Ben Armstrong, a well-known crypto YouTuber known as Bitboy, has made the assumption contrary to many names that crypto will eventually die. No matter what happens’
He mentioned the bankruptcy of Mt. Gox, one of the largest Bitcoin exchanges at the time. After the bankruptcy, Bitcoin survived and thrived thereafter.
In February 2014, a massive hack took place. The Mt.Gox exchange lost 840,000 BTC and eventually the exchange went bankrupt. After a few months earlier, Bitcoin price reached a new All-Time-High at $1,100, with Mt.Gox holding 90% of the market.
After the attack, the price of Bitcoin fell by 85% and reached its lowest in January 2015, almost a full year after the attack.
This is the first time Bitcoin traders have encountered a bear market. The price of Bitcoin did not increase until December 2017. Another All-Time-High, and after that, the price of Bitcoin made another All-Time-High in 2021. At that time, the price of Bitcoin reached $ 69,000 and recently lost 76.% in 1 year
Effects of FTX Bankruptcy
in the past week crypto lender Genesis Global Capital has temporarily suspended customer withdrawals. He referred to the consequences of the bankruptcy of the FTX exchange.
over the past week There has been an unusually large outflow of Bitcoin from exchanges. This is believed to be due to concerns about the safety of using the exchange. Following the bankruptcy of the FTX exchange last week, Genesis had to inject $1 billion in liquidity.