FTX

bizaroo933

Yep, I miss Gensler. Atleast when he was the chef of the SEC there was no manipulation like this. Thieves from FTX and LUNA went to jail, should also happen to misareble people like CZ and Trump’s son.

Captain_Fredl

In 6 years ive never seen such a shit. Not even FTX with 2B $ compared to the president of tards with a 19B $ rug

sgtslaughterTV

I want to be as brief as possible on the topic of the Trump family. What's happening in the white-house is comparable to a kleptocracy. There's actual footage of donald trump casually admitting to insider trading and making his friends rich from the first wave of tariffs he tried implementing a few months ago. If you're a scammer living in developing countries, then it's one of the few ways to get (at least comparitively) rich quickly. The pig butchering scams have been identified as run by the Chinese mafia based in Cambodia. As for not getting caught, as shitty as it sounds (and I do not support this activity), rug-pulling is at best a grey area. For the casual user of this subreddit, FTX was malicious accounting compounded with failing to adhere to fiduciary duty. The real rug pulls (Hawk Tuah, Libra and Milei, etc.), is market manipulation in an unregulated market, and I strongly believe that legislation should be made in American to specifically address this kind of undeniable theft. I have remain -mostly- unaffected by all of this by sticking exclusively to investing in bitcoin and a bit of Ethereum. Quick note: I said "mostly" unaffected. A mobile app that I worked for was supposed to integrate a method to allow users to buy and sell crypto in our application. A company that we were supposed to work with to make this happen had over-invested in FTX, then FTX collapsed. That company we were supposed to work with went under and then we had to change our business model. The new business model did not work, so everyone except the lead developer got slowly but surely laid off.

PudgyAxolotl

Yeah, educate yourself on why Lehman brothers collapsed. The whole mortgage crisis. Thats “something crazy” FTX is crypto. fidelity has over 15 trillion in total assets and not all of those assets are crypto.

Awkward_Potential_

"Something crazy" like FTX, Gox, Lehman Brothers, Washington Mutual, AIG....

Pan_opticom

Upside for alts requires a falling btcd, so that alts rise faster than btc. So far this hasn't happened and might not happen this cycle. Last cycle was manipulated by FTX in favor of alts. This cycle is directed by Blackrock and Microstrategy in favor of btc. Downside for alts was 80-99% last cycle and the recent alt shock showed how thin alt liquidity is on exchanges.

Numerous_Ruin_4947

Regarding CZ: Binance / CZ’s case wasn’t really about market manipulation or anything ETH-specific. The U.S. went after him for compliance failures - mainly not having proper anti-money-laundering and sanctions controls while serving U.S. customers. There was no fraud charge. He pled guilty to a BSA violation, paid a $50 M fine, stepped down as CEO, and served 4 months. **Binance itself paid $4.3 B to settle.** The “FTX bailout revenge” theory is popular, but the DOJ investigation into Binance started years before FTX collapsed. What FTX’s implosion likely did was accelerate the crackdown - Binance was the next big target. It’s fair to say U.S. laws were vague and applied extraterritorially. This was more about regulatory control and extracting a massive settlement than proving some criminal conspiracy. CZ wasn’t treated like SBF because these were compliance violations, not theft. Whether you see him as a villain or a victim depends on your view of U.S. financial regulation, but the prison time was short because the crime wasn’t that serious.

sk8trix

I know that this crash is nothing compared to those other crashes, but that's what they say every time. When FTX happened people were jumping off balconies. Oh my God. This is the worst thing ever. Nothing like this has ever happened. Now that this flash crash happened, people again are on suicide watch and guess what? There will be more crashes that are probably going to be even worse and you're just going to have to toughen up and survive them all. Diamond hands bro

Defusion55

Under normal conditions I agree. I also remember companies such as Celsius and FTX claiming they only lend securely with over collaterized and lots of people found out the hard way they weren't secured loans, not over collaterized and they were fudging the worth of their native tokens to borrow more money than they should have been able to borrow. As much as we want to believe everything is by the rule book there is still a lot of shady shit that goes down

Defusion55

hmm perhaps I used the term incorrectly but not sure I entirely agree. Every Black swan event that has occurred that I am aware of (BlockFi, Celsius, FTX implosions, etc) people were speculating about the possibility when there were signs, similarly to what I am doing now, but there were just as many people defending and in denial, so sure you could have chimed in and told the speculators predicting some sort of black sawn event is in the making that they are wrong because its not known but that doesn't change the fact in the end they were right and they are by definition now known black swan events.

