Whether there are crashes of giant crypto project or not, there was going to be a bear market and we were already heading dip into it before the LUNA crash that fuelled it to go dipper than anyone expected. FTX also contributed to the elongated bear run as it cut short the market recovery the crypto was starting to embark on.

In short, the ongoing bear market is biting so hard because of the LUNA crash and the FTX fall. We're looking for a bull run which will precede the coming Bitcoin halving.