Bitcoin, just like Mt. Gox — analysis

Bitcoin, just like Mt.  Gox — analysis
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Bitcoin (BTC) will get rid of FTX”black swan incident“Just like other setbacks, the trading team believes in Stockmoney Lizards.

Inside chirp On that November 12th, the popular commentator argued that the events of the week are actually nothing new for Bitcoin.

FTX “a real black swan thing”

Despite falling 25% in days, BTC/USD is not doomed as a result of the bankruptcies that have impacted FTX, Alameda Research and possibly other major crypto companies.

For the Stockmoney Lizards, the thaw, while sudden, is not much different from previous liquidity crises in Bitcoin history.

“We really saw a real black swan thing, the FTX bankruptcy,” he said.

“BTC’s history is full of such events and the market will recover from it as it has in the past.”

An attached chart has been marked similar “black swan” moments from the past Mt. Gox cheat in 2014.

Two other notable events were the Bitfinex exchange hack in 2016 and the COVID-19 cross market crash in March 2020.

BTC/USD explanatory chart. Source: Stockmoney Lizards/Twitter

as Cointelegraph reported, former FTX executive Zane Tackett even offered to create a token to replicate Bitfinex’s liquidity recovery plan from its $70 million loss. FTX later filed for Chapter 11 bankruptcy in the United States.

Reactions include clear assessments of the crypto industry with Filbfilb, co-founder of trade package Decentrader, and envision a multi-year recovery period.

Binance CEO Changpeng Zhao, who is planning to buy FTX at some point, said. warned He said the industry “goes back a few years.”

Exchange IT reserves near five-year low

Meanwhile, the loss of user confidence is already evident in declining currency balances.

Related: Lost Hodlers sit at 50% of BTC supply after $5.7k Bitcoin price drop

Based on data from the on-chain analytics platform CryptoQuantBTC balance of major exchanges is currently at its lowest level since February 2018.

Platforms tracked by CryptoQuant ended in November. 9 and 10 dropped 35,000 and 26,000 BTC respectively. Both days were multi-month records, but still failed to beat the single-day tally in June. 17 — 67,600 BTC.

Stock market exits continue to be watched by industry analysts, between them Maartunn, a contributor to CryptoQuant.

Bitcoin currency reserves chart. Source: CryptoQuant

More broadly, the voices are urging social media users to withdraw money from their storage wallets.

“Bitcoin exchanges are run by people who have learned fiat finance,” said Saifedean Ammous, author of the popular book. Wrote in part of a Twitter post.

“Gambling with depositors’ money is normal and healthy for them, because in a fiat system, the central bank destroys the currency to save them every time something goes wrong.”

The views and opinions expressed here are those of the author alone and may not necessarily reflect those of Every investment and trading move involves risk, you should do your own research when making a decision.