Bitcoin forging ahead Demonstrates Resilience in the Wake of FTX’s Downfall

[RioBlemz]

Bitcoin forging ahead Demonstrates Resilience in the Wake of FTX’s Downfall

Recall that during the week of FTX's collapse, Bitcoin experienced a significant dip, reaching a low of $15,000, causing widespread panic and a sell-off. As the largest cryptocurrency, Bitcoin felt the impact of FTX's unfortunate implosion. However, a year after the incident, Bitcoin, with its status as the leading cryptocurrency by market capitalization, has not only recovered but has also surged to new heights, with its price hovering around $35,000.

In my assessment, I would characterize Bitcoin's recovery as gradual yet consistent, particularly noteworthy is the climb from $20,000 in January 2023. Bitcoin's resurgence and heightened valuation can be credited to a confluence of macroeconomic sentiments regarding inflation and the expanding utility of BTC. Bitcoin's resilience and growth have been further demonstrated by its decentralized features, attracting industry participants globally. In essence, Bitcoin has proven its reliability amidst challenges and remains a formidable player in the cryptocurrency landscape.

FTX's founder, Sam Bankman-Fried, has recently been convicted on fraud charges, potentially leading to a maximum prison sentence of up to 100 years.

Despite this setback, there are optimistic indicators for Bitcoin (BTC) suggesting a robust performance in 2023. Notably, there is a promising outlook for BTC with the anticipation of a forthcoming halving event. Additionally, the initiation of the regulatory process for a spot Bitcoin Exchange-Traded Fund (ETF) is on the horizon. These developments serve as potential catalysts for Bitcoin's sustained growth, hinting at better times ahead for the cryptocurrency in the coming year.

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[Odohu]

Bitcoin was never connected to FTX as both are two different entities,  and representing different interests. It is rather unfortunate that some people might attempt to categorise both as cryptocurrency,  hence the reason the uniformed will assume that cryptocurrency is full of scams and risks.

It has become very necessary we make the clarification regarding the use of the word "Cryptocurrency" because it is obvious that Bitcoin usually pays the price for the various scam perpetrated through the various shitcoins.

[NotATether]

Bitcoin forging ahead Demonstrates Resilience in the Wake of FTX’s Downfall

You are approximately 1 year late.

[RioBlemz]

You are approximately 1 year late.

Your comment shows you don't take a careful read at a particular subject before commenting on it this is quite fortunate or unfortunate especially comparing with your status. I will recommend you read it again and again so as to understand my narrative. In my paragraph I made mention of the FTX's which occurred a year ago. The comment I supplied below with regards how it was captured in the parapragh.

"However, a year after the incident, Bitcoin, with its status as the leading cryptocurrency by market capitalization, has not only recovered but has also surged to new heights, with its price hovering around $35,000."

Please, I do encourage constructive critiquing and different perspective as regards a particular subject but I disregard shallow narrative especially without facts and substantial argument. Let's be guided

[Wapfika]

Despite this setback, there are optimistic indicators for Bitcoin (BTC) suggesting a robust performance in 2023. Notably, there is a promising outlook for BTC with the anticipation of a forthcoming halving event. Additionally, the initiation of the regulatory process for a spot Bitcoin Exchange-Traded Fund (ETF) is on the horizon. These developments serve as potential catalysts for Bitcoin's sustained growth, hinting at better times ahead for the cryptocurrency in the coming year.

Correct, Bitcoin is slow recovering even before this ETF hype occur. It just intensified the pump to insane level by making traders excited while there’s halving next year.

Bitcoin has all the cards to make the price break the ATH since institutional investors that have an entry is still on the level of breakeven or minor profit for long years of waiting. I doubt that they will just sell-off after waiting too long but rather they might purchased more when they see more buying power from retail.

The Approval or ETF and Bitcoin Halving next year will surely send the Bitcoin price off the chart since everyone is looking forward on it,

[alani123]

So what was bitcoin supposed to do? Shut down because FTX also went down? This wasn't going to happen even if all the centralized exchanges shut down at the same time.
So this isn't much proof of anything. It's just proof of weakness for centralization. The important point here is that while bitcoin is indeed resilient, many services associated to it are not up in par with its level of trustlessness and could collapse from day to day.

Given how much FTX was advertised, it makes sense that many have come to think that bitcoin and centralized service failures like FTX fall under the same category. We should strive to change that by educating people on the differences.

[beerlover]

So what was bitcoin supposed to do? Shut down because FTX also went down? This wasn't going to happen even if all the centralized exchanges shut down at the same time.
So this isn't much proof of anything. It's just proof of weakness for centralization. The important point here is that while bitcoin is indeed resilient, many services associated to it are not up in par with its level of trustlessness and could collapse from day to day.

Given how much FTX was advertised, it makes sense that many have come to think that bitcoin and centralized service failures like FTX fall under the same category. We should strive to change that by educating people on the differences.

Weirdly enough, there are some people who think that was possible, yes it makes no sense at all and I would not expect it to do something like that neither, but weirdly enough some people thought that after BILLIONS are gone in there (not all crypto, as a valuation) they thought that bitcoin would never recover.

