Cryptocurrency market Terra (LUNA), which went into a major crisis following the FTX bankruptcy, had its worst monthly close since its collapse.
After the FTX bankruptcy had a shock effect on the crypto money markets, there were serious price drops. A similar decline was experienced in May with Terra’s bankruptcy, and the market has not performed so badly in monthly terms since then.
of bitcoin (BTC) price in November 18% It had its worst closing in the last five months. With this Ethereum (ETH) in November 21% closed with depreciation.
While the FTX bankruptcy affected the entire market, certain projects that the founder SBF stood behind and in which FTX invested millions of dollars came to the point of zero. First among these projects FTX Token (FTT), and the exchange’s native token has lost 90% of its value in a month.
“Sam coinsspecifically called wither (LEFT) ecosystem also experienced a similar situation. SOL, Alameda balance sheet $292 million “unlocked LEFT”, $863 million “locked LEFT” and 41 million dollars After it was revealed that he had a “SOL guarantee”, approximately 70% lost value. sub-fraction of SOL Serum (SRM) within one month 86% while falling, radium (RAIL) with a similar decline. of 73% There was a setback.
Affected only by November, when the crypto winter was felt the hardest altcoins neither did it. At the same time BlockFi and Genesis Many crypto financial institutions have been dragged into liquidity crises.
Another tragic situation for cryptocurrencies is that it has been in a long-term correlation. Nasdaq and S&P 500 correlation was broken. This is where US traditional markets give positive signals after a long time. in 1 month period The deteriorating correlation deprived cryptocurrencies of these positive winds.