Oaicc

DeFi is better, all CEx will have problems one day, so I realized that first with FTX and now with Binance, the only way to have our money safe is self-custody, otherwise there are banks

Arijan101

Binance is probably the best crypto CEX in existence, this being said, I don't like that they're involved in market making, they are too aggressive with competition and are monopolizing the crypto market (CZ singlehandedly crashed FTX and the rest of the crypto market together with it), supported Tera Luna, also since Binance bought CMC it has become utter trash, not to mention the sheer amount of manipulation and misinformation they do an a daily basis. I'll give them credit for bringing crypto into the mainstream, but by doing so they've managed to corporatize crypto in the worst way possible. This is why Binance is the main reason why people are getting the ick from crypto,and rightfully so.

whatsthepee

Shhh, you're ruining the bull run. Def not FTX level stuff guys everything if well and fine...

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ljapa

I keep a small part of my BTC on an exchange and keep most in a cold wallet. I’ve done that for years, except for pulling everything when FTX imploded. I’ve sold and immediately withdrawn. The withdrawals have been as late as 10pm and they’ve hit my bank account the next morning, though they take a day to clear. My suspicion is the speed for me is partly down to a long history with my bank and my exchange. I suspect that if I opened a new account at an exchange, deposited long cold coins, immediately sold and withdrew, I’d raise a bunch of flags. I would expect that to trigger KYC scrutiny and significantly slow things down. Depending on the bank, even if the exchange pushed it through, seeing money coming in from a crypto exchange with no history of that would likely trigger KYC rules on the bank side and cause additional delays. NOTE: I’m US based. My opinion here assumes you are too. Assuming you are US based, that you have no existing relationship with an exchange and that you have never deposited into your bank from an exchange, I’d expect that first time to take a while.

riisen

This is not comparable, bitcoin has just been sideways for like a year, its just been media shit talk about how it dies and burns with no chance of coming back... and then a week later it just rises from the dead... but in reality we are sitting in a boat in kinda calm waters... Mt. Gox, Bitconnect, the 7(?) China bans, FTX fiasco, Robin hood fiasco, ... There seems to always be bad news around bitcoin... All kind of shit have ripped out hearts of investors with 65-80% drop in value, the biggest drop was over 90% in like 2012-2013 or something like that (before i joined in, but had friends in the space). But those with strong hans and patience have been rewarded. But this shit? This little bump... Its nothing

theultimateusername

Every time China banned Bitcoin. Whenever massive exchanges collapsed from Mt Gox to FTX. The first time silk road got busted. Ya man it's been wild. This is actually a pretty tame year in comparison.

crunchyeyeball

Noisy & chaotic? This is smooth sailing compared to what came before: [In early 2014, Mt. Gox handled 70% of all bitcoin transactions worldwide](https://en.wikipedia.org/wiki/Mt._Gox) when it just suddenly *collapsed* after revealing that its bitcoin had been "lost" either through fraud, hack, or mismanagement. 7% of all bitcoin in existence just *gone*. Oops! Later we saw BlockFi, Celsius, FTX, and many others fail, taking customer's bitcoin with them and proving that some people refuse to learn from history. There's a reason the phrase "*Not your keys, not your coins*" is more than just a throwaway line to those of us who've been in the space a while. We've seen the block size wars and the hard forks of BCH & BSV. We've seen China banning bitcoin every couple of years. Honestly, the last year has been pretty calm & uneventful compared to what came before.

ApeTown_

Yeah, but that was like 10x more than the FTX flush.

ApeTown_

Over $20B liquidated last week... magnitude is mammoth. More than FTX. Massive flushes are nothing new, but that was like 10x more than the FTX flush. Thankfully, I wasnt in any leverage positions.

BigvalBROski

FTX 2.0!!!!!!

No-Transition7298

Ah yes, the FTX and Luna Terra colapse. Absolute cinema!

