Blockchain analytics firm Chainalysis recently ran a series of tweets about the FTX crash. I’ve mostly compared the FTX bankruptcy to the Gox mountain bankruptcy in 2014. Check out the notes Chainalysis made about the two unfortunate events.
Why should the cryptospace be optimistic?
according to Publications series From Chainalysis on Twitter on November 23rd, the crypto industry saw the worst of the FTX issue. The blockchain analytics firm said:The FTX crash shook the cryptocurrency market. But this is not the first time that crypto has faced major disruption related to the stock market crash. “.
Through a Twitter feed, the Head of Research at Chainalysis explained this The cryptocurrency industry is booming after the Gox mountain collapse in February 2014. However, Eric Jardine acknowledged that there had been a slowdown in the sector after this bankruptcy. “On-chain transaction volume stagnated for about a year“, He said.
The specialist added:Although the impact on the market was bad, it rebounded relatively quicklyAccording to him, the marketIt quickly more than doubled the Gox Mountain’s pre-collapse level».“This comparison should make the industry optimisticChainalysis reassures.
The issue of drainage in Gox Mountain was even more important
It appears from Chainalysis Analyst that Gox mountain The impact of FTX has been greatest in the overall exchange ecosystem. Indeed, the company explained:In the year before it closed, Mt Gox averaged 46% of all exchange flows, while FTX averaged 13%.“.
“Objectively speaking, Mt. Gox was a bigger player in the industry than FTX at the time of its crash. [..] Mt.Gox accounted for 10.9% of total entries for the service in the 12 months before its crash, compared to 4.7% for FTXShe indicated.
However, Chainalysis highlights the fact that it exists Noticeable differences to consider. He quotes in particular Sam Bankman-Fried who was “The face of the industry to manyIn this context, the bankruptcy of FTX will further damage the way cryptocurrencies are perceived.
For Chainalysis, if crypto is able to thrive after the collapse of Gox mountain, it will be able to survive the FTX bankruptcy. However, the blockchain analytics firm believes that “Leverage risks are probably higher now than before“.
Get a summary of the news in the cryptocurrency world by subscribing to our new service Daily and weekly so you don’t miss any of the essential Cointribune!
Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only fueled my enthusiasm. So I decided to study and understand the blockchain and its many uses and pass on my pen information related to this ecosystem.