The crash of cryptocurrency exchange FTX dealt a blow to the market, but its fundamentals remained strong. Analysts acknowledge that many companies faced financial problems, a factor that triggered a panic withdrawal of capital from the industry.
However, from a technical point of view, the market was able to persist, and now it will take time for its final recovery.
Chainalysis notes that the capitalization of the crypto market decreased by more than $270 billion in just one week, with the value of digital currencies plummeting to $830 billion by mid-November.