KiNg-MaK3R

Sorry but this flash crash is nothing compared to the FTX implosion.

bimbobandit2016

Fair point, but they have also gotten dependent on the cyclical explosion of retail volume. Just check Coinbase revenue graphs, they had a 6x jump in revenue in 2021. I imagine it's the same for Binance. They're incentivized to try and engineer some type of retail FOMO. Don't it safely without blowing up like FTX is the key

LeatherMine

FTX creditors got more than their losses (at date of bankruptcy) > The deal will allow former customers to recover a sum worth about 119% of what they had in their accounts at the time of bankruptcy, according to FTX. https://www.bbc.com/news/articles/c0qz3dg21vqo

ubermensch1001

I think it's totally possible and incredibly likely, though it could pan out before the end of the year as well. As mentioned about the 2017 cycle, we saw alts bottom out collectively compared to BTC in November of that year, only for them to ultimately hit cycle peaks January of 2018, so roughly 2 months. I'm not saying this is going to take place within this exact time frame from the cycle lows we saw a few days ago, but the point is that we can see all of this play out in a very short span of time. With the 2021 cycle the top was definitely late April/early May of that year. Euphoria was absolutely off the charts back then and the price gains were insane. You literally saw ETH at 1k in January and less than 4 months later it was trading at over 4k. LTC went from a bit under $100 and blew up to a bit over $400. Sure, we remained in a bullish environment in the latter part of the year after that sell off that summer, but the true top was Q2. Despite this top being much earlier, we still continued to follow the basic pattern of the 4 year cycle, with 2022 being a bear market. I think the overall dynamic of this cycle is incredibly different compared to what we saw in 2019-2021. The previous cycle was way more volatile prior to the halving of 2020, whereas this cycle it's basically been consolidation for months after a leg up and repeating over and over. The FTX crash also saw us significantly undervalued, even compared to 2018, and I think it will naturally take a bit longer for the cycle to fully play out.

crowdext

Because they are stupid. I hope everyone learn from FTX. Me and my friends lost a lot of money for trusting that. This space is about not trusting anyone even the government.

MrMagicMushroomMan

The risk reward is wayyy better now imo. When BTC was 15K there was a LOT of uncertainty in the market. The price was lower sure, but when FTX collapsed BTC was wayyyy riskier than it is today. Talk of a potential US bitcoin reserve and black rock buying 100's of K of BTC would have been fairytale dreams. Sure, in hindsight it was better to buy at 15k than 115k. Im hindsight in would have been better to dump your entire net worth into bitcoin back in the early days. It would have been the correct thing to do BUT it also would have been EXTREMELY risky at that time. Your view of risk/reward isn't realistic in my opinion

wsxedcrf

if you DCA since 4k, you have seen $66k go back down to $17k during the FTX crisis. You would not go over 20% leverage or you can get wiped.

pmgoff

I mean it wasn’t the biggest “crashes” it was largest liquidation by dollar value. And honestly if you were in green on margin at all time highs, what did you expect? The market doesn’t have any where else to go but to take a retrace. Did everyone really think it’s only up from here? While I agree some shenanigans were at foot. People that shocked by a retrace haven’t been in this game long enough. Anyone that has rode this wave from the start has seen $1k, to $5k, $to $10k all the way 20k back down to 3k. That was real pain. If you have survived Mt. Gox, FTX, through rug pulls and scams and you’ve held the conviction through that you’re bullet proof, likely not even phased by this dip.

rgnet1

The problem is the absolutism from those who victim blame when people lose funds that were stored on brokerages. “Duuuh not yer keys not yet crypto”. We need to hold brokerages accountable for the history of losses, not blame those who expect normal financial services. Forget “crypto” (a term only popularized when the industry was full of copycats and memecoins), let’s start with bitcoin. Bitcoin’s entire purpose, from the first paragraph of its whitepaper, was to be a means of transferring value digitally without relying on a middleman (bank, Visa, whatever). When you leave custody of your bitcoin on an exchange and use it as your primary storage, you are working against that function. Is it wrong? No. Legally, is bitcoin your property when custodied by a third party? Yes. If the custodian loses it, do they have to make good by giving you bitcoin from their own storage? No. They are only required, after you successfully sue them, to give you market value of the bitcoin in your local currency at the time it was lost. Real life case is FTX, once a multi hundred billion valued exchange, going bankrupt through shady practices. Those with their coins stored on FTX still haven’t been compensated many years later (despite sufficient funds being recovered by bankruptcy proceedings), and at best they will have missed out on years of gains if they even get back their original principle value. Anyway, point is, bitcoin is a bearer asset. Your account with a brokerage is just an IOU to give you back your asset when you want it, but legally they only need to return the market value in fiat. Unlike tradfi brokerages that have existed for 100 years and/or are headquartered in your country, the level of faith you have with a crypto exchange is probably warranted being lower. Another simple example: I can get on the phone within minutes with a live person at any number of traditional banks and brokerages where I am a customer. You will never speak to a live person at Coinbase, ever. Their customer support is simply nowhere close to financial institution standard. And they’re meant to be the cadillac of reputations in this industry, since they work closely with regulators and have a very public board. It’s a wonder there’s any liquidity in all the crypto markets at all given the low level of trust in its custodians when you need to trade.

