d<\/h2>\n
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