Crypto Will Survive the FTX Fall, Just Like It Survived Mt. Gox – Chainalysis
According to Chainalysis, the recent happenings and the current deplorable state of the crypto community do not signify the end. However, the crypto industry will bounce back and survive the hurdles now, just like it survived the Mt. Gox crash in 2014. Chainalysis compared both falls and gave reasons for its strong prediction.
Crypto Will Survive And Make A Stronger Comeback
The crypto industry is currently in a bad state, especially since the fatal crash of the popular crypto exchange, FTX. However, it is not a first-time occurrence for the industry as it witnessed the Mt. Gox crash in 2014.
Earlier today, the famous crypto analytics firm Chainalysis made public its opinion that the FTX fall does not signify the end for the crypto industry but that the industry will recover and the market will bounce back even better than before.
The leading analytics firm compared the Mt. Gox crash and emphatically stated that, contrary to what a fraction of observers have been predicting, the end of crypto has not arrived at all.
Chainalysis stated that it is no doubt crystal clear that Mt. Gox’s role in the industry at the time was far greater than FTX exchange’s, and for the industry to have survived the 2014 fall, it will definitely survive this one too.
The fall of Mt. Gox, which happened as a result of a lot of bitcoins worth hundreds of millions of US dollars at the time, happened because the bitcoin exchange, Mt. Gox, was at the time the handler of over 70% of the total bitcoin supply in the world, and so when the crash came, understandably, it was a very fatal one.
Chainalysis has however made distinctions ranging from the decline in the market share of Mt. Gox at the time compared to the increase in FTX’s to the fact that the crypto exchange industry is now very big and different.
Chainalysis concluded that the industry has grown even larger than before Mt. Fox’s fall, and nothing will stop it from doing the same now.
Despite Scepticism, The Crypto Industry Will Survive FTX And Thrive
Despite the current state of the market, it appears that the crypto industry will survive it all and thrive.
Despite the fact that the market is still in a bear cycle, improvements have occurred as the total markets have now increased by 3%, leaving the total cap at about $865 billion.
Despite being slow, it appears that the market is recovering steadily.
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