HypnoticMango

FTX, which was more of a systemic collapse than a flash crash, was 3 years ago. As was the LUNA collapse. FTX knocked out $152 billion in market cap, LUNA lost $45 billion in market cap. Last week knocked out $560 billion of value, with an estimated $19.3 billion in liquidations, magnitudes higher than the previous examples, several years before. You can hardly say something where the last example (that you yourself provided), was 3 years ago, and much less severe, is something that "happens regularly in crypto". So yes, they weren't prepared for a flash crash of this magnitude. They obviously didn't think something this severe could happen, and were ill prepared as a result. It's now looking like a targeted attack on the market maker, so there will be some big lessons to learn from this across all CEXs.

DirectLavishness602

That is specifically for custodial exchanges, where your private / public keys are not cascaded to you (FTX, Gemini, Mtgox, btc-e to name a few). When the exchanges goes, so do you.  Ive always bought my coins from these exchanges and immediately move them i to my cold wallet where im in charge. You shouldnt keep any unusual amount in your hotwallet. 

yarrowy

how about the FTX disaster?

Sanguinius

It was a bigger crash than FTX. And while I am very sure it was a 'planned event' with some scumbag profiting heavily from it, it does meet the definition of a black swan event.

NiceM2

This is adoption. It has to be adopted by all, and not some alternative money that only we can use. Years ago, it has even been more volatile. A government (like China) sneezes. It sinks. An exchange (like FTX, Mt Gox) sneezes, it sinks. This is pretty tame.

Bongressman

Coinbase was the second largest. FTX was number 3.

RastaBooties

FTX wasn't even close to Binance, you're comparing a whale to a tuna.

SolidGoldRabbit

Always remember FTX . FTX was second largest exchange after Binance and it collapsed in one day .

admin_default

How low it goes depends on the macro environment. 2022 crypto winter was a perfect storm: interest rates ratcheting up, tech stocks plummeting 50-70%, and then FTX collapse was the final straw.

quintavious_danilo

Small risk? lol 😂 Look how far the FTX (BlockFi, Celsius, Voyager….) fiasco is away already.

Amber_Sam

It's the biggest shitcoin casino in the world, of course they do. The end of Bitcoin bull run took down FTX, it would be spectacular to see Binance going down this time.

Chrysalis1111

Remember Luna and FTX crashes were pushed by Genslers treason and operation Chokepoint. Were Bitcoin on a level playing field, there would have been no price crash, only shitcoins would have plummeted.. This time around, Coinbase and Binance are still up to their criminal bullshit and Ethereum is still being babied as if there is a reson for it to exist, but Bitcoin holds firm. I'd say it proved its value and will skyrocket soon.

Kevnbaconqc

It was the biggest in term of liquidity, even FTX and covid combine was less they said

offgridgecko

Now add the FTX crash for reference

thebaker66

Trump getting involved in crypto was never going to be a good thing but it was a mutual deal too good to refuse for Trump and VCs.. Trump flips from shitting on crypto to learning he can use it for his gift and the VCs need someone who will play along since the dems did us no favours and held crypto back. I'd rather the dems had been in control, crypto would have risen regardless without trumps name and corruption being with an already tarnished industry post FTX and all the scammery involved with it.

Internet_is_tough

Remember when BTC collapsed from FTX ? It was because BTC back then was nothing, because FTX was holding paper BTC for their clients, which was the same as a shitcoin. Friday's stress test proved that finally BTC and ETH are something.

Romanizer

Yeah, that would be interesting. FTX collapse caused the bottom of the last bear market at $15k, COVID collapse brought us down to about $3.8k. Both generational buying opportunities. Converting in BTC, the current crash would be somewhere around 2-3x that volume by my guess. Still we did not break out of the bullish channel. If this historical downward manipulation does not break the bull run, there probably is nothing that could do it.

