Many crypto investors were bullish this month in November, hoping that Bitcoin would recreate a similar history of last year, when the price of Bitcoin and the combined cryptocurrency market cap rose to an all-time high (ATH).

But what has happened so far is the opposite.

The market rebounded from its bullish side to cover the gains from the beginning of the month as it continued its decline and contraction during the last 48 hours.

For the first time since January 2021, the total market capitalization of cryptocurrencies fell below the $900 billion level and currently stands at $837 billion.

Bear Market Fuel:

The cryptocurrency industry has been affected by the internal meltdown of crypto exchange FTX and a possible acquisition by its arch rival Binance.

In fact, FTX Crypto has built a very healthy image throughout the winter and is considered the saver and last resort of many bankrupt companies such as BlockFi and Voyager Digital.

The company has specifically committed billions of dollars to its acquisitions, as previously disclosed.

All this healthy sentiment disappeared when Coindesk published a report by Alameda Research showing possible inflation of FTT valuations.

The report highlighted how “Sam Bankman Fred” lobbied other players in the industry in the United States.

Away from such behavior, Binance’s CEO said he would be selling his FTT portfolio, which led to massive sales and repossessions by the company. FTX specifically asked Binance to come buy its assets to mitigate the effects of the liquidity crisis.

Crypto Winter Part Two:

Speculation that the market has slipped into another crypto winter has led to more than expected selling in the industry.

From the current perspective, the industry cannot chart growth similar to last November as the focus now stops on preventing the catastrophic multiplier effect of the FTX fall.

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