Bitcoin performance since debut. Source: TradingView. Therefore, this failure of centralization will once again underline what makes Bitcoin special, and why FTX is the opposite of Bitcoin and decentralization.
Moreover, the incident should also boost growth and development of in, non-custodial exchanges for Bitcoin that will help reduce dependency on trust.Traders responded to FTX's shocking collapse by pulling their BTC from custodial exchanges. Notably, the total amount of Bitcoin held by all exchanges dropped to 2.07 million BTC on Nov. 17 from 2.29 million BTC at the beginning of the month., in particular, with users withdrawing over $1.5 billion in BTC in the past week alone.On Nov.
"This is, on the one hand, bad for you as you will only find out if they have been swimming naked once the exchange implodes, accompanied by you losing all your funds," Jan Wüstenfeld,"On the other hand, this artificially increases the bitcoin supply in the short-run, suppressing the price and preventing actual price discovery [...] Yes, I know these are not real bitcoin, but as long as the exchanges issuing fake paper, Bitcoin remains operational, the effect is there.
Thus, FTX's little-to-negligible exposure to Bitcoin potentially reduces Its likelihood of selling any remaining funds to raise liquidity. The incident is also likely to produce a new cohort of Bitcoin hodlers by forcing people to not keep their funds on risky exchanges and practice self-custody. While a decreasing amount of BTC on exchanges means fewer coins available to sell.
every drama and fiasco are fud and bearish tend to be imminent
Yeah if people wouldn’t be so stupid to realize that bitcoin is the only one that can never be stopped or hacked 🚀
I'm always bullish on crypto ⚡
Yep
No never bears countiue
Ermmmm
What fiasco?
wow.. btc break bearish resistance.. Bullish strong..