Tumultuous Times: Crypto Market Setbacks And Recoveries

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  • All major U.S. crypto lenders - Blockfi, Genesis, Voyager and Celsius - have now suspended withdrawals and are either in bankruptcy or negotiating privately with creditors.
  • There’s been a record withdrawal of BTC from centralized exchanges to cold wallets. Thus, liquidity in the market has dried up, with the top 5 crypto exchanges facilitating $4B/day in volumes at month-end, down from $8B at the start of the month.
  • Notably, DEX share of crypto volumes rose materially in the month. Still, even DeFi is struggling to match orders efficiently.
  • Though, the fact that Ethereum did not make a new low in price in the face of the most negative news of the year (i.e., FTX) is somewhat bullish.

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November marked an incredibly tumultuous month for digital assets. Despite this, Ethereum did not make a new low in price, offering a possible glimmer of some positivity.

It’s hard to believe that November was only the fourth-worst month

November TVL Top 10 Blockchains

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