To be quite frankly this has been going on since mt.gox, when that went down, people said bitcoin was dead, and ever since those days, whenever something happens, people keep saying that bitcoin will die because of it, and it never does. People never realized that we do not care about what's going on, we are going to keep it going and that is the greatness of bitcoin, it will always end up going strong in the end.

[Lucius]

Does anyone think the OP wrote that post? It seems to me that it is the work of AI, and after one check I got a result that says that the post "This text is likely to be a mix of human and AI text".

The source the OP used to paraphrase and then spice things up a bit with AI -> https://www.tradingview.com/news/zycrypto:250a9c015094b:0-bitcoin-is-ready-to-move-on-from-ftx-s-collapse-proving-its-resilience-in-the-face-of-adversity/

[NotATether]

You are approximately 1 year late.

Your comment shows you don't take a careful read at a particular subject before commenting on it this is quite fortunate or unfortunate especially comparing with your status. I will recommend you read it again and again so as to understand my narrative. In my paragraph I made mention of the FTX's which occurred a year ago. The comment I supplied below with regards how it was captured in the parapragh.

"However, a year after the incident, Bitcoin, with its status as the leading cryptocurrency by market capitalization, has not only recovered but has also surged to new heights, with its price hovering around $35,000."

Please, I do encourage constructive critiquing and different perspective as regards a particular subject but I disregard shallow narrative especially without facts and substantial argument. Let's be guided

No, the time for discussing anything about Bitcoin's price movement in relation to FTX's demise has already passed and is interesting for historical purposes only, and that kind of fall is nothing new by the way.

Does anyone think the OP wrote that post? It seems to me that it is the work of AI, and after one check I got a result that says that the post "This text is likely to be a mix of human and AI text".

The source the OP used to paraphrase and then spice things up a bit with AI -> https://www.tradingview.com/news/zycrypto:250a9c015094b:0-bitcoin-is-ready-to-move-on-from-ftx-s-collapse-proving-its-resilience-in-the-face-of-adversity/

Well well well... I cannot say I am surprised

[Majestic-milf]

 Relating the FTX saga with Bitcoin price is like saying the Mt Gox issue caused many users loss of funds and made some become wary of leaving their funds on exchanges. That's not news. Bitcoin is not like altcoins that can be affected by say low supply and demand or a hack to see it crumbling.
 Despite being affected by so many factors, it has still survived and is going strong and many will say it's price is going up because the approval of an ETF is in the works but it's more than that.

[lombok]

In my personal opinion, FTX does not cause Bitcoin to fall but accelerates the price correction process towards support. Indeed, at that time BTC had entered its bearish phase and the FTX case was a catalyst to accelerate the downward reaction.

The advantage is that the scheme hidden by SBF is revealed. Imagine if this was discovered too late, maybe there would be many more victims and it could possibly bring Bitcoin down further from the $15K level. Besides that, it wasn't just FTX that caused market panic at that time, there was Luna (Do Kwon) too.

[Lucius]

~snip~
Well well well... I cannot say I am surprised

I'm more surprised that even after my post, members like @Majestic-milf and @lombok still have no problem discussing with AI chat bot - does that mean they are bots too? Of course they're not, they're just one of those who don't read anything more than the title and fulfill their daily signature quota

[kryptqnick]

FTX collapse was a bad event for the industry, but its impact on the price was fairly mild. Binance is in lawsuits filed by the SEC, which also isn't great, but that doesn't seem to have an impact either. So I agree with the op that Bitcoin is resilient and has been slowly recovering throughout 2023. At current pace, it may need a long time to properly recover, but the trend has been positive since the beginning of 2023.
As for the style and likelihood of AI usage, the AI analysis websites are known to be inaccurate, although I must say that I've tried googling parts of the post myself because it felt like it might have been plagiarized. Some people use AI because their knowledge of English isn't that good, and using AI is not technically plagiarism and does not mean that there is no real person with real opinions behind the account, so it's kind of a hard one.

[Alpha Marine]

A lot of people have begun to trust Bitcoin. Gone are the days when every little shake-up will affect Bitcoin price drastically. Now people no longer rush off to sell at every setback related to Bitcoin. That's why I believe Bitcoin would never go as low as $16k again.
Even if another pandemic is to happen now, Bitcoin won't go that low. FUD will make people panic but it won't be as bad as it used to be in recent years, because they've kind of been through similar things with Bitcoin.
I believe this is how Bitcoin will gradually become more stable. In the future Bitcoin might not be going down very low at all. That is another way Bitcoin is different from other coins.
People were asking how Bitcoin would be affected if Binance was to crash. It would affect it negatively to an extent but I'm very sure the price won't dip as it did during the FTX crash because people now understand that a centralized exchange is not Bitcoin, however big that exchange might be.
A currency won't become worthless because the biggest bank in the country crashes.

FTX's founder, Sam Bankman-Fried, has recently been convicted on fraud charges, potentially leading to a maximum prison sentence of up to 100 years.

I genuinely do not give a shit about him but for the sake of others, I want him to suffer. I want an example to be made out of him.
I want people to know that you can't just do whatever you like and get away with it. I'm not saying that's going to eradicate people like him, but if the thought that they're not invincible in their mind they'll be more careful when handling customer's funds.