NewsletterEven SBF Made Crisis Couldn’t Shock Bitcoin Long Term Holders
Bitcoin Price News: Sam Bankman-Fried (SBF) led collapse of the FTX can be termed as the most damaging event in the history of Digital assets. With the FTX contagion spread, several crypto lending platforms and exchanges felt the heat of it. However, a report suggests that Bitcoin long term holders stood in solidarity amid the crash.
Are bitcoin holders strong?
As per a report by ARK Invest, despite increased volatility in the crypto market due FTX collapse the supply held by Bitcoin long term holders closed flat for the month of November. Meanwhile, net outflows from the crypto exchanges touched a time high (ATH).
Data depicts that Bitcoin price dropped by over 16% in the month of November. Bitcoin price shrunk under the investor cost basis which stands at $17,860. However, Bitcoin price closed at the $17,100 level.
As Bitcoin price dropped to a 2 year low due to FTX filing for Chapter 11 bankruptcy Bitcoin long term holders stood strong. The report mentions that the total long term holder supply stabilized at 13.8 million Bitcoin. It is near to its all time high record.
Cathie Wood on SBF led crackdown?
Over this Cathie Wood, CEO of ARK Invest commented that the Bitcoin blockchain didn’t skip a beat during the crisis. She added that SBF didn’t like Bitcoin as it’s transparent and decentralized. Wood claimed that SBF couldn’t control it.
Report added that the Bitcoin hash rate was corrected as Bitcoin miners felt suppressed due to the significant compression in profit margins. The crucial ratio between BTC realized profits and losses reached an all time low (ATL). This marks record breaking capitulation.
However, Bitcoin is trading at an average price of $17,178, at the press time. Bitcoin price is marginally up by 0.18% over the past 24 hours. However, its 24 hour volume stands at $12.8 billion. While BTC market cap stands at around $330.3 billion.
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