Bitcoin (BTC) will be against this other black swan

Bitcoin (BTC) will be against this other black swan

Sunday November 13, 2022 ▪ 9:00 pm ▪
min read – with

The trading team of Stockmoney Lizards believes that the “black swan” of FTX will not affect the queen of cryptocurrencies. Bitcoin will indeed be able to overcome this new crisis linked to the Sam Bankman-Fried crypto exchange collapse, in the same way that it was able to withstand the Mt.Gox cyclone.

Bitcoin, currency of immortality?

FTX, black swan

In fact, we saw a true black swan event, the bankruptcy of FTX. Bitcoin’s history is dotted with such events and the market will recover from them as before. »

The status of cryptocurrencies automatically falls to Bitcoin since its ancestors like Reusable Proof of Work (RPOW) are all gone. The cryptocurrency created by Satoshi Nakamoto, now 13, has experienced several crises, including events classified as “black swans”. Stockmoney Lizard has identified 4 of them, namely:

  • Mt.Gox (2011): drop to 96% after a large-scale hacking of the platform;
  • Bitfinex (2016): 86% drop in BTC value after another hack story;
  • Covid-19 (2020): -84%;
  • FTX (2022): -77%.

In other words, bitcoin is not on its first black swan, if we can also consider the case of FTX. Skeptics will wait in vain for its dissolution, if that is their expectation after recent events in the cryptosphere.

Granted, bitcoin fell 25% in the days after the FTX fall, but it’s not a victim of it. Other companies connected to the SBF empire are unfortunately coming to an end.

The black swan theory

Empty bitcoin exchange

Between November 9 and November 10, the CryptoQuant chain analysis platform tracked bitcoin transactions from major crypto exchanges. The data collected showed a respective drop of 35,000 and 26,000 BTC. In total, this is 61,000 BTC. This is close to the record for the day of June 17, according to Cointelegraph.

The reason for these movements? A massive campaign was launched on social networks to encourage bitcoin holders to withdraw their funds from custodial wallets. Elon Musk, criticizing the former CEO of FTX yesterday, suggested using a cold wallet.

Custodial vs non-custodial wallet

On Twitter, Saifedean Ammous, author of the popular book “The Bitcoin Standard”, posted this: “ Bitcoin exchanges are run by people who learned traditional finance. It is normal and healthy to play money with depositors because in the fiat system the central bank destroys the currency to nullify them every time it loses “. Mt.Gox, Bitfnex and FTX may be black swans, but the lessons to be learned are vital.

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The blockchain and crypto revolution is underway! And the day the effects are felt on the most fragile economy in this world, against all hope, I will say that I was involved.

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