They say history doesn’t repeat itself, but it does rhyme.
When something major happens at an exchange, is it often the bottom of a bear market?
Yahoo Finance compared it with FTX: withdrawals were suspended on November 8, 2022,
roughly a year after the 2021 peak. The crypto market bottomed two weeks later,
and over the following six months, total market cap rose 18%, while $BTC rose 40%.
This time, Binance was hacked roughly a year after the peak as well,
and the deepest drawdown in this cycle was only 52%—considerably milder than the 73% decline in 2022.
Still hoping the market can recover!
When something major happens at an exchange, is it often the bottom of a bear market?
Yahoo Finance compared it with FTX: withdrawals were suspended on November 8, 2022,
roughly a year after the 2021 peak. The crypto market bottomed two weeks later,
and over the following six months, total market cap rose 18%, while $BTC rose 40%.
This time, Binance was hacked roughly a year after the peak as well,
and the deepest drawdown in this cycle was only 52%—considerably milder than the 73% decline in 2022.
Still hoping the market can recover!
