Coindesk reports that most cryptocurrency addresses holding Bitcoin are now in the red for the first time since the coronavirus-induced crypto market crash of March 2020.
55 percent of addresses were out of the money in January 2019, when bitcoin bottomed near $3,200 and began a bull run three months later. During the 2015 bear market, 62 percent of addresses were out of money.
Crypto has faced a rough time since the collapse of FTX, the popular crypto exchange that it seems almost all major crypto firms had large amounts of money invested with. Cryptocurrency lending firm Genesis Global Capital has reportedly asked crypto exchange Binance and private equity firm Apollo Global Management for cash. Genesis is faltering as the FTX contagion continues to spread throughout the cryptocurrency world.