Lufia321

I've been DCAing for 1 year and plan on doing the same thing for the next year. So many of the comments are acting like it's all over, they said the same thing during death cross event, FTX, etc. It's a cycle, just DCA you'll be in the green.

modpr0be

It happened to me, but it's a different story; it's the FTX. I managed to withdraw all of my coins and put them in the hardware wallet; it's just days before their announcement.

piggleii

Yeah Binance is a scam. I prefer FTX. That SBF is such a smart guy. I trust him with my entire net worth.

RiceDogo

It's just another cycle. Let's just hope Binance doesn't follow FTX, if that happens, we're all doomed.

TechnologyMinute2714

We've had way worse tariff stuff like tariffs announced on literally every country instead of just China which is like the 5th time already, there's absolutely no reason why crypto crashed more than FTX crash + COVID crash combined X5 yesterday (based on liquidation amount) It's definitely a coordinated dump from insiders, exchanges and market makers.

TopKekistan76

Your 4 sound pretty solid. Scooped up a bit yesterday but seeing these “we lost 19b, it’s going lower” posts are a tall tale but signal. Worse than COVID? Worse than FTX? BOTH of those events were timing wise thee BEST time to buy.

bledig

Like saying if only don’t invest in bitcoin during FTX crash

BottomTimer_TunaFish

No we're not cooked. Crypto seasonality moves based on liquidity cycles, not the 4-year block reward halving schedule. The business cycle indicator (PMI) is based on liquidity cycles. It only has been climbing out of the bottom of its cycle. When I compare PMI to the OTHERS market cap chart, they have strong correlation. Whenever PMI makes a clean run above 50 and peaks around 60 or above, that's when alt season happened. For this current crypto cycle, there had been 2 fakeouts above 50 for the PMI indicator, leading to the 2 fakeouts for the alts market cap (OTHERS). So if you want to see alt season again, the business cycle indicator (PMI) has to rise above 50 and go all the way to around 60. I can see this happening with rate cuts and the Fed's QT ending by new year in early 2026. If you look at the worst flash crashes in crypto from the covid and FTX crashes, those were always followed by massive rallies afterward. The crash after Trump's 10/10/25 tariff announcement has been the biggest crash ever in terms of liquidations. Top altcoins were severely affected by the liquidation event in percentage terms, since traders use leverage to trade them. I hold mostly BTC, ETH, and micro caps which only lost a few to several percent at most after the bounce.

RiceDogo

That would be FTX all over again.

genius_retard

He named his boat FTX?

bledig

Saying this administration is bad for crypto, is not implying tha previous administration is good. I was holding fucking algo and gensler killed it. And a bunch of other shit Also I firmly suspect he is in collusions with FTX cause he have multiple meeting with Sam and his parents

I_AmA_Zebra

The FTX files are public… you can see the how much they were burning lol

lloydeph6

I’m convinced the whole FTX collapse was due to Democratic politicians in the USA laundering money through the millions we sent to Ukraine back to USA politicians through crypto and FTX was the means

Additional_Ability47

Resistance levels, people will start buying by the hordes below 100k. I'm not saying it's impossible, I would be happy to buy at those levels again, but there would have to be a scandal of FTX-like proportions for that to happen again.

Legitimate_Towel_919

Maybe. But when there’s such a short squeeze and even stop losses don’t trigger, it’s honestly worse than a casino. I’ve been in crypto for 5 years and I don’t remember anything like this… Okay, there was COVID that dump made sense. And the FTX collapse too. But yesterday, they just stripped us bare without any shame.

kidze

leverage is too accessible nowadays. There was a DEX meta just last week. The lure is strong. Stick to spot and chill. Also put your coins in hardware wallet. A hack or another FTX is even worse than this.

NFTbyND

Covid crash. FTX crash. Those weren't that long ago

VisiblePlatform6704

What blows my mind is the amount of money.  If you compare the "market cap"  of say the top 50 coins today vs the MC of the same when say the Terra/Luna crash or Bitconnect crash,  or the FTX crash, the amount of money that had to be moved now compared to those times, is CRAZY.   I think the only reason it "rebound" so fast was due to Big Money limit buys.  

002_timmy

You’ve been around 6 years and you can’t remember anything worse? You’re clearly lying. Covid crash was worse. 3AC was worse. FTX was much much worse.

alanispul

the FTX fiasco! That was the bears knocking at the door hard!

