The total cryptocurrency market capitalization dropped by 5% between Nov. 14 and Nov. 21, reaching a notable $795 billion. However, the overall sentiment is far worse, considering that this valuation is the lowest seen since December 2020.
Total crypto market cap in USD, 4-hour. Source: TradingView
The price of Bitcoin (BTC) dipped a mere 2.8% on the week, but investors have little to celebrate because the current $16,100 level represents a 66% drop year-to-date. Even if the FTX and Alameda Research collapse has been priced in, investor uncertainty is now focused on the Grayscale funds, including the $10.5 billion Grayscale Bitcoin Trust.
Genesis Trading, part of the Digital Currency Group (DCG) conglomerate, halted withdrawals on Nov. 16. In its latest quarterly report, the crypto derivatives and lending trading