Many crypto investors anticipated that this month of November will re-chart similar history as last year when the price of Bitcoin (BTC) and the combined crypto market capitalization soared to its All-Time High (ATH).
The opposite is exactly what has happened thus far as the market has retraced on its bullish part to pare off the gains it accrued from the start of the month as it went on a freefall over the past 48 hours.
For the first time since January 2021, the combined digital currency market capitalization has slumped below the $900 billion mark and is currently pegged at $874.74 billion.
The Bearish Market Trigger
The cryptocurrency industry was riled by reason of the implosion of the FTX Derivatives Exchange and the potential acquisition by its arch-rival, Binance Exchange.
In reality, FTX had put up a very healthy facade all through the crypto winter, and is largely regarded as the lender of last resort as it came to the…