Ashamed_Moment_2477

Somehow FTX wasnt THAT bad. At least they tried to fight other big players

CheekiTits

So because you've had a bad experience, it's the next FTX Lmao. What a wild take, even for this sub.

Legitimate_Cry_5194

FTX crash was December 2022 though, not summer 21. Summer 21 was the China banning crash.

Tadux-Utele

Covid crash -1,2B liquidation. FTX crash -1,6B liquidation. Trump tweet crash -19,2B liquidation.

Consistent-Baby5904

MOON BAG RULES: If you think that your bags are safe to see some new ATH for a supposed alt season? Think again, who bought all the lowest scoops? Whales and the diamond circles. They're multiples will be higher than you, and they can dump the market anytime you want. Your best signature reveal for making sure you're not exist liquidity if you did survive this dump or if you decide to crawl or jump quickly back in, will be paying attention to: A) US Dollar strength and weakness. A perfectly balanced weak US dollar allows way more high risk assets to be purchased and gambled. B) NFTs, when the 6, 7, and 8 figure moon boys get their bags filled, they don't know what to fucken do with some of their money - many of them buy their toys and diversify, or they haven't made up their minds yet on what to spend all that excess money on, so what do they buy? NFTs for hundreds of thousands of dollars or millions of dollars. C) Greed and Fear INDEX will be fucken screaming, very hard D) Google and YouTube search results for anything digital asset related, will be through the roof E) Coinbase app will be ranking top 5 in the app stores of Google Play and Apple App Store. F) News media and SEO content on webpages and social media are ALL heavily manipulated by the whales to make sure retail buys in at the top G) EXCHANGE SERVERS AND DIGITAL CRYPTO TRANSLATOR NODES WILL RANDOMLY SHUT OFF suggesting maintenance or protecting downside amid heightened traffic of market squeezing up or down, and many people can't cash out. No fucken duh, Brian and his Toshi cat are calling his friends and CZ sipping a cocktail trying to press a fucken button to make sure their closest colleagues have time to execute exit trades & manipulate the market. H) FTX and Terra Luna all over again, many of the big boys will collapse. In this case, it could be all the BTC leverage players going into a massive liquidation on portfolios. It's already in massive play, there are influencers asking people to pay them to offer training ... for the customers to learn: take MASSIVE loans against BTC, don't worry, BTC will never go down more than XX# % ... I) Big banks this round will be working VERY closely to balance their books with digital assets as the 18y real estate cycle comes to its knees with outrageous spending & lavishly exploding prices on real estate/property. Lots of insane borrowing, and people selling their houses to buy stocks or digital assets, and people over leveraging into Ai (Dot com bust similar repeat) ... not saying that real estate and Ai will play out perfectly as a collapse, some of it will evolve and wealth transfer WILL take place like in 2008. Lots of ill-informed or bad betting-gambling or play-it-too-safe rich wealthy people will go completely broke, and a lot of poor people will get even poorer, while the money rotation system takes place and the smart money remains circulating with the adaptive smart players. J) Your neighbors, and friends will start asking you for Crypto tips, OR ... they give you random crypto news & tips. K) One of the last things, when the Internet is taking screenshots and not profits, and you're doing the same thing, you should be VERY SCARED if you have not taken a dime off the Exchanges or moved your money OUT of small banks (and diversify), because TOP banks and TOP Exchanges will FREEZE YOUR ASSETS if you are the unlucky disliked lotto boy/girl. L) As I mentioned multiple layers of crypto translator SERVER nodes will be slow, stalled, stopped, frozen, broken, congested, hacked, or shut down, or have immense traffic issue regardless of how many upgrades it's been given. Trying to move everything to custody in the last supposed week of the market cycle top (if there is one), will be extremely difficult. What? That's it? L? L is the last one? 85% - 99% of bag holders will be taking the L - I will let you decide what you want that word to mean. Never forget rule #1 in the golden book of investing and trading, don't get REKT

noviwu97

Just a warning that a massive liquidation like this is always followed up by dead body floating to surface in few weeks. Like when LUNA imploded, we saw the body of 3AC, Celsius, FTX, Voyager, floating one by one across months. I won't feel safe in any CEX

tungfa

Nonsense - i use Kraken regularly since years and years and no problems there. Before u compare anything to “FTX” do u homework of what FTx actually did. Does Kraken have a hedgefund ? does kraken has a token ? …. exactly! all the points u are trying to make in your list make zero sense, Kraken still is Top Dog trusted exchange (never any problems for me)

Citadel_Employee

The alt coin boom wasn’t supposed to happen. Nothing is supposed to happen, especially if everyone is expecting it. The alt coin boom did happen just not when suggested. When FTX collapsed crypto was “supposed” to fail. Turns out that was the best time to buy. And if you bought then, the boom happened quite spectacularly. When everyone is expecting pumps to happen like “uptober” then you should probably expect the opposite.

