Битцоин (BTC) and decentralized blockchains are “as strong as ever” in the wake of the FTX meltdown, ARK Invest says.
In the latest edition of its monthly newsletter, “Битцоин Месечник,” the investment giant came out firmly bullish on BTC.
ARK: FTX scandal may be “most damaging event” ever
With BTC price volatility ebbing into December, the industry is still reeling from ongoing ФТКС зараза.
As lawmakers only begin to get to grips with the events, when it comes to Bitcoin, ARK is doubling down on its conviction — and setting it firmly apart from centralized alternatives.
“The fall of FTX could be the most damaging event in crypto history,” one of the latest report’s “key takeaways” states.
While acknowledging that even Digital Currency Group (DCG) — one of whose products, the Grayscale Bitcoin Trust (GBTC), it недавно купљен — “faces considerable pressure” as part of the fallout, ARK delivered a key critique of what it called “centralized intermediaries.”
“ARK’s conviction in decentralized and transparent public blockchains is as strong as ever,” it confirmed.
„ФТКС и други случајеви као што су Целсиус и Аламеда сугеришу да су децентрализација и транспарентност најважнији као противотров за грубо лоше управљање које се може повезати са централизованим посредницима, посебно онима који су лажни.
As such, despite being bearish on some on-chain metrics, there was reason to keep the faith on Bitcoin.
Examples to bear in mind included the resilience of long-term investors, a group refusing to give into the temptation to sell despite recent BTC price declines.
“We believe this datapoint indicates holders’ long-term focus and high conviction, despite recent events. Today, long-term-holder supply is 72% of bitcoin’s total circulating supply,” the report continued.
“A historically significant capitulation is underway”
Bitcoin’s realized profit/ loss ratio also came in for attention, this now hitting all-time lows, as Cointelegraph пријавио.
Релатед: 'Неминован' крах акција? 5 ствари које треба знати у Битцоин-у ове недеље
Profit/ loss ratio refers to BTC transacted on-chain in profit and loss, respectively.
“Bitcoin found meaningful bottoms in every previous instance—2011, 2015, and 2019—in which that metric reached
“November’s realized profit/loss data inform our view that a historically significant capitulation is underway.”
BTC/USD traded around the $17,000 mark at the Dec. 6 Wall Street open, data from Цоинтелеграпх Маркетс Про ТрадингВиев showed, still attempting to flip the level to firm support after days of неодлучност.
ARK’s CEO, Cathie Wood, earlier this year удвостручио on a prediction that Bitcoin would hit $1 million by 2030.
Ставови, мисли и мишљења изнети овде само су аутори и не одражавају нужно ставове и мишљења Цоинтелеграпх-а.
Source: https://cointelegraph.com/news/bitcoin-clings-to-17k-as-ark-flags-historically-significant-capitulation