Bitcoin Sentiment in US Recovering After the FTX Meltdown

The only people with a negative view towards Bitcoin after the FTX debacle were those who either already were against it or those who were (and are) ignorant of what Bitcoin truly is.  The FTX meltdown or scandal or crime, whatever one wants to call it, in my belief is only going to strengthen Bitcoin over time and increase people’s belief and faith in Bitcoin and away from the sh!tcoins we’ve been telling them to shun all of this time

Bitcoin Sentiment in US Recovering After the FTX Meltdown

“The bitcoin premium on Coinbase was deep in a negative state for weeks after the collapse of once the third-largest cryptocurrency – FTX.

However, positive signs coming from the metric’s reversal suggest that US investors could have changed their game plan. At the same time, the Bitcoin Fear and Greed Index has also climbed out of its most desperate state.

BTC Coinbase Premium Flashes Green
November 2022 turned out to be one of the most eventful months in the young industry’s history that saw one of its giants – FTX – as well as all of its affiliates go from hero to zero in days. The loud collapse of the former SBF empire echoed in and outside of crypto, harming countless related companies in the process. Even Wall Street giants, as well as state-backed entities, had exposure to the fallen crypto exchange.

Somewhat expectedly, crypto asset prices fell hard. Bitcoin, for one, dumped from over $21,000 to a two-year low of $15,500. As investors were rushing to get their holdings out of exchanges or simply sell them at every cost, the Coinbase premium – a metric typically used to determine the general sentiment of large (sometimes institutional) US investors – plummeted into deep negative territory.

According to CryptoQuant’s CEO, though, the tides have begun to change. The metric has bounced off of its multi-year low, which eclipsed the July bottom, and has actually shown the first signs of positive premium in weeks.”


Master Asked on December 1, 2022 in Bitcoin.
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