Basically at this rate they will be solvent soon. Look at SOL, SRM and FTT all pumping.
When SOL was $10 I think they had $500M worth, it’s almost 3x now so that’s over $1.5B however most of it is locked. They got tons of SRM which is up like 500% and obviously FTT which almost touched $3. No idea why anyone would buy any of these coins.
Topic: What happen to Bitcoin price? "Over $5 Billion' in Assets Recovered (FTX)" (Read 118 times)
January 15, 2023, 11:46:45 PM
January 15, 2023, 11:13:02 PM
There is no such thing as a safe-haven, or inflation-resistant asset with a market capitalization of less than $500 billion. Bitcoin has all that potential, but it's not yet time to say it's working. It's too early to say that, maybe we need a few more bear seasons.
What would fundamentally change if Bitcoin reaches 500B marketcap? It's only 100B higher than where it is now.
The problem with Bitcoin's price is that it's hard to make an educated guess about how much it should be, because it's not based on anything. It's not a stock or a bond, it's not a national currency, it's not a commodity (it's not being consumed). It's most similar to gold, because gold's value is way higher than the value of gold's use in industry and jewelry, and yet gold is far less volatile and actually exhibits anti-inflation and safe haven properties, unlike Bitcoin.
Nothing will happen to bitcoin if it crosses 500 billion or 1000 billion. I mean it's too young and small to be an inflation-resistant or safe-haven asset like gold. Gold market, with a market cap of 11 trillion, it's 10 times bigger than bitcoin.
Why is bitcoin considered the riskiest asset? The price of bitcoin doesn't follow any rules, even if supply and demand are often considered the main determinants of an asset's price. That shows it is being manipulated more to survive, instead of relying on other factors like gold.
I still believe in the future of bitcoin, it will be like gold or will be bigger than gold. But for now, it's just a speculation tool and money game.
~~~
The dates match when bitcoin took big dips for the failures of terra, celsius and FTX.
The dates match when bitcoin took big dips for the failures of terra, celsius and FTX.
You are right, bitcoin is like a multifunctional asset, but unfortunately, it is not mature enough to do those things, it is still influenced by a company like FTX, and Luna...
All markets effect all markets, for me that is what crypto has taught.
If it wasn't for those 3 recent blow ups bitcoin would be easily $30-$60k+ right now
..need time machine to warn people..
..wait still doesn't work..
cathie wood is smart to keep buying btc
January 15, 2023, 09:53:34 PM
There is no such thing as a safe-haven, or inflation-resistant asset with a market capitalization of less than $500 billion. Bitcoin has all that potential, but it's not yet time to say it's working. It's too early to say that, maybe we need a few more bear seasons.
What would fundamentally change if Bitcoin reaches 500B marketcap? It's only 100B higher than where it is now.
The problem with Bitcoin's price is that it's hard to make an educated guess about how much it should be, because it's not based on anything. It's not a stock or a bond, it's not a national currency, it's not a commodity (it's not being consumed). It's most similar to gold, because gold's value is way higher than the value of gold's use in industry and jewelry, and yet gold is far less volatile and actually exhibits anti-inflation and safe haven properties, unlike Bitcoin.
Nothing will happen to bitcoin if it crosses 500 billion or 1000 billion. I mean it's too young and small to be an inflation-resistant or safe-haven asset like gold. Gold market, with a market cap of 11 trillion, it's 10 times bigger than bitcoin.
Why is bitcoin considered the riskiest asset? The price of bitcoin doesn't follow any rules, even if supply and demand are often considered the main determinants of an asset's price. That shows it is being manipulated more to survive, instead of relying on other factors like gold.
I still believe in the future of bitcoin, it will be like gold or will be bigger than gold. But for now, it's just a speculation tool and money game.
~~~
The dates match when bitcoin took big dips for the failures of terra, celsius and FTX.
The dates match when bitcoin took big dips for the failures of terra, celsius and FTX.
You are right, bitcoin is like a multifunctional asset, but unfortunately, it is not mature enough to do those things, it is still influenced by a company like FTX, and Luna...
January 15, 2023, 08:40:19 PM
If Bitcoin's price is so easily influenced by events around a single company, it means it's very far from being mature. Imagine if the price of gold changed by 20% because some gold exchange pulled a scam. And yet people say that Bitcoin is gold's rival, that it is a better store of value.
If you can ignore volatility, it doesn't mean that other investors can do the same.
If you can ignore volatility, it doesn't mean that other investors can do the same.
There is no such thing as a safe-haven, or inflation-resistant asset with a market capitalization of less than $500 billion. Bitcoin has all that potential, but it's not yet time to say it's working. It's too early to say that, maybe we need a few more bear seasons.
What would fundamentally change if Bitcoin reaches 500B marketcap? It's only 100B higher than where it is now.
The problem with Bitcoin's price is that it's hard to make an educated guess about how much it should be, because it's not based on anything. It's not a stock or a bond, it's not a national currency, it's not a commodity (it's not being consumed). It's most similar to gold, because gold's value is way higher than the value of gold's use in industry and jewelry, and yet gold is far less volatile and actually exhibits anti-inflation and safe haven properties, unlike Bitcoin.
