FTX Bankruptcy Proves It’s Not Worth Holding Our Cryptocurrencies in a Crypto Exchange!
Recently the FTX bankruptcy took bitcoin from $21,400 to $15,900. I believe this was scheduled and very predictable in the crypto space, and those who knew the cryptocurrency exchange FTX and the announcement made by Binance, knew what was going to happen.
So this move was calculated, it spooked crypto holders, who sold cryptocurrencies hard. But at the same time it is an alarm signal, that is, it is not worth to keep our cryptocurrencies in a crypto exchange, but we can transfer our cryptocurrencies to a crypto exchange, we do the transaction in the next few minutes, and then we exit with FIAT ( cash) or with cryptocurrencies in a hardware or software wallet, as you like.
Your cryptocurrencies that are in an exchange, they don’t belong to you!
Basically once our cryptocurrencies goes to an exchange, those cryptocurrencies no longer belong to us!
So my suggestion is to keep your money in an exchange only as long as you need to make the trade you are interested in, otherwise withdraw it from there!
By going bankrupt, FTX has blocked cryptocurrency withdrawals, and those of you with money there are obviously no longer able to withdraw your money, maybe temporarily or maybe forever.
Thus, our cryptocurrencies are safe in our wallet, not in any cryptocurrency exchange.