I've been saying it for years now, exchanges are your enemies and they need more oversight. If there is one that may stand out amongst the pit of global snakes is Binance. As of now, they seem to be carrying the burden of proof. They need to prove that there is a trustworthy centralized crypto exchange. They are no saints but they are ok at self-policing. FTX C-suite was trading against its own users. They had software that was internally used to just steal your money, no shame, no oversite, no morals, no accountability, and no consequences.
This asset class for now will be frozen in place, it will take a while for the dust to settle and for optimism to come back. Even though this is baked into the plan, this time it might have crossed the line and backfired.
Looking at the weekly timeframe you can see that for the 1st time since 2013 BTC has never closed below the white trendline. For the first time, Bitcoin may be looking at a true bear market. We've seen long-term pullbacks but the trendline has always offered support. We are now stuck under that incredibly strong resistance and we truly lack optimism in this asset class as we've never seen before. I have started my decentralization plan. Over 50% of my assets are now in a self-custodial wallet. I'm putting short and mid-term trades on hold until I see which exchange will stay alive and which will fall. I don't think we've seen the last domino fall yet. Stay safe friend.
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Absolutely correct! The last domino is far from having fallen. Crypto collapse will be the excuse for the entire financial system collapse that is incoming.
@cryptoGats, if you read between the lines with media announcements made by people who are involved with the centralized control of this world. They disclose what is coming. Bank of England member did this last year saying a metdown similar to sub prime in 2008 could be caused by cryptocurrencies. Given the NSA were the first to write about cryptocurrencies. It’s probable that bitcoin was created by such an agency with the resources and know how. My guess is for the specific purpose of causing distrust in decentralized currency and ushering in favour for centralized versions to be released in the aftermath. The end result will prove this theory true. Do CBDC become the norm and decentralized become heavily regulated to the point of insignificance. If so then the theory is proven true. amp.theguardian.com/technology/2021/oct/13/bitcoin-could-trigger-financial-meltdown-warns-bank-of-england-deputy