The collapse of the second crypto exchange, FTX, may become one of the most traumatic episodes for the nascent asset class. However, as is often the norm in financial markets, the losses for one party implied profits for another. Related Reading: Bitcoin Hashrate Declines As Mining Difficulty Stays At ATH Levels According to a report from Similarweb, cold wallet and hardware wallet companies, equipment that allows users to custody their digital assets, are seeing benefits.
Currently, people’s confidence in centralized exchanges (CEXs) is declining, and more users want to take control of their crypto. Get 30 FREE SPINS at Punt Casino – NO DEPOSIT REQUIRED! Start Playing Now. 5 BTC + 300 Free Spins for new players & 15 BTC + 35.
000 Free Spins every month, only at mBitcasino. Play Now! The Unforeseen Consequences Of FTX’s Collapse After the events of last week, many investors are advocating for decentralized solutions to trade digital assets, emphasizing educating users to safeguard their assets with a cold wallet. The motto on crypto social media is “not your keys, not your coins.
” In this context, organic searches for cold wallets are skyrocketing. The report from Similarweb indicates that searchers for Ledger rose from 100,000 daily views to over 300,000 in the wake of FTX’s collapse. As seen in the chart below, the search traffic for Ledger.
com tripled in a short period. Source: Similarweb In addition to Ledger, Trezor, another hardware wallet company, is seeing an uptick in its traffic. These two companies dominate the trend and commend the majority of cold wallet searches.
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? The report noted that 98. 8% of the traffic is organic, with 77% of the searchers tagged as “branded. ” In other words, people are purposely looking for these companies.
This trend speaks miles about the current lack of confidence in the industry and which companies are perceived as trustworthy. Crypto’s Worst Week, Is Ledger’s Best? This spike in traffic has been translating into revenue for Ledger and Trezor. The report cites a statement from Pascal Gauthier, CEO at Ledger.
The executive said : Last week saw Ledger’s highest sales week in history. Sunday was our single highest day of sales ever. Until Monday, when we beat our all-time high again.
The message is clear: people are realizing that we must return to decentralization and to self-custody. ‘Not your keys, not your coins. ’ A saying as old as crypto itself, but it has never been more relevant.
Related Reading: Dying? No? What These Bored Apes Sales Say About The NFT Market’s Health BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview In an interview with Bitcoinist, the CTO of Bitfinex Paolo Ardoino spoke about the importance of self-custody. The executive highlighted that exchanges have a responsibility to educate their users.
Ardoino said : We are at the same situation of the ICO (Initial Coin Offering) era. And we have to put even more effort to regain the trust of the users and educate them on how to properly keep their funds under their own custody. So, really it is a complex process that requires energy that should be better invested in Bitcoin adoption.
Yet we have to fight the fight to show that not everyone in the space is the same (as Sam Bankman-Fried). There are bad actors and good actors. Share Tweet Share Share Sign Up for Our Newsletter! For updates and exclusive offers enter your email.
Sign Up I consent to my submitted data being collected and stored. Leave this field empty if you’re human: Reynaldo Marquez Related Posts Report Shows Crypto Community Will Survive The FTX Fiasco 1 day ago Shiba Inu Gets Invite From WEF To Talk About Metaverse – A SHIB Price Boost In The Offing? 1 day ago China One Of The Biggest Clients Of FTX, Bankruptcy Filing Shows 1 day ago For Bitcoin Price To Ease Investor Jitters, BTC Must Cling To This Price Level 2 days ago Crypto Is Very Alive As Wallet Downloads Reach Over 100 Million In 2022 – And Still Growing 2 days ago World Cup: Argentina Crypto Fan Token Crashes After Team’s Shocking Defeat To Saudi Arabia, 2-1 2 days ago.
From: bitcoinist
URL: https://bitcoinist.com/ftx-hurts-investor-confidence-companies-will-profit/