I don't exactly like the comparison that bitcoin is like digital gold.
I'd say bitcoin is a replacement for all of the above and then some, platinum, diamond, etc.
It can act as a asset, money, currency, payment, savings, stock, etc along with representing an asset such as gold just like the stock market does.
Anything the stock market is doing is and can be done through crypto instead.
Any crypto can be used in the way you decide it is for, and not everyone uses all these features of crypto.
I like how I can generate unlimited wallets for free offline for any crypto. I can't generate unlimited bank accounts or any other sort of account without it being blocked/filtered/etc. The amount of CPU/power that is wasted in just account keeping for anything is insane. Crypto wins big in this case. That makes governments nervous and always has.
The dates match when bitcoin took big dips for the failures of terra, celsius and FTX.
January 15, 2023, 04:21:52 PM
Whether the customers will get their funds back is another question however. So far the guy handling the bankruptcy is working pretty hard at finding all the missing money. However could be years before the creditors get it back.
This is going to court and will be battled for years if the company is going bankrupt I think the courts will rule that customers are entitled to reimbursement. It will not cover all the losses of the customers but it will allow them to recuperate some of their losses. The people behind ftx are still criminals and will probably do jail time on multiple charges. this will be long years in the making. and also their lawyer said they located over $5B of cash and other assets. but i don't think it is already on their possession. so we don't know how much they can truly recover to at least return to its appropriate investors. but maybe, this is already good news for some, hence, their FTT is bouncing a lil bit. hope people would do their due diligence before jumping on this platform again.
January 15, 2023, 03:45:30 PM
Technically those $5 Billion assets of FTX doesn’t give impact directly on Bitcoin as this assets is still in cryptocurrency that just invested on different project. Nothing will gonna change to current price if you think it in technical perspective. However since this will be a positive news, Retail and whales will be more confined to purchase more since they will think that these funds will be used to purchase Bitcoin or other crypto which is not in reality because that asset is already in crypto.
I suspect the same thing, there is no transaction evidence of the recovery of the $5B worth of FTX assets in the wallet, so one would assume the news was just to recover the crypto market price earlier that year, but the $5B recovery means nothing to the sum of customer balances that has been lost, so the recovery of this new crypto is not involved in the above news but rather investor confidence has been increasing for the trend of investing in crypto in the long term.Quote
I believe the reason why the price suddenly decreases during the FTX news is because every whale and retail expected that the news of FTX lost funds will give negative impact on crypto. If no one get panic the first time CZ announced there sell off. I believe everything will still be normal and FTX will not be bankrupt. I don’t want to say this but this all crypto drama is well played by CZ after all.
The bear market has been further emphasized when the FTX bad news was published, the price of Btc has collapsed and all altcoins have been on the decline due to the terrible bull market. But I didn't know CZ involvement was just to trigger FTX crash, I don't want to speculate on this. copper member
Activity: 2800
Merit: 1179
Leading Crypto Sports Betting & Casino Platform
January 15, 2023, 01:44:22 PM
Technically those $5 Billion assets of FTX doesn’t give impact directly on Bitcoin as this assets is still in cryptocurrency that just invested on different project. Nothing will gonna change to current price if you think it in technical perspective. However since this will be a positive news, Retail and whales will be more confined to purchase more since they will think that these funds will be used to purchase Bitcoin or other crypto which is not in reality because that asset is already in crypto.
I believe the reason why the price suddenly decreases during the FTX news is because every whale and retail expected that the news of FTX lost funds will give negative impact on crypto. If no one get panic the first time CZ announced there sell off. I believe everything will still be normal and FTX will not be bankrupt. I don’t want to say this but this all crypto drama is well played by CZ after all.
I believe the reason why the price suddenly decreases during the FTX news is because every whale and retail expected that the news of FTX lost funds will give negative impact on crypto. If no one get panic the first time CZ announced there sell off. I believe everything will still be normal and FTX will not be bankrupt. I don’t want to say this but this all crypto drama is well played by CZ after all.
January 15, 2023, 01:29:16 PM
Whether the customers will get their funds back is another question however. So far the guy handling the bankruptcy is working pretty hard at finding all the missing money. However could be years before the creditors get it back.
Always the richest, most important ones first, like any other insolvency claim, before democratising the losses among the retail majority.
You want to make the big wallets whole first so they can reinvest in you when you put out other ventures (be on the lookout for FTX-shadowed projects launching this year and next).
January 15, 2023, 12:07:48 PM
Whether the customers will get their funds back is another question however. So far the guy handling the bankruptcy is working pretty hard at finding all the missing money. However could be years before the creditors get it back.
This is going to court and will be battled for years if the company is going bankrupt I think the courts will rule that customers are entitled to reimbursement. It will not cover all the losses of the customers but it will allow them to recuperate some of their losses. The people behind ftx are still criminals and will probably do jail time on multiple charges. 
January 15, 2023, 08:56:18 AM
Oh, so that was the reason why the market has been up. There's the recovered money again by FTX but the thing is, after that recovery, I hope that most people who still got funds there and if they're allowed to withdraw it, they should take time and withdraw it as soon as possible.
