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The crypto market is trading in the red, with Bitcoin and other cryptocurrencies recording double-digit losses over today’s trading session. The number one cryptocurrency retraces its profits from last week and fallback into a new yearly low. Related Reading: Chainlink (LINK) Loses Gains Due To Market Bloodbath, Is Rebound Possible? At the time of writing, Bitcoin (BTC) trades at $18,200, with a 13% loss in the last 24 hours and an 11% loss in the previous seven days. Other cryptocurrencies in the crypto top 10 by market cap are following a similar trajectory, with Dogecoin (DOGE) showing the highest losses over this period.  Bitcoin Crashes Amid FTX “Lehman Moment” The crypto market is reacting to the events related to FTX and Binance. Dubbed the “Crypto Exchange Wars,” Binance emerged victorious when FTX confirmed a deal to surrender its assets, except for FTX.US.  The Sam Bankman-Fried led platform could not redeem its users’ new request for withdrawal. According to reports, the venue was missing as much as $6 billion and was forced to halt its operations.  Amid this uncertainty, the crypto market and Bitcoin faced immense selling pressure. Rumors have surfaced about Alameda, FTX’s trading arm, possibly liquidating its BTC to cover some of its losses, but the team behind the platform has no official statement.  There is speculation about the current state of the market, which has been reflected in Bitcoin and other cryptocurrencies. In addition, the U.S. Midterm election is adding more uncertainty into the mix.  NewsBTC reported yesterday that a Republican win could be bullish for crypto and digital assets. This party has been more prone to support the industry and crypto projects when compared to the Democratic party.  BitMEX Founder Arthur Hayes published his perception of the future of Bitcoin and the crypto industry. Hayes seems bearish as he announced the acquisition of puts (sell) option contracts for Bitcoin.  These contracts have a strike price of $15,000, meaning they can exercise if BTC’s price records another fresh low and crashes into $15,000 to $14,000 or much lower. The BitMEX Founder wrote:  FTX = Lehman That wasn’t the bottom. $SPX hit 666 in March of 2009. Therefore $17,500 BTC is at risk. How ‘bout dem puts now… — Arthur Hayes (@CryptoHayes) November 8, 2022  However, the crypto market has withstood massive stress and several capitulation events. A Lehman moment in the industry might signal a bottom, not more downside. In addition, Hayes has publicly stated its bullish stand on the crypto market.  Related Reading: What Is The Possibility Of Cardano Touching $0.50 Mark? Let’s Explore For more insights into today’s price action, check out the video below: