Flash crash proved crypto’s resiliency as Bitcoin adoption endures, says TD Cowen

TD Cowen analysts noted that the recent flash crash, which caused approximately $19 billion in liquidations, proved the digital asset ecosystem's ability to survive significant shocks, despite extreme volatility. They observed that most crypto exchanges operated with little to no downtime, even during the largest single-day liquidation event ever recorded. While less reputable tokens suffered heavily, Bitcoin and Ethereum held up relatively well, with Bitcoin briefly dropping 15% but closing down only 8% for the day. Furthermore, the analysts highlighted that global Bitcoin adoption is continuing strongly, citing data showing registered digital asset accounts in Japan quadrupled to over 7.9 million, prompting Japan's Financial Services Agency to reconsider its ban on banks investing in digital assets. TD Cowen remains bullish on Bitcoin, predicting its price could reach about $141,000 by December.

(Source：The Block)