No-Transition7298

I agree, Luna and FTX crash were apeshit and started the bear season. The crypto bros who survived the 2022 onslaught know. I'm one of those people who bought ETH at $1500. Still in profit and will consider buying BTC soon.

LocationOk8978

By amount of USD worth of liquidations it was almost 20 times bigger than Covid and FTX collapse measured in a single day.

No-Transition7298

Man, after that bull run happened then there goes 2022 crypto winter. Fck you Luna Terra and FTX!

ourcryptotalk

I think the \- Covid crash (12th March 2020) => The total crypto market cap dropped \~39.6 % in one day (from \~$223.7B to \~$135.1B) in that crash. \- FTX Collapse crash (9th Nov 2022) => The total crypto market cap dropped down about 12% in a day but it did drop 10-12% multiple days during that period. This is the third significant flash crash that I can remember off the top of my head.

fan_of_hakiksexydays

Oh my sweet summer child. What do you know of bleak? I'll tell you what bleak is. Bleak is when BTC doesn't just drop 10%, but 50%. When alts meltdown completely and lose their entire bull cycle gains. And when you think it can't go any lower, you got FTX and Luna collapse. You get flash crashes like you see today, but every few days for a few weeks.

crazy_lolipopp

Covid crash: $1.2 Billion in liquidations FTX crash: $1.6 Billion in liquidations Today: $19.16 Billion in liquidations This is Biggest liquidation event in history of crypto and almost 20x bigger than the Covid crash of March 2020.

b1mm3rl1f3

"Crypto liquidations soar to $9.4 BILLION in 24 hours – the LARGEST single-day event ever. Bigger than LUNA. Bigger than COVID. Bigger than FTX. We just witnessed history."

b1mm3rl1f3

"Crypto liquidations soar to $9.4 BILLION in 24 hours – the LARGEST single-day event ever. Bigger than LUNA. Bigger than COVID. Bigger than FTX. We just witnessed history."

MrBlowjangles

Yeah, it's been a while since we've had a wild day like this. Maybe FTX implosion, but I don't remember alts dumping this hard.

No-Transition7298

Yes, even FTX and Luna tumbled bigtime. I purchased ETH at $1500 which is a steal back then. We survived it before, I'm pretty sure that we can survive it now.

ConsciousSkyy

Nah this is a crash but not as bad as FTX or Covid

b1mm3rl1f3

Unexpected and brutal day. Biggest drop in ETH since FTX. I don’t think anyone could have predicted this 😂

Dopest_Trip

True, but if Coinbase goes down like FTX, then it becomes entirely more difficult to recover your Bitcoin.

fairlyaveragetrader

I'm not sure it's really irrelevant statistic though even if we just take it for what it is. For example if someone owns a construction company, they make over a million dollars working and just investing in the S&p 500 and then decide to buy five or $10,000 worth of bitcoin, let's even say they bought the FTX blow up at 15,000 and turn that into a 50 or 100 grand They are indeed a millionaire but they did not make that from Bitcoin The really interesting one would be how many people actually made at least a million dollars on bitcoin. I don't think there's any way to ever find out either

MattBonne

I left my coins on FTX

Ar0war

Girlfriend started staking after endless youtube videos about how our system works, money works, 1971? Executive oder 6102? We dca together 200€ weekly from 25k to 70k. Once she went with her sister and brother in law to have a grill and I wasn't there. They talked her out of bitcoin: how she is going to lose everything and to not listen to me because "if it seems too good to be true maybe is something we don't know" So my girlfriend started telling me "yes of course you know everything" everytime I talked about bitcoin, how is normal it dips as it follows cycles blablabla. They even laughted about me investing on bitcoin. Well so she got scared once started diping: Elon playing games + FTX. She stops DCAing completly I kept buying weekly. She didn't. What has she left? 3% account for the retirement or some shit like that

OceansAura

I agree with this. And if it drops enough to bankrupt MSTR, we’re right back when Mt Gox went under, Voyager/FTX, etc.

pickleBoy2021

Lots those spaces were run by KOL’s or influencers who were selling ref links or got paid to shill. Builders, devs, VC’s who actually fund and build would jump on for events like the FTX but usually they were working. They are more likely sharing on discord, twitter posts, podcasts, and writing articles. Big difference between the two groups and the quality of alpha hour going to get.

SpitefulRobbin

I second this, I lost a few grand with the FTX debacle and then bought a ledger immediately after. Not your keys, not your coin.

willieb1172

Google FTX and Sam Bankman-Fried (SBF). You’ll buy a cold wallet immediately lol.

admin_default

Maybe this time is different but I just don’t see how. FTX and 3 Arrows were **the** institutional platforms 4 years ago. Didn’t do much good then. The institutions today aren’t any better - just bigger and less regulated than before. Even the POTUS is getting in on the rug pulls.

External_Horror_6548

A someone who develops in the Defi (altcoin) space, most previous altcoin rallies were driven by large investment. Most capital investment firms are always looking for and betting on the next big technology/industry to find their next 100x angel. They will make dozens to hundreds of investments in many companies in the sector they believe will be the next big thing to take over, and before the advent of AI crypto was the most promising sector. In the previous cycle all this investment in crypto drove the largest movements in altcoin rallies. The cycle played out as such; \- Capital investment went into new altcoin projects \- Altcoin project launch their token with a lot of backing capital and interest \- New token's (token A) high value increased value in other projects and tokens (token, B, C, D,...etc) with use in pairing with LPs, collateral, vaults, high fees from large trading volumes, etc. \- Retail investors starting creating gains off the effects of capital investment and starting purchasing more altcoins. \- This value flowed like a loop and exponentially increased all values across the altcoin space. When the market crashed in 2022 thanks for players like FTX, 3AC, Terra Luna, and many others. A lot of leverage got unwound and this loop of investment and valuations in altcoins came crashing down. Since 2023 two major factors have also slowed down the altcoin space; \- AI sector With the AI sector booming, capital firms switched their investment focus into AI start ups instead of crypto to find their next 100x angel. And you can see now the exponential increase in valuations in the AI space because of all this fresh and ongoing investment. \- US treasury rates US short term treasury rates had been sitting at over 5% for over a year, offering a "high" return on a extremely low risk capital allocation. This drove a lot of the capital out of the high risk investment space and into cash instead, thus slowing down the investment cycle and reducing the money supply (this is of course the intended effect of high rates, to cool down the economy and slow inflation). From this we saw a new major sector created in the crypto space which has dominated for the last couple of years; Stablecoins and tokenized treasuries. They have been collecting the gains on the treasury yields against stablecoins minted. With respect to Bitcoin, its recent appreciation has mostly come from the private company, and institutional sector, where it had gained new credibility and legality through new government approval and ETF regulation. This is different from the previous retail cycles which pumped both Bitcoin and the larger altcoin markets at the same time. What we can expect in the coming years and next cycle will mostly be an effect of reduced interest rates, not only in the US but globally. Bitcoin compared to any other asset, gold, S&P500, oil, etc, has the biggest coloration to the global money supply, and its price very closely follows the M2 money supply chart. So with reducing rates not only will we seeing the money supply increase and the Bitcoin price go up, but we will also see investment in altcoins again as both capital firms and retail will start chasing riskier assets and larger gains because parking capital in cash in no longer the low risk high return it was previously.

BizarroTheory

I actually bought the dip during the FTX and LUNA crash, which why it's sad to see I allocated 25% of my capital on higher risk investments for a lower gain on average. If I went full BTC I would have had lower risk, which means less stress, and also higher gains. To me, that sounds like a no-brainer.

VariatCA

Yeah it's easy for people to dismiss how "buying the dip" wouldn't be profitable unless you REALLY bough the dip, basically only in late November by the end of December. Like when FTX crashed in early November 2022. BTC was down to around 21k before it happened, and alts like SOL were *already* down -85% from their peak. But when FTX collapsed, BTC fell another 20% down to 16k... while alts fell ANOTHER -50% or more within a week. Like, Sol was already down -85%... and then just fell another -60% *from there*.