Exactly three years ago, on November 8, 2022, one of the largest cryptocurrency exchanges at that time, FTX, stopped processing withdrawal requests. On the same day, the price of Bitcoin collapsed by more than 20% in just a few hours, dropping below $16,000. This marked the culmination of a bearish period in the crypto market.
The capitalization of the crypto market during that time fell below $750 billion, and the price of Ethereum fell below $1,100. Today, as Bitcoin (BTC) trades above $100,000, Ethereum (ETH) exceeds $3,400, and the total market capitalization approaches $3.5 trillion, the events of three years ago seem to be a starting point for a new market cycle. The minimum values of that day remain the deepest decline in the current cycle, after which crypto assets demonstrated steady growth.
However, the story of FTX became a turning point for the crypto market, forcing the industry to reevaluate its approaches to security and transparency. The collapse of the exchange became one of the largest financial collapses in the history of digital assets, undermining investor confidence and accelerating regulatory tightening. At that time, the future of the industry seemed uncertain.
$FTT $BTC $ETH #ftt