The Bitcoin and crypto market is still wallowing in turmoil from the collapse of the FTX exchange. Many crypto assets have followed a correlation with the decline of FTX Token, FTT. As a result, the past few days brought an intense bearish pull on the prices of virtual assets.
With the recent events’ outplay, the crypto market’s overall performance shows doubts and fear. As a result, investors and other participants have initiated a panic sell-off for most crypto assets.
Hence, the cumulative market cap has been experiencing a free fall since last week. The overall market cap sits at $824.19 billion at the press time, showing a drop of 1.92% over the past day.
Also, the bearing trend triggered by the FTX crisis has brought the global primary cryptocurrency down. Bitcoin has maintained a low correlation in the crypto market, creating more tension for its long-term holders.
BTC Price Drop Creates Selling Pressure
From the recent reports, BTC long-term holders are facing intense selli
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