On Nov. 17, crypto compliance company Chainalysis posted a market update, and it was not all doom and gloom.
The firm acknowledged that other companies may face insolvency issues in the wake of last week’s FTX downfall. “Many market fundamentals remain stable,” it added, pointing out that the FTX situation stemmed from “financial fraud rather than a blockchain or crypto-specific failure.”
1/ We’d like to provide updates on some of the market indicators we’re watching following the collapse of FTX last week. https://t.co/fo4JuVWiQd
— Chainalysis (@chainalysis) November 16, 2022
Crypto Market Calming
Chainalysis looked into crypto/USD trades which surged last week as panicked investors cashed out. Around $270 billion left the space in the four days that followed the collapse. This resulted in total market capitalization plunging to a new bear cycle low of $830 billion on Nov. 10.
Coincidentally, this is the same figure that it reached as a cycle peak in January 2018. Th
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