Just before the collapse of FTX, bitcoin was trading above the $20K zone and after the problems started to manifest and the company filed for bankruptcy, the price of bitcoin fell almost 19% below what it was a few days before the fiasco. According to the official list of bitcoin deaths, the fall in cryptocurrency prices has added two more bitcoin deaths to the list of so-called bitcoin deaths over the years.
2 More Obituaries Added to Bitcoin Obituaries List After FTX Demise
It is safe to say that the collapse of FTX caused cryptocurrency prices to plummet and since its demise, the price of bitcoin has risen. The Bitcoin obituary hosted at 99bitcoins.com has added two deaths to the long list of written obituaries published since December 15, 2010.
According to the list, bitcoin has died 466 times since 99bitcoins.com started the list of deaths. So far in 2022, about 22 bitcoin obituaries have been added this year, which is more than 2010, 2011, 2012, 2013, and 2020 in terms of deaths per year.
The last two were recorded after the collapse of FTX, and the first is from the Ramp Capital Twitter account. At the time of the obituary, the value of BTC was around $15,880.78 per unit according to 99bitcoins.com.
Crypto died today. I don’t see how it recovers from this. Generational wealth evaporated. Trust evaporated.
—Ramp Capital (@RampCapitalLLC) November 9, 2022
“Crypto is dead today,”Ramp Capital tweeted. “I don’t see how she recovers from this. Generational wealth has evaporated. Confidence evaporated. In a separate statement and bitcoin’s second obituary after Ramp Capital’s tweet, author Chetan Bhagat shared his post titled, “Crypto Is Now Dead.”
“Crypto is now dead: FTX, a cryptocurrency exchange, collapsed last week, proving a lot of cool guys horribly wrong,” my column in TOI today.
Do read and share! pic.twitter.com/A4ClVdHOt2
— Chetan Bhagat (@chetan_bhagat) November 15, 2022
On Twitter, Bhagat said :: “Crypto is now dead: FTX, a cryptocurrency exchange, crashed last week, proving a lot of cool guys were horribly wrong“, quoting an excerpt from his editorial.
Bhagat and Ramp Capital join popular essayist Nassim Nicholas Taleb, economist Peter Schiff and many others who have also written bitcoin death sentences. While 2022 has about 22 deaths so far and the year is almost over, 2017 saw the most bitcoin obituaries added to the list.
A total of 124 bitcoin obituaries were added in 2017 and the second highest year was 2021. These two years were extremely bullish for bitcoin as they both broke price records. Ironically, the very first bitcoin obituary notes that “the only thing that has allowed bitcoin to survive for so long is its novelty“, while this so-called novelty has not disappeared in 14 years.
The list of bitcoin obituaries hosted on 99bitcoins.com is always fun to read, but none of the so-called death appeals ever materialized. Bhagat and Ramp Capital’s recent obituaries simply join the hundreds of others who believe that “this time will be different” and bitcoin will be brought to its knees.
The main crypto asset, bitcoin, however, is alive and well and its exchange rate is beating like a heart. In terms of uptime, the Bitcoin network has run smoothly 99.98785008872% of the time since its inception on January 3, 2009.