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FTX Collapse Has Nervous Crypto Investors Draining Bitcoin From Centralized Exchanges

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Opinion holder entrepreneur Contributors are their own.

the owner is Dramatic collapse of FTX exchange by Analyst at the glass nodeBitcoin (BTC) withdrawals hit a record high of 106,000 per month, indicating that customers may be losing trust in third-party services.



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Glassnode tweeted that it saw a similar withdrawal pattern over the three years of April and November 2020 and June-July 2022, when multiple factors combined, including Russia’s invasion of Ukraine and military intervention by Russia. did. Failure The Terra LUNA Stablecoin – Swept the Crypto Market.

In the past, similar outflows have sometimes signaled a bull market.In this case, it is much more likely a sign that investors have lost faith in the big exchanges. market insider “These actions suggest that crypto investors are rethinking how they manage their assets. With the once world’s third largest cryptocurrency exchange in decline and the fortune built by FTX founder Sam Bankman-Fried devoid of value, [has] It is now wiped to $1. “

coin edition quoted “Things will continue to get worse” after FTX, said Alan Wong, Hong Kong’s digital asset operations manager, adding: “There’s an $8 billion gap between liabilities and assets, and if FTX becomes insolvent, it’s going to get worse.” , causing a domino effect to a series of investors linked to FTX going bankrupt or being forced to sell assets.

Reuters report On Monday, FTX is being investigated by various agencies, including the US Department of Justice and the Securities and Exchange Commission. As of 11:30 p.m. Monday night, Bitcoin It was trading at $16,770 after falling below $16,000 earlier in the day.

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