u.today
In defiance of the recent collapses of cryptocurrency platforms FTX and LUNA, the Bitcoin network continues to exhibit a robust trend of growth.
Despite these major implosions, the number of unique Bitcoin addresses holding a non-zero amount of coins has surged by 5.42 million, according to recent data from blockchain analytics firm Glassnode. This suggests that Bitcoin adoption remains undeterred and resilient, even in the face of significant upheaval within the wider cryptocurrency market.
The fall of FTX and Terra Luna, more commonly known as LUNA, was nothing short of a spectacle. The former, a crypto exchange founded by Sam Bankman-Fried and Gary Wang in 2019, imploded in November 2022 following a scandal linked to a liquidity crisis involving the FTT token and Alameda Research Company. After a mismanagement scandal involving billions in customer funds, FTX filed for bankruptcy, causing a ripple effect that included the demise of 101 debtors who were included in the Chapter 11 bankruptcy filing.
LUNA, on the other hand, was a product of the Terra blockchain network. LUNA's value saw a precipitous rise and fall in 2022, peaking at around $116 before plunging to just a fraction of a penny and ultimately being delisted. Both Luna and UST crashed, resulting in a significant liquidity crunch.
Despite the chaos surrounding LUNA and FTX, Bitcoin appears to have remained largely unaffected. From the fallout of LUNA to the present, Bitcoin saw an addition of over 4.36 million unique addresses, marking a clear uptick in network adoption. This resilience amidst market turmoil reinforces Bitcoin's position as a 'digital gold' and highlights its value as a hedge against risk within the tumultuous crypto landscape.