And whoever are the people behind FTX's new management then they really are helping and making the situation better mostly for those victims that have already lost hope on it. Now, we'll see if what happens next.
And whoever are the people behind FTX's new management then they really are helping and making the situation better mostly for those victims that have already lost hope on it. Now, we'll see if what happens next.
January 15, 2023, 06:20:08 AM
If Bitcoin's price is so easily influenced by events around a single company, it means it's very far from being mature. Imagine if the price of gold changed by 20% because some gold exchange pulled a scam. And yet people say that Bitcoin is gold's rival, that it is a better store of value.
People who say Bitcoin is gold's rival and a better store of value prolly do not understand the both assets. Gold is a safe-haven asset because it holds its value for a very long time without spontaneous movements, thus for people that aren't looking for too much ROI with relatively very small risk, Gold is their choice. But Bitcoin is much more volatile, but prolly less volatile than it was a couple of years ago, and in the short term has an uncertain movement in its price, but long term the ROI is way larger for its investors than those who chose gold, thus i can say Bitcoin investment is prolly too risky/not for short term investors, but if one is a long term investor, Bitcoin is for them.Having said that, we have to consider the fact that most of these news as regards why Bitcoin rose or fell are more often than not speculations, Bitcoin isn't influenced by a single event any longer, but a combination of numerous events, which altogether influences the price of Bitcoin. This btw isn't changing anytime soon because weaker hands will always rapidly sell off when there's news and buy back when there's an appreciation in price. Mass adoption might bring the well needed maturity to the Bitcoin network.
January 15, 2023, 05:34:17 AM
There is no such thing as a safe-haven, or inflation-resistant asset with a market capitalization of less than $500 billion. Bitcoin has all that potential, but it's not yet time to say it's working. It's too early to say that, maybe we need a few more bear seasons.
What would fundamentally change if Bitcoin reaches 500B marketcap? It's only 100B higher than where it is now.
The problem with Bitcoin's price is that it's hard to make an educated guess about how much it should be, because it's not based on anything. It's not a stock or a bond, it's not a national currency, it's not a commodity (it's not being consumed). It's most similar to gold, because gold's value is way higher than the value of gold's use in industry and jewelry, and yet gold is far less volatile and actually exhibits anti-inflation and safe haven properties, unlike Bitcoin.
January 15, 2023, 05:07:07 AM
If Bitcoin's price is so easily influenced by events around a single company, it means it's very far from being mature. Imagine if the price of gold changed by 20% because some gold exchange pulled a scam. And yet people say that Bitcoin is gold's rival, that it is a better store of value.
If you can ignore volatility, it doesn't mean that other investors can do the same.
If you can ignore volatility, it doesn't mean that other investors can do the same.
The truth is that bitcoin is still immature and cannot yet be compared to gold. In my opinion, the crypto and bitcoin market is still a pump and dump market, a money game, for us to take each other's money. Although it has evolved over the years, it cannot be said that it has matured. There is no such thing as a safe-haven, or inflation-resistant asset with a market capitalization of less than $500 billion. Bitcoin has all that potential, but it's not yet time to say it's working. It's too early to say that, maybe we need a few more bear seasons.
January 15, 2023, 03:51:58 AM
Yes this was a few days ago. They recovered $5B in liquid assets and they got almost another $5B in their business investments. Plus lately a lot of the SOL and SRM are rallying so they just might be actually solvent again.
Solana is down 91% from ATH. Its far from the definition of rally. So far its having a dead cat bounce and is still close to 40% down from the pre-FTX-crash price. I don't think that this "rally" is enough to make them solvent again especially that whole solana marketcap is lesser than FTX liabilities and FTX was insolvent when solana was above 30$ (its 22$ now)
@OP - correlation does not imply causation
January 15, 2023, 03:16:48 AM
If Bitcoin's price is so easily influenced by events around a single company, it means it's very far from being mature. Imagine if the price of gold changed by 20% because some gold exchange pulled a scam. And yet people say that Bitcoin is gold's rival, that it is a better store of value.
If you can ignore volatility, it doesn't mean that other investors can do the same.
If you can ignore volatility, it doesn't mean that other investors can do the same.
January 15, 2023, 01:45:53 AM
Yes this was a few days ago. They recovered $5B in liquid assets and they got almost another $5B in their business investments. Plus lately a lot of the SOL and SRM are rallying so they just might be actually solvent again.
Whether the customers will get their funds back is another question however. So far the guy handling the bankruptcy is working pretty hard at finding all the missing money. However could be years before the creditors get it back.
Whether the customers will get their funds back is another question however. So far the guy handling the bankruptcy is working pretty hard at finding all the missing money. However could be years before the creditors get it back.
January 14, 2023, 10:18:57 PM
November 6, 2022
https://coinmarketcap.com/currencies/bitcoin
FTX Has Recovered 'Over $5 Billion in Assets
https://www.coindesk.com/policy/2023/01/11/ftx-has-recovered-over-5b-in-assets-bankruptcy-attorney-says
January 11, 2023
Jump to: