Chainalysis concluded that FTX was a far lesser player in the cryptocurrency market than Mt. Gox was.
The first Bitcoin exchange, Mt. Gox, crashed in 2014, yet crypto survived.
“There’s no reason to think the industry can’t bounce back from this, stronger than ever.”
Chainalysis, a company that analyzes blockchain data, draws parallels between the collapse of FTX and that of Mt. Gox to predict the effects of such a tragedy on the cryptocurrency ecosystem as a whole.
The research lead at Chainalysis, Eric Jardine, recently compared the two firms’ market shares in a Twitter thread on November 23. He discovered that in the year preceding Mt. Gox’s implosion in 2014, the exchange attracted an average of 46% of all inflows, whereas FTX received an average of 13% from 2019 to 2022.
1/ Big picture: FTX’s collapse has shaken the #crypto market. But this is not the first time crypto has faced significant turmoil related to the collapse of an exchange.
— Chainalysi
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