The collapse of FTX wreaked havoc in the marketplace, wiping out billion from the market cap. Bitcoin took its heaviest hit this yr, dropping to a low of $15,500 and struggling to interrupt via the robust resistance at $16,000.
Bitcoin’s volatility appears to have shaken the boldness of many buyers and pushed them to promote nicely under their shopping for worth. Glassnode information analyzed by CryptoSlate confirmed that realized Bitcoin losses reached their yearly excessive of $4.3 billion.
The primary wave of promoting strain seen in the beginning of November pushed realized loss to round $2 billion.
A slight consolidation in losses led many to imagine that the fallout was contained, however a further wave of promoting strain pushed the losses even decrease. The realized losses brought on by the collapse of FTX are actually greater than the realized losses brought on by the Luna collapse in June this yr.
The losses suffered had an opposed impact on Bitcoin’s correlation to different cryptocurrencies. Bitcoin and altcoins have been buying and selling at a 1:1 correlation because the starting of November, indicating a degree of volatility unseen because the starting of the COVID-19 pandemic in March 2020.