Past week had some events with huge impact on the crypto space.
Ftx defaulted and brought down the entire industry. It was just that defaulted but the way everything happens was a huge blow to the credibility and the mass adoption everyone wants, it showed that we are still an immature community that with some big endorsements, naming rights and a lot of media advertising will believe that the crypto Jesus is among us 😂😂.
As I commented the previous week the ripple effects of the ftx incident will be shown for months in the space we saw that when fud takes over anything is possible we saw a bank run on crypto.com , kucoin , huobi , gate even mexc the good thing is that they withstood but did they? They say they did but the same thing was being said by alameda , ftx and SBF .
I am trying to be very cautious and watching everything .
We already saw the biggest Japanese exchange stopping withdrawals and preparing for bankruptcy the biggest lending platform an institution as big as genesis halting withdrawals while being unable to meet the demand
So we can talk everyday of all the bad thing happening.
Let’s see some of the good.
We are seeing a surge of hardware wallets deposits reaching 300% that’s very good 👍 because we are learning that not your keys not your cryptos ! We have to treat exchanges like an atm and not like a bank !
The second thing is that we are seeing that big players like Binance and others are trying to build a big net in order to prevent things like that happening in the future because now we are fucked but we can do better in the future.