Crypto Positives That Every Crypto Enthusiast Needs to Hear!

  • November 29, 2022
  • Jennifer Moore

We all know “2022” has been a really bad year for the crypto industry. Starting from the TERRA LUNA crash at the beginning of 2021, with the series of companies filing for bankruptcy, the crypto industry has faced a series of shockwaves. While the industry already had a lot on its plate, the FTX collapse pulled the last straw that not only took billion of dollars of user funds but also shook their confidence in the industry.

The month of November has been a mess for the crypto industry, especially after the FTX collapse. While the curse-filled year is finally ending, the crypto enthusiasts must carry on to the next year with some crypto positive news that they should be thankful for. Here, we have assembled some of the crypto positives that every crypto enthusiast needs to hear.

Also Read: Russia Policymakers Are Preparing Amendments to Launch a National Crypto Exchange

Bitcoin is Still in the Game

Bitcoin maximalists might make everything about bitcoin, but it is true. Even during the worst collapse of the industry, bitcoin survived. It is great news for bitcoin supporters, that even during the turmoil, the coin is running in the game. The blocks are still undergoing mining and the currency has managed to remain untouched. Moreover, while bitcoin is up and running, the bitcoiners too are in the game. There have been discussions in detail about self-custody, and the outflow of exchange-breaking records. Moreover, the developers are building new tools in the industry.

Today, bitcoin is trading at $16000. While the public bitcoin miners are wrestling, Grayscale Bitcoin Trust is trading at a huge discount on its total asset value. After suspending redemptions, and disclosing losses, Genesis Global Capital hired a financial advisor. Moreover, the majority of the bitcoin holders are at a loss with bitcoin remaining stable at $16000. During tough times, the crypto protocols reveal their true self. Therefore, it is important for crypto investors and enthusiasts to understand that bitcoin is very much in the game, and is going to come out of the turmoil bigger and stronger.

Also Read: Blockchain in COP27: Championing Green Solutions with Smart Contract Bonds

DeFi was not responsible for the FTX Collapse

The majority of bitcoin maximalists criticize decentralized finance and consider its functionality as a closed-loop circular model for gambling. Pay-to-earn, Yield farming, and liquidity pools might have some functionality, yet DeFi seems to be an addition of speculations on cryptocurrencies. Yet, the FTX collapse of November was not the fault of the DeFi sector. Rather, it was the fault of the failure of people and trusted third parties.

Although DeFi and crypto are speculative, the protocols remained stable after the FTX collapse. Experts think that companies and institutions round up around crypto for developing better institutions and companies rather than an announcement that there is nothing to be developed around the technology.

The FTX Fallout Took Place During the Bear Market

Experts suggest that crypto is not yet big enough to affect the broader economy. However, after the TERRA LUNA crash, experts suggested that the next time when an algorithmic TERRA LUNA fails, it will not stay put at $40 billion, but might reach $400 billion and that will shake the crypto space. The crypto industry is still small, hence the shockwaves are not causing a huge impact. This shock was blown over without touching the broader economy. Finally, whatever falls with FTX is limited, and its effects will not reach beyond its boundaries.

Exchanges are Analyzing Proof of Reserves

After the FTX collapse, the experts in the crypto industry demanded the exchanges execute the “Proof of Reserves”. This will provide a guarantee to the investors that the exchanges are holding the customer funds. This will not only provide trust among investors, but it will also share the number of bitcoins circulating that the exchanges claim they have.

One of the parts of the value proposition of the ability to hold your coins. One such value proposition by bitcoin is that there is a finite number of bitcoins. If any exchange is seen to circulate more bitcoins than the numbers circulating the market means that they are selling fake coins and we can deduce two things. Firstly, they are frauds, and the crazy price movement can be predicted.

In Conclusion

Cryptocurrency is a popular sector. Even though the current year has been really tough on the industry, the experts are positive about the particular asset section.

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