Bitcoin’s stability surprises the market



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podcast transcript

Bitcoin’s positive reaction to the new shocks of the earthquake caused by the FTX bankruptcy surprised the market, which had expected more collapses of the leading cryptocurrency.

FTX founder Sam Bankman-Fried has been arrested in the Bahamas on fraud charges. Bankruptcy administrator John Ray said the platform failed because absolute control was concentrated in the hands of “a small group of people with no experience or sophistication”.

The tension that exists in the world of cryptocurrencies, in addition to this arrest, has taken another step forward with the rumors of Binance’s solvency.

Bulk withdrawals from Binance

The world’s leading cryptocurrency platform, which almost saved FTX, is reeling after investors withdrew nearly $2 billion in just 24 hours.

The company said it has enough cash to cover the withdrawals, but that doesn’t reassure investors who are very worried about what might happen to their money.

The massive withdrawal also comes as US authorities are investigating the company for possible violations of anti-money laundering laws.

Bitcoin rose by 5 percent

But what surprised the market the most was that these new tremors were hardly noticed in the prices of major cryptocurrencies. Bitcoin, for example, is up 5 percent over the past five days.

One analyst offered this explanation: “Everyone who has had to sell bitcoins has already done so, no more. There are only crypto investors in the market who are committed to bitcoin and are not going to part with it.”

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And there are a lot of loose “shrimps”.many small investors who entered bitcoin en masse after the falls due to the collapse of FTX, giving stability to the cryptocurrency.

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Source: news.google.com

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