Bitcoin price target now $13.5,000 as BTC trader says 'exit all markets'

Bitcoin ignores news from FTX, but analysts warn BTC and altcoins are due for major losses.

Market Update

Bitcoin (BTC) hovered around $16,500 on November 17 as markets digested the latest events surrounding the FTX exchange.

BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingView

FTX CEO Talks About "Complete Failure of Corporate Controls"

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD saw only slight volatility at the Wall Street open.

The pair have become acclimated to events related to FTX's insolvency, with the latest including revelations that Alameda Research had been shielded from liquidation while trading on the platform.

After the departure of Sam Bankman-Fried, new CEO John Ray III was quick to recognize the extent of the problems left in his wake.

In a filing in the US Bankruptcy Court for the District of Delaware, Ray describes the company's control of FTX as a "complete failure". He wrote:

"Never in my career have I seen such a complete failure of corporate controls and such a complete lack of trustworthy financial information as has happened here."

As Cointelegraph reported, U.S. lawmakers intend to hold a dedicated hearing on FTX next month, while Bankman-Fried is reportedly the subject of efforts to extradite him from the Bahamas.

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BTC price action nonetheless managed to shake off related volatility, as evidenced by the modest reaction...