# One Year Since FTX Collapse and 2 Years Since BTC $69K ATH

Summary:
The collapse of the now-defunct FTX Derivatives exchange sparked widespread skepticism about the future of the crypto market. However, a year after the collapse and two years after Bitcoin’s all-time high, the narrative of “Crypto is dead” has been unequivocally debunked. Institutional interest in cryptocurrencies has surged, and the user base for crypto assets has grown significantly. The regulatory environment has also seen substantial progress, and the industry is seeing consequences for bad actors from the previous bull cycle.

A year after the crypto market saw the collapse of the now-defunct FTX Derivatives exchange and two years after Bitcoin (BTC) saw an all-time high of $69,044, the narrative of “Crypto is dead” has been unequivocally debunked. The collapse of FTX was a turning point for the crypto market, leading to widespread skepticism and calls for its demise. However, the past year has seen a remarkable shift in sentiment. As highlighted in a recent blog post from Coinbase Global Inc (NASDAQ: COIN), institutional interest in cryptocurrencies has surged, with the filing of Exchange-Traded Funds (ETFs) and increased participation from financial titans. Moreover, the user base for crypto assets has grown to an estimated 420 million globally, with 52 million in the United States alone. This growth far surpasses the adoption rates of electric vehicles and union memberships, signaling a profound shift in public perception.

Notably, the passing of MiCA, a unified framework for crypto across 27 countries in the European Union, is a significant step towards providing a clear regulatory environment. The increasing regulatory clarity has contributed to the legitimacy and acceptance of cryptocurrencies in mainstream financial markets. The crypto market in the past year witnessed a reckoning for individuals who engaged in unethical practices during the previous bull cycle. Notable figures like Sam Bankman-Fried, Alex Mashinsky, Do Kwon, and Su Zhu are facing consequences for their actions.

As the crypto industry moves forward, it is crucial to remember the core principles of decentralization, self-custody, and the power of digital assets like Ethereum (ETH) and Bitcoin. The industry must remain vigilant against bad actors and uphold the principles of Decentralized Finance (DeFi). The recent bullish crypto market sentiment, boosted by the prospect of regulated ETFs, points to a bright future. Looking ahead, Bitcoin is projected to enter an “acceleration phase,” with some analysts expecting prices to surpass the previous All-Time High (ATH) record of $69,044 by mid-2024.

**FAQs**

**Q:** What was the significance of the collapse of the FTX Derivatives exchange?
**A:** The collapse of the FTX Derivatives exchange led to widespread skepticism about the future of the crypto market and calls for its demise. It was seen as a turning point for the industry.

**Q:** How has the regulatory environment for cryptocurrencies evolved in the past year?
**A:** Approximately 3% of the G20 and major financial hubs have either passed national crypto legislation or have legislation in progress. The passing of MiCA, a unified framework for crypto across 27 countries in the European Union, is particularly significant in providing a clear regulatory environment.

**Q:** What is the projected future for Bitcoin’s price?
**A:** Analysts expect Bitcoin to enter an “acceleration phase,” with prices projected to surpass the previous All-Time High (ATH) record of $69,044 by mid-2024.

**Q:** What are the core principles that the crypto industry must uphold as it moves forward?
**A:** It is crucial for the industry to remember the core principles of decentralization, self-custody, and the power of digital assets like Ethereum (ETH) and Bitcoin, while remaining vigilant against bad actors and upholding the principles of Decentralized Finance (DeFi).