The crypto market is currently undergoing a series of unfortunate events. From the crash of stablecoin Terra to the fall of Celsius, it has been a gloomy year for crypto investors.
More recently, the capitulation of the Bankman-Fried-led popular exchange FTX has further amplified this negative trend. In addition, exchanges like Gemini and Coinbase have laid off a significant chunk of their workforce.
According to Glassnode reports, the collapse of FTX has led to one of the largest; deleveraging events in the history of crypto. As a result, the market has dipped in recent weeks. Glassnode emphasized the size of losses felt by all market players in the deleveraging event.
In the long term, this forced-priced flush-out might prove beneficial to the prices of assets. However, Glassnode also believes that a capital reset is at hand.
How Is The Crypto Market Faring?
With current events, the crypto market has pulled back 1.1%. The total market capitalization stands at $892 billion. With the f
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