The collapse of FTX wreaked havoc available on the market, wiping out billion from the market cap. Bitcoin took its heaviest hit this 12 months, dropping to a low of $15,500 and struggling to interrupt by means of the sturdy resistance at $16,000.
Bitcoin’s volatility appears to have shaken the arrogance of many traders and pushed them to promote effectively 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 initially 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 attributable to the collapse of FTX are actually larger than the realized losses attributable to the Luna collapse in June this 12 months.
The losses suffered had an hostile 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.