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The FTX collapse wreaked havoc on the market, wiping out $1 billion from its market cap. I had a hard time.
Bitcoin’s volatility appears to have shaken the confidence of many investors, prompting them to sell well below their purchase price. glass node Data analyzed by CryptoSlate showed that Bitcoin’s realized losses reached an annual high of $4.3 billion.
The first wave of selling pressure seen in early November pushed realized losses to around $2 billion.
With losses converging slightly, many thought the impact had subsided, but an additional wave of selling pressure pushed losses further down. Realized losses from the FTX collapse have surpassed realized losses from the Luna collapse in June of this year.
The losses suffered negatively affected Bitcoin’s correlation with other cryptocurrencies. Bitcoin and altcoins have been trading in a one-to-one correlation since the beginning of his November, and in March 2020 he reported a level of volatility not seen since the start of the COVID-19 pandemic. is showing.
