From FTX Downfall to BTC’s New Low; November 2022 Recap By CoinEdition

• The FTX downfall had a domino effect on the rest of the crypto market.
• The global crypto market cap dropped to near-$800 billion.
• BTC’s price established a new low for this bear market.

November 2022 will go down in crypto history as a month that traders and investors will want to forget. Perhaps the biggest event to occur last month was the downfall of FTX, which had a domino effect on the rest of the crypto market

Weekly chart for FTT/USDT (Source: CoinMarketCap)

The collapse of the crypto exchange, FTX, saw the price of its native token drop, (FTT), plummet to just over $1. Prior to the crash, the token was trading at around $25.

Following the news that FTX filed for bankruptcy, the rest of the crypto market slid as investors entered into a selling frenzy. This resulted in the total crypto market cap dropping below $1 trillion, according to CoinMarketCap.

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