This has been one of the most difficult months that I can remember since the March 2020 Covid Crash, and the December 2018 Hash War that sent Bitcoin to 3K. Make no mistake, what we just witnessed with FTX is rare, painful, and will leave a lasting scar on the industry as a whole.
That being said throughout all of this crisis Bitcoin kept making blocks, Ethereum smart contracts kept working just fine, and defi hummed right along. Crypto is not broken. Crypto works great… most of the time. Sadly the centralized fraudsters at companies like FTX have hurt so many people.
This month also saw a record decline of Bitcoin on exchanges with over 172,000 BTC taken off of exchanges and moved to wallets. This is a good trend for people taking charge of their money. The way crypto is supposed to be.
We also had the 4th biggest day for realized losses. The June collapse was bigger, as was the April LUNA meltdown, and the 2021 collapse.
BUT, I think the reason for this is that so many have already capitulated and left. And, no BS, this shit is hard. Investing will smack you down again and again. But, it is also true that bear markets are the time to be investing. The risk-reward factor now versus November 2021 is dramatically different. Caution is required, but long-term thinking now has a good potential of paying off.
Also, Bitcoin has crossed under the 0.6 mark on the realized